Murray Wood: Who's hot... and who's not
Every Friday, Murray Wood takes a look back at the week's news and decides who's hot... and who's not. This week's list ...
Gas prices in Saskatchewan have dropped this weekend, giving drivers some welcome relief at the pump.
Gas was selling for an average of $1.69.8 per litre across the province on Sunday, according to Gas Buddy price tracking, with prices falling nearly a cent since Saturday, and down 8.5 cents from last week’s average of $1.78.3.
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Prices have fallen 10.5 cents in the last month, Gas Buddy says, although filling up still costs 35.8 cents more per litre than it did at this time last year when the average price per litre was $1.34 — and that price also included excise tax.
The Liberal government suspended fuel excise taxes on gasoline and diesel from April 20 until Labour Day, with Prime Minister Mark Carney saying that during the pause, Canadians could expect to save 10 cents per litre on regular gasoline and four cents per litre on diesel.
The CAA’s daily national average of gas prices in Canada also said that on May 31 the price per litre across the country was the lowest in the last month.
As the conflict in the Middle East drags on and the global oil supply dwindles, the price of gas has hovered near historic highs.
Events in the Strait of Hormuz, a key waterway between Iran and Oman, have shaken the global economy. Shipments of significant amounts of oil, natural gas and related supplies like fertilizer are largely stranded, increasing the strain on consumers and food producers.
The U.S. launched a blockade on April 17 in response to Iran effectively closing the Strait of Hormuz after the war in the Middle East began with U.S. and Israeli strikes on Feb. 28.
A fragile ceasefire has held since April 7. Now the region awaits word on whether a deal can be reached to extend it by 60 days while talks would be held on Iran’s disputed nuclear program.
The effects of fuel prices rarely stop with drivers. Transportation costs are built into the price of many goods, meaning higher diesel prices can eventually push up the cost of everything from groceries to consumer products.
Goods that travel long distances or require specialized shipping methods are especially sensitive to changes in fuel prices.
— with files from 980 CJME’s Jacob Bamhour, Associated Press and The Canadian Press
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