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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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Market Jitters Rise as Trump Sets Middle East Deadline

U.S. stock futures wavered Friday morning as geopolitical tensions escalated, with former President Donald Trump setting a two-week deadline for a decision on potential U.S. military involvement in the Israel-Iran conflict. The Dow Jones Industrial Average and S&P 500 futures hovered near the flatline, while Nasdaq 100 futures edged slightly higher.

The market’s cautious tone followed a Juneteenth holiday pause and comes amid volatile oil prices, which have surged on fears that Iran could disrupt global supply by blocking the Strait of Hormuz. Brent and West Texas Intermediate crude futures both climbed over 1%.

Trump’s ultimatum, delivered via the White House press secretary, added a fresh layer of uncertainty to already fragile investor sentiment. While some see the deadline as a window for diplomacy, Iran’s leadership has so far rejected calls to negotiate.

Meanwhile, European diplomats are scrambling to revive nuclear talks with Iran in Geneva, hoping to de-escalate the conflict. On the domestic front, investors are also digesting the Federal Reserve’s decision to hold interest rates steady, with Chair Jerome Powell reiterating a “data-dependent” approach to future cuts.

As markets brace for potential volatility, attention now turns to upcoming economic data and the expiration of $6.5 trillion in U.S. options contracts—a so-called “triple witching” event that could amplify market swings in the days ahead. 


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