Decisions made at a conference of international oil producers are expected to affect the crude oil market and the price of gasoline at Alberta pumps, which are already back to summer peaks.
Several gas stations throughout Calgary posted prices at $172.9 – almost 10 cents higher than the Alberta average, and the national average, according to CAA.Leaders gathered for an OPEC+ summit in Vienna decided Wednesday to slash global oil production by two million barrels per day in order to boost sagging oil prices.It's also the largest cut since early 2020, in response to the COVID-19 pandemic."The cut will likely add some short-term price strength to oil.
Muralidhuran says several U.S. refineries that provide fuel for gas stations are down for fall maintenance, shrinking supply and raising prices of the refined product. "Here at least, fuel prices shouldn't be increased because there is no reason except to make money for big companies," said Vlad Kononenko.“This is yet another reminder that we need to create long-term energy security for Canada and North America. The world needs Alberta’s responsible, reliable energy – which adheres to the highest environmental, human rights and labour standards. the logical choice to help meet that demand.
"We review the fuel tax relief program quarterly and will announce the next update in December. If oil prices rebound above $90 in the weeks approaching mid-December, the fuel tax could again be fully paused in the first quarter of 2023,” said Paul Hamnett, press secretary for Alberta Treasury Board and Finance.
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