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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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Putin Hails US Efforts as High-Stakes Alaska Summit Nears

Russian President Vladimir Putin and US President Donald Trump are meeting in Alaska on 15 August 2025. 

Russian President Vladimir Putin has lauded what he called the United States’ “energetic and sincere efforts” to end the war in Ukraine, just hours before his first face-to-face meeting with US President Donald Trump since 2018. The summit, set for Friday at a military base in Anchorage, Alaska, is expected to tackle a potential ceasefire, nuclear arms control, and broader security issues.

Putin’s remarks signaled Moscow’s intent to raise strategic weapons talks alongside the Ukraine conflict, framing the meeting as a chance to create “long-term conditions for peace” in Europe and beyond.

Meanwhile, Ukrainian President Volodymyr Zelenskyy and European leaders have been working to ensure their interests are not sidelined. Trump has reportedly expressed willingness to support security guarantees for Kyiv, though details remain unclear.

The Alaska talks will begin with a one-on-one session, followed by delegation meetings and a press conference. While hopes for progress exist, both sides have tempered expectations, with no formal agreements anticipated at this stage.

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