Global National: April 18, 2024 | What is driving the sudden spike in gas prices in Eastern Canada?

In tonight's top story: Canadians in Ontario and Quebec are feeling the pain of sticker shock at the pumps, where gas prices reached a two-year high overnight with little explanation. Heidi Petracek looks at the frustration in Eastern Canada, and what may be driving the sudden spike.
U.S. lawmakers will soon vote on whether to give billions of dollars in military aid to Ukraine, including tens of thousands of much-needed artillery shells. Jackson Proskow was given rare access to an American army plant in Pennsylvania, where officials warn they won't be able to provide enough help to Ukraine without proper funding.
The people of Aamjiwnaang First Nation are demanding a chemical plant, which is located right across the street from their reserve, be shut down after being repeatedly exposed to high levels of benzene, a cancer-causing chemical. As Carolyn Jarvis reports, many said the pollution left them feeling ill and anxious about the air they breathe.
Reuters photojournalist Mohammed Salem has won the 2024 World Press Photo of the Year award, for a picture he took during the early days of Israel's siege on Gaza, showing a grieving woman holding the body of her 5-year-old niece. Neetu Garcha looks at how Salem is reacting to his achievement and the hopes it can lead to meaningful change in Gaza's dire humanitarian crisis.
Big changes coming to the country's capital gains tax are aimed at the wealthiest Canadians - part of Ottawa's efforts to generate revenue to help pay for billions in new spending. But some middle-class Canadians who own small businesses or are selling a second property, might have to pay more too. Eric Sorensen looks at the changes and who's being affected.
Plus, renowned artist Banksy has captivated the world for decades with his subversive murals and graffiti, while carefully keeping his identity secret the entire time. Now, a touring exhibit featuring some of his best work is making its Canadian debut in London, Ontario. Mike Drolet stops by for a visit and explains why the anti-establishment artist may not approve.
For more info, please go to globalnews.ca/news/10432607/g...
Subscribe to Global News Channel HERE: bit.ly/20fcXDc
Like Global News on Facebook HERE: bit.ly/255GMJQ
Follow Global News on Twitter HERE: bit.ly/1Toz8mt
Follow Global News on Instagram HERE: bit.ly/2QZaZIB
#GlobalNews #GlobalNational

[@nicolasbenson009]

In light of the ongoing global economic crisis, it is crucial for everyone to prioritize investing in diverse sources of income that are not reliant on the government. This includes exploring opportunities in stocks, gold, silver, and digital currencies. Despite the challenging economic situation, it remains a favorable time to consider these investments.

[@berniceburgos-]

The pathway to substantial returns doesn't solely rely on stocks with significant movements. Instead, it revolves around effectively managing risk relative to reward. By appropriately sizing your positions and capitalizing on your advantage repeatedly, you can progressively work towards achieving your financial goals. This principle applies across various investment approaches, whether it be long-term investing or day trading.

[@tatianastarcic]

It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.

[@Michaelparker12]

this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation

[@tatianastarcic]

There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five aiyears now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.

[@BridgetMiller-]

Appreciate this recommendation, hopefully I can get some insight to where the market is headed and strategies to beat the downtrend with when I hear back from Melissa.

[@bobsch-gd6ze]

When oil was $130 a barrel we did not pay $2.12 per L in BC. Oil is $80a barrel and we are paying $2.12p/L

[@user-yl1sm3pd1c]

That is why. Oil companies cap their wells when the price of oil is below $100 a barrel, (my step-son worked in the industry 10 years ago and he would know) making products very expensive due to scarcity. It is much better when oil is ABOVE $100 a barrel, because then the oil companies uncap their wells and the scarcity goes away, allowing for affordable pricing. Clear as mud? In other words, if it costs an oil company more money than they can sell their product for to produce it, there is NO incentive to bother. The rule of supply and demand ...

[@brenly7054]

It's a wonderful world

[@commonsensecraziness7595]

Everyone was told the tax would increase the price of gas. But now that the price of gas has gone up, it's definitely not the tax. It must be those greedy oil barons, not the greedy, lying politicians.

[@tylesveque2373]

@@commonsensecraziness7595 money to help Isreal fight

[@commonsensecraziness7595]

@@tylesveque2373 well, the tax money definitely isn't being used to fight climate change (whatever that is)

[@Bkaas]

So it's a double whammy this year. Season gas bump and carbon tax. But hey, we gotta think about climate change lol

[@Windsofchange2023]

I will be thinking about it while I drive 30km to Washington to fill up next weekend , hey I’ll save 65 cents a liter. With so much tax and inflation here why not!

[@user-yl1sm3pd1c]

Has very little to do with climate change, it has to do with oil companies not getting a decent buck for their products, so they cap their wells until the prices go up to cover their costs and allow for them to have operating capital to work. Ten years ago, oil companies capped their wells when the price of oil was below $100 a barrel, because it didn't pay them to operate, no return on investment. Apparently the price of oil is about $80/barrel, so if wells get capped because cost of production is too high, there will be scarcity and that drives up prices at the pump. By the way, over 70% of oil companies in Canada are foreign owned, the question is, could foreign ownership be the reason prices jumped so high?

[@canadiansfor2A]

"Climate change " is a cult!

[@cindymay4606]

Trudeau is mostly to blame.

[@ductdang]

What about pressure to free the hostages? That would end the war right away.

[@rockyjohnson9243]

Won't do anything wishing for that here. This is Canada.

[@markamd1]

What Hostages? 😂

[@grandmufftwerkin9037]

I cannot fathom the mind of a person who still supports Justin and his government.

[@user-bq5cs5oe5x]

Justin is a good man. I think people are just in the habit of hating him. But actually he's a good PM.

[@grandmufftwerkin9037]

@@user-bq5cs5oe5x No, he isn't.

[@arianasefzadeh564]

The most corrupt PM!

[@eleanorshellstrop2709]

​@@arianasefzadeh564Stephen Harper Scandals. SENATE APPOINTMENTS: The Senate has been the source of Harper’s most damaging scandal, one that goes to the heart of his office. Unsuccessful in efforts to reform the upper chamber, Harper began to stack it with Tory loyalists. Several appointments now haunt him. ELECTION SCANDALS: The Conservatives have found themselves at the centre of multiple investigations over their election activities. In the 2006 “in-and-out” scandal, the Conservative party pled guilty to exceeding national election advertising limits. MAXIME BERNIER: The debonair Quebec MP showed up at Rideau Hall in 2007 to be sworn into cabinet with girlfriend Julie Couillard on his arm. But she had reported past ties to biker gangs. A year later, Bernier was forced to resign as foreign affairs minister after it was revealed that he had left classified NATO documents at Couillard’s home. VETERANS AFFAIRS: For a government that boasts of its support of Canada’s military, looking after veterans should have been a no-brainer. Instead, the Tories have been in the crosshairs of veterans, upset that ill and injured soldiers have been short-changed and angry over the closing of regional veterans affairs offices. The Conservatives have repeatedly tinkered with programs, boosted funding and finally installed Erin O’Toole, himself a veteran, as minister in charge of the file, all in hopes of quelling the controversy. AFGHAN DETAINEES: Canadian diplomat Richard Colvin appeared before a parliamentary committee in 2009 and made a bombshell charge - that detainees taken captive by Canadian soldiers in Afghanistan and transferred to local authorities were almost certainly being tortured and abused. SUPREME COURT TUSSLE: Harper’s frustration with the courts came to a head in 2014 when his appointment of Marc Nadon to the top bench was rejected because Nadon failed to meet eligibility requirements. G8 FUNDING: In the lead up to the 2010 G8 meeting in Huntsville, senior cabinet minister Tony Clement personally directed a $50-million “legacy” fund, funneling millions in infrastructure to his Muskoka riding. Municipalities far from the actual summit site were given hundreds of thousands of dollars for sidewalk improvements, parks, and most infamously, a gazebo.

[@whatdoyouwantfromme1029]

Blah blah blah blah blah show Canadian people Mr PP conservative future government plans to make Canada great again for " everyone 👈🤷🏻‍♂️❓

[@tylesveque2373]

Trudicks carbon pricing

[@gryph01]

It isn't. Oil companies have slways done this

[@olivrrrr]

They're pushing you to buy the EVs thats collecting dust on the lots.

[@ubercomrade]

I'll buy one

[@gryph01]

No (but it's a good idea to buy one). It's big oil taking profit

[@Trythis837]

@@gryph01lol no it’s not. Go look at a price breakdown from your province. On April 15th the cost of crude was 67 cents Wholesale costs were 26 cents Retail margin was 9 cents Taxes 50 cents. Big oil, the wholesalers and the retailer would gladly trade places with the government any day.

[@tylesveque2373]

@@gryph01 no it's for Isreal

[@canadiansfor2A]

​@@tylesveque2373governments are funding both sides!

[@nainmartinez838]

What could it possibly be?

[@drprogensteinphp3169]

I really hate it when I see large corporations state things such as "we meet all government environmental standards", etc. Well obviously municipal, provincial, and federal governments need to step up and change those standards! But of course they won't, and if or when they do it's always far too late.

[@dkrawk8309]

Why? This is how money is made, nobody cares about couple hundred people get sick......like common now

[@normbowers1955]

How can you not point out the GREED as the largest factor in high gas prices. Look at the fn profits.

[@dkrawk8309]

Lmao, yeeeeezzzzzz We all know that.....but what are you gonna do about it? Wanna go and actually do something?? Absolutely not

[@jamesneveaux4892]

Who wants to work to pay off taxes?

[@dkrawk8309]

Who asked you or me what we want?

[@rishi505]

Justin T need to resign . He is horrible PM

[@Bkaas]

Trudeau is the reason we know.

[@AnthonyCarrier]

its Doug Fords conservatives and their blind eyes... '

[@edgarfield9567]

Anthony still voting for trudeau lol

[@AnthonyCarrier]

@@edgarfield9567 I don't vote...

[@libnizhr]

Santions on Iran?? And no sanctions on isreal for not following international law to protect civilian life 🙄

[@blurtam188]

You can't sanction your master

[@walkmanutd19]

Hint: FJT and wokeness gov. Canada, once you go woke, you broke.

[@gryph01]

Stop saying like a Yank.

[@ericwolf2641]

100% - Look at examples in the corporate world.... Bud Light, Target, and Disney as examples. It never pays to go woke.

[@Brendon4003]

Lawmakers edging closer?!?….PAUSE

[@dsbarclayeng1]

The oil companies FIX prices by their 'co-producer agreements'. They source their gasoline from the nearest refinery and put their own label on it. So they agree to trade fuel to each other at the same price.

[@jameskeenan9308]

16.37 dude rocking an assassin's Creed outfit lol 😅😅

[@passatboi]

3 maratime provinces? New Brunswick isn't one? I thought it was.

[@ianhowes8141]

So drive less and reduce the demand - that is how consumers can affect prices (and save on Turdeau's carbon tax at the same time)

[@commonsensecraziness7595]

Everyone was told the tax would increase the price of gas. But now that the price of gas has gone up, it's definitely not the tax. It must be those greedy oil barons, not the greedy, lying politicians.

[@DeeSmith001]

Carbon tax affects every part of the supply chain. Can't wrap your head around that? Not surprised anymore.

[@tylesveque2373]

@@DeeSmith001 Isreals offensive

[@commonsensecraziness7595]

@@DeeSmith001 these are the people that are bad at math, and have a faith-based approach to science, but will lecture everyone else that they're wrong somehow. You know, the people that actually know what they're talking about.

[@silversunn]

@@commonsensecraziness7595You forget history

[@commonsensecraziness7595]

@@silversunn Pretty sure I remember history, which is why I can call out the liars while others keep supporting their own destruction.

[@piku5637]

Normalize local co-ops and lⒶbour unions. Workers make the world run, workers should run the world.🌎🇺🇸🇨🇦

[@HR-sg7ug]

Shut your mouth and take action

[@williamjacobs8660]

Both sides of the St. Clair River have had to deal with issues from Chemical Valley for years. Mostly from spills in the river. I remember when they had to clean a chemical blob on the Canadian side of the river that created a dead zone. The Ontario and federal governments need to do more to protect the river and people on both sides of the river.

[@winstonsmith935]

Check in Canadian Rack Prices on your browser, then see how much Canadian Oil cost, and the Government Taxes on that FUEL Maybe the truth is too much for Canadians to handle.

[@wildandliving1925]

Partly government partly price fixing

[@melissahouse1697]

the Carbon tax just went up , if they raise the price, we pay more twice . Why is this even a news story ,duh!

[@miriamm2978]

Funny how we are suddenly told we need "summer blend". Really??? How did we get by in years past? Or are Canadians really being squeezed to cover the debt... even...more. 😖

[@John-GlenSarchfield]

Who are the regulators of gas prices want not driving around.

[@AnwerHashimSamnani]

May Love Peace Prevail in The World....

[@infolover_68]

Well, Banksy won't be worrying about benzene poisoning or rising gas price. Good to be anonymous and safe from corporate and government grasp...

[@user-wl1vd3bi8u]

😂😂😂😂😂Litre What Is Litre. ??????Ohhhhh The Metric SYS. Richard.

[@CommanderSweetie]

Only paying 179.99 for gas? Imagine coming to the west. 200.00. Life seems to only be a problem when it effects the east cost.

[@Resologist]

GREED. Or, is that too difficult for Global News to figure out, when almost every gas station raises prices in unison? Not a clue as to what "price fixing" is? Competition Bureau is asleep!

[@silversunn]

They studied it since the late sixties. Most media doesn’t admit it is OPEC and the rest of the world’s producers of petroleum products. Same as the Rogers’ and Loblaws type monopolies they gouge as much as they can until people stop patronizing their services and products. Very simple economics

[@madchemist126]

How are doctors not unionized? Teachers, Nurses, Police, Firefighters, Ambulance Drivers, Bus drivers, pretty much every single public sector employee is unionized except for doctors. If they did they would still be subject to the strike provisions of essential service providers but they could create a pension program, protect their retirement savings from this new tax increase, increase bargaining power to increase payment rates (which are stagnant for family doctors), all kinds of good things that would help them. But for some reason doctors alone are treated as though they are providers of capital in the medical field.

[@ScrawneyRonnie]

They can afford their own lawyers.

[@coffeehouse3381]

Canada has the largest amount of oil in the world.... Then why all this high gasoline prices... Where is the justice in the standard of human life and the limited income....⁉️⁉️⁉️⁉️⁉️ People are very angry at this completely abnormal high price

[@EyeSee4.8]

Our government feels it's more environmentally friendly to buy Oil and Gas from other countries.

[@WilliamCloud9]

Oil sands is poor quality and we don’t refine enough

[@EyeSee4.8]

@WilliamCloud9 Oil sands needs to be reclaimed the only way to clean the sand is to extract the oil from it. Or leave it too keep running into the rivers and streams.

[@winstonsmith935]

The Middle East conflicts always raise gas prices, even when Canada has its own oil.

[@WilliamCloud9]

Where do you think east coast oil originates.. Middle East lol

[@winstonsmith935]

@@WilliamCloud9 Funny, I work in the Oil Patch in Canada, not the Middle East, you need a little education.

[@ericwolf2641]

3:09 - ".... replacing a drive with a bike or a walk".... What a joke. He'd probably be best friends with our eco-zealot Federal Environment Minister. Must be nice to live in a perfect utopia.

[@mushroomheadder]

How long will we find foreign wars?

[@WilliamCloud9]

Until they come to our soil likely

[@johnboko7110]

What is the driving sudden spike in gas ? It's not geo political wars, it's not supply chain disruptions, it's not seasons, It's all because of one Man and that Man name is our dishonorable crime minister of Chinada Justin Trudeau.

[@rodesco4805]

Is not the carbon tax

[@o1ecypher]

where was this increase in the gas prices in the past years. ??? yup you are all being scammed for 14 cents.

[@silversunn]

Look up OPEC right back to the beginning when humans started using petroleum products. Look up NATO’s influence. It’s old old news about the gouging, everywhere

[@blurtam188]

Iran has the right to defend itself

[@KarenMalcolm915]

I'm more concerned about my expectation for 2024 that markets starts to broaden out more, what if the interest rates go up? i have a ton of questions....can I safely invest my $800k? I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement, but don't know where to start.

[@DanielWoodburn]

It's crucial to have a well-thought-out strategy and not make impulsive moves based on short-term market fluctuations. Patience and a long-term perspective are key. You should consider a market expert to guide you perfectly.

[@DeanWhite-ng5hb]

True, A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $195k to approx. $970k so far

[@KarenMalcolm915]

I'm willing to make consultations to improve my situation. What is the most reliable medium to reach him please?

[@DeanWhite-ng5hb]

Nick Dranchak is the licensed fiduciary I use. Just research the name. You'd find necessary website to work with a correspondence to set up an appointment.

[@KarenMalcolm915]

I just searched now. His website appeared right away, You've saved me several hours of research. I'm grateful

[@howardloewen1834]

Greed

[@blainclatworthy5423]

Carbon TAX

[@Kevin_geekgineering]

world is on fire, people think gas price will stay as is. will we change our way of life or better dream for a world that doesn't exist anymore

[@miriamurbina6630]

Because our unity In liberal party rises higher in distance and time making History ON 24🇨🇦❤

[@edgarfield9567]

Justin Trudeau

[@tylesveque2373]

🎯 practice

[@linaF5050]

This will affect when people vote for bye to Liberals and NDP

[@SenorBeavis-qn3gy]

Its pathetic to say its the spring and summer season. Less people drive because more people bike. Btw bikes belong on the sidewalk not the effin road 🤬🤬🤬🤬🤬🤬

[@dkrawk8309]

Lmao Change of season?????? What summer blended fuel????? Government can tell you anything, and it will be just fine

[@dkrawk8309]

Omg, who cares about this??? Theres gazillion cases of things like this and we don't know about them

[@dkrawk8309]

OOOOOHHHHH environmental problems in Ontario. NO WAY!!!!!!! WE HAVE TO PAY MORE CARBON TAX

[@bobbydennis8333]

Updated: 🗞️📰 “Been that way for 30 years.” - U.S. Justice Department on the lack of Human Rights in Oklahoma County Jail, 2020 “Makes me feel human again after this place.” - Oklahoma City Art Museum review after life in the local shelters (20+ years in the making), 2024 “It is said that no one truly knows a nation until one has been inside its jails. A nation should not be judged by how it treats its highest citizens, but its lowest ones.” - Nelson Mandela 🥂🥂

[@winstonsmith935]

Canada Fuel Taxes by Province Province Gasoline (¢/L) Diesel (¢/L) Daily Gasoline Tax Based on Current Avg (¢/L) Comment Alberta 19¢ 13¢ 23.616¢ 5% GST British Columbia 21.17¢ 22.67¢ 26.994¢ GST + Includes carbon tax of 6.67 ¢/L on gasoline and 7.67 ¢/L carbon tax on diesel, as of July 1, 2012 Manitoba 24¢ 18¢ 28.682¢ GST Manitoba's PST does not apply to gasoline or diesel fuel. New Brunswick 23.6¢ 23.2¢ 36.629¢ GST + PST Newfoundland 24.5¢ 20.5¢ 38.202¢ GST + PST Northwest Territories 19.7¢ 13.1¢ 25.124¢ GST Nova Scotia 25.5¢ 19.4¢ 40.739¢ GST + PST Ontario 24.7¢ 18.3¢ 37.291¢ GST + PST Prince Edward Island 23.1¢ 24.2¢ 28.420¢ GST PST does not apply to gasoline or diesel fuel. Fuel tax is adjusted monthly and includes an amount equivalent to PEI's PST. The fuel tax is capped at 15.8% Quebec 29.2¢ 24.2¢ 48.574¢ QST of 9.975% is applied on top of sales amounts after the GST has been added (QST + GST is 14.5% combined) Saskatchewan 25¢ 19¢ 29.704¢ + GST, PST does not apply to gasoline or diesel fuel. Montreal 49¢ 22.2¢ 69.038¢ GST + PST + 1.5¢ Transit Tax. Rate is calculated by 19 cent provincial tax, 10 cent federal tax,17 cent GST+TVQ tax, and 3 cent Montreal tax Vancouver 32.17¢ 33.67¢ 38.433¢ GST + PST + 15¢ Transit Tax.Includes carbon tax of 6.67 ¢/L on gasoline and 7.67 ¢/L carbon tax on diesel, as of July 1, 2012 Victoria 24.67¢ 26.17¢ 30.613¢ GST + PST + 3.5¢ Transit Tax. Includes carbon tax of 6.67 ¢/L on gasoline and 7.67 ¢/L carbon tax on diesel, as of July 1, 2012 Yukon 16.2¢ 11.2¢ 21.624¢ GST + PST

[@ConradTurgeon-fb4cp]

Global would be dumb enough to ask this question