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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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Rising Fears of a Wider Middle East Conflict After US–Israel Strikes on Iran

 

                    A plume of smoke rises after an explosion on February 28, 2026 in Tehran, Iran

                                                             

A wave of international concern has swept across world capitals following major coordinated US and Israeli attacks on Iran, prompting fears that the conflict could spiral into a broader regional war. European leaders convened emergency security meetings as they worked to safeguard their citizens in the Middle East and urged diplomatic intervention to prevent further escalation. 

The strikes have already resulted in significant casualties. Iranian officials reported that an attack on a school in Hormozgan province killed 24 students, marking one of the first confirmed civilian death tolls in the unfolding crisis. Additional reports from the region indicate that at least 51 students were killed in a separate strike on a girls’ school in Minab, underscoring the human cost of the intensifying conflict. 

Iran has responded forcefully, launching missile and drone attacks on US military facilities across several Gulf states, including Bahrain, Qatar, the UAE, Kuwait, Jordan, Iraq, and Saudi Arabia. These retaliatory strikes have heightened fears that the conflict could draw multiple nations into direct confrontation. One person was reported killed in the UAE after shrapnel from an Iranian missile struck the capital, marking the first confirmed fatality from Iran’s counteroffensive. 

As explosions continue to rock cities across the region and diplomatic tensions rise, global leaders are calling for urgent de-escalation to prevent the situation from spiraling into a full-scale regional war.

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