Locally gas prices may have come down a couple cents this week, but with prices hovering around $1.20 at the pumps many are worried the increases aren’t done yet.
Liberal MP for Pickering and Scarborough East Dan McTeague is widely known for his outspoken thoughts on energy and gas and spoke with Sunshine 89.1 about the issue recently on our Twin Lakes Today show.
McTeague explains that until now we had the benefits of zero retail margin in the area thanks to Ultramar that came in and lowered the prices for some time. But 7-8 months ago Shell shut one down of the countries largest refineries in Montreal, and that has left us a lot more vulnerable to changing international oil prices.
McTeague says a lot has changed over the past 10 years for us, last year we exported about 6 billion barrels of oil to the US while we imported about 3 billion, he says when compared to 10 years ago those numbers have drastically changed from 90 percent going and just 10 percent coming in.
A lot of our gas is now is imported from Europe and Europe gets their oil from Libya.
Libya is the worlds eighth-largest oil supplier in the Organization of Petroleum Exporting countries (OPEC) and has the largest crude oil reserves in Africa.
McTeague says what we’re now being effected by is speculators that are being allowed to drive the prices way up following, what he calls, a small interruption internationally.
But it’s not just the speculators, he points the finger at the government as well, saying higher taxes Provincially and Federally are also hurting our wallets.
McTeague says taking control back from the speculators is essential to regaining affordability at the pumps.
