Average gasoline prices spiked 55% in 2021-22, but only a fraction of that was caused by Canada's carbon taxes, finds study.
In the year leading up to June 2022, average gasoline prices climbed 55 per cent across Canada, part of a wave of inflation that raised the cost of nearly everything from rent to food.
How do Canada’s carbon taxes work? At the federal level, there are two carbon pricing systems — an output-based pricing system, which gives price incentives to industrial emitters to reduce carbon emissions, and a fuel charge. A political wedge issue At both the provincial and federal level, Conservative opposition parties have claimed the price of carbon hurts Canadians struggling to pay their bills. Conservative Party of Canada Leader Pierre Poilievre has long promised to “axe the tax” — a threat that escalated into a non-confidence motion in March in a failed bid to topple the government and trigger an election.
Several green think tanks slammed the PBO report for failing to account for the cost climate change would have on Canadian society. The Canadian Climate Institute said the PBO’s modelling assessed broader economic costs of carbon pricing in a “misleading way” that failed to consider the economic benefits of carbon pricing and the costs of climate inaction.
At the time, Liberal MP and parliamentary secretary Ryan Turnbull sent a letter to Giroux urging him to correct the public record. “Unfortunately, the most vocal opponents of carbon pricing are not offering alternative policies to reduce emissions and meet our climate goals. And they certainly aren’t offering any alternatives that would reduce emissions at the same low cost as carbon pricing.”
As demand for energy soared, supply challenges in several OPEC-plus countries led to tight oil and gas markets, said Kelly. But while the carbon tax rose over that same period, Kelly found only $0.03 of the $0.73 year-over-year increase in the cost of a litre of gasoline was attributed to the carbon tax.
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