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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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Fragile Ceasefire: Russia and Ukraine Exchange Blows Amid Minerals Deal Ratification

Despite a Moscow-declared 72-hour ceasefire, both Russia and Ukraine reported attacks on their forces, casting doubt on the truce’s effectiveness. The ceasefire, announced by Russian President Vladimir Putin, coincides with the 80th anniversary of the Soviet Union’s victory over Nazi Germany. However, Ukrainian officials accused Russia of violating its own ceasefire hundreds of times within the first few hours.  

Meanwhile, Ukraine’s parliament unanimously ratified a landmark minerals deal with the United States, a move expected to deepen strategic ties and facilitate reconstruction efforts. The agreement grants Washington access to Ukraine’s largely untapped mineral resources and establishes a joint investment fund for rebuilding the war-torn nation.  

Despite the ceasefire, Russian bombs struck northeastern Ukraine, killing at least one civilian, while artillery assaults continued along the 1,000-kilometer front line. Ukrainian Foreign Minister Andrii Sybiha condemned the ceasefire as a “farce,” citing ongoing Russian assault operations.  

As tensions persist, Putin welcomed Chinese President Xi Jinping to Moscow, underscoring Russia’s diplomatic efforts amid the ongoing conflict. Ukrainian President Volodymyr Zelenskyy, skeptical of the ceasefire, dismissed it as mere manipulation, arguing that it serves only to provide Putin with a peaceful backdrop for his Victory Day celebrations.  

With both sides exchanging accusations and hostilities continuing, the prospect of a lasting peace remains uncertain. The minerals deal, however, signals Ukraine’s commitment to strengthening its economic and strategic partnerships despite the ongoing war.

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