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Canadian Drivers Brace for Higher Pump Prices as Retailers Shift Rising Costs to Consumers

Rising Oil Prices Fuel Retailer Response U.S. benchmark oil prices have climbed nearly 20% since recent military strikes in the Middle East. Canada’s average gas price has already increased by more than 5.8% , according to Kalibrate data.  DBRS Morningstar’s Warning DBRS Morningstar reports that gas station owners are unlikely to absorb higher wholesale fuel costs . Instead, they are expected to pass these increases on to consumers to maintain profitability. The agency highlights that the conflict has disrupted energy infrastructure across the Middle East, tightening supply and raising global fuel prices.  Impact on Canadian Consumers Drivers across Canada should anticipate continued price hikes at the pump in the coming weeks. Retailers in both Canada and the U.S. are facing similar pressures, suggesting a broader North American trend toward higher fuel costs. 
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A major power outage is reported in Spain and Portugal, disabling their capitals

 

A major power outage has struck Spain and Portugal, including their capitals, Madrid and Lisbon, causing significant disruptions across the Iberian Peninsula. The blackout has affected subway networks, phone lines, traffic lights, and ATM machines, leaving millions of residents grappling with the sudden loss of electricity.

Spanish power grid operator Red Eléctrica and Portuguese distributor E-Redes are working to restore power and stabilize the network. Early reports suggest the outage may be linked to issues in the European electricity system. The blackout has also impacted parts of France, further highlighting the scale of the problem.

Authorities in both countries have urged residents to limit travel and prioritize safety as traffic lights and public transportation remain non-operational. This rare and widespread outage has disrupted daily life, with courts halting work and mobile networks experiencing outages.

Efforts to restore power are underway, but the cause of the outage remains under investigation. This developing situation underscores the vulnerability of interconnected power systems and the need for robust infrastructure to prevent such incidents in the future.

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