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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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Trump Warns of 10% Tariff Hike on BRICS-Aligned Nations Amid Brazil Summit

As BRICS leaders convened in Rio de Janeiro for their annual summit, U.S. President Donald Trump issued a stark warning: any country aligning with what he called the bloc’s “Anti-American policies” would face an additional 10% tariff on exports to the United States.

The announcement, made via Trump’s Truth Social account, came just hours after BRICS leaders released a joint statement criticizing rising protectionism and unilateral tariffs, which they argued threaten global trade stability. Trump’s post did not clarify which specific policies he deemed anti-American, but emphasized that “there will be no exceptions” to the new tariff rule.

The BRICS bloc—originally comprising Brazil, Russia, India, China, and South Africa—has expanded in recent years to include countries like Egypt, Iran, and the UAE. With over half the world’s population and 40% of global economic output, the group is increasingly positioning itself as a counterweight to Western-led institutions.

Brazilian President Luiz Inácio Lula da Silva, hosting the summit, likened BRICS to the Cold War-era Non-Aligned Movement, calling for greater autonomy and multilateralism in global governance. Meanwhile, Trump’s administration is racing to finalize trade deals ahead of a July 9 deadline, after which retaliatory tariffs are expected to take effect.

The move signals a renewed escalation in global trade tensions, with Trump doubling down on his “America First” stance as the BRICS bloc gains diplomatic momentum.

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