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Gas Is Still $1.81 a Litre: Why Pump Prices Won't Fall (and What to Do Before Winter)

  Canadians hoping for relief at the pump got bad news heading into this week: it isn't coming soon. The national average for regular gas was $1.81 a litre on Friday, according to Kalibrate, with provincial averages ranging from $1.557 in Alberta to $2.156 in Newfoundland, per GasBuddy. That's after a big policy move. On Friday the G7 announced plans to release 100 million barrels of oil right away, starting with diesel. Brent crude dipped on the news, then climbed back to about US$102 a barrel by the afternoon. Don't expect the release to show up at your station, because crude is only half the story. Crude oil explains only half your pump price Wood Mackenzie's Jim Mitchell says crude makes up 50 to 60 per cent of the retail price of gas. The rest is the cost of refining it, and that's where the squeeze is. Bank of Canada Governor Tiff Macklem pointed to damaged refining capacity worldwide in a Sept. 21 speech, noting that pump prices reflect crude roughly US$40 a ...
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Mark Carney's Alberta Roots: A Strategic Launch for Liberal Leadership

 

 Mark Carney, the former Governor of the Bank of Canada, is set to unveil his Liberal leadership campaign this afternoon in Edmonton, ending nearly a decade of speculation about his political ambitions. 

Carney's decision to launch his campaign from Alberta is a strategic move to highlight his roots in the province. An Edmonton Oilers fan, Carney grew up in the city's west end and worked as a newspaper boy. This launch gives him a chance to connect with voters in a province that has traditionally leaned conservative.

The leadership race is expected to be intense, with former finance minister Chrystia Freeland and government House leader Karina Gould also expected to enter the race in the coming days. The cut-off date to declare a bid for the leadership is January 23, and candidates have to pay a $350,000 entrance fee. 

Carney will seek to position himself as an outsider and put some distance between himself and the deeply unpopular government of outgoing Prime Minister Justin Trudeau. Pierre Poilievre's Conservatives will attempt to tie Carney to the Trudeau government's sinking brand and attack him over his past support of carbon pricing and his recent work advising the Liberal party on economics.

Launching his campaign in Edmonton gives Carney a chance to put his Alberta roots on full display as Canadians get to know him. Alberta could shape up to be an intense battleground between Carney and Freeland, who also grew up in the province.



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