Pain at the pumps? There's more fuelling those high gas prices than the cost of crude — via financialpost gas fuel inflation
, raising the price of petroleum products like gasoline and diesel even more than the soaring cost of oil, says Capital Economics.
Refining capacity has fallen in western countries in recent years as investors and policy makers move away from fossil fuels. Refining capacity has increased in China and the Middle East, but globally, petroleum product consumption has grown faster. Consumption is also showing no signs of slowing down, said Capital. Even though higher fuel costs will crimp demand, the global economy will be bigger by the end of this year, requiring more product.
Gasoline prices in the U.S. hit US$173 a barrel in the second quarter of 2022, compared with US$79 in the period of 2016 to 2021. Diesel was even higher, fetching US$191 a barrel.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Posthaste: Pain at the pumps? There's more fuelling those high gas prices than the cost of crudeGlobal refinery capacity is being stretched to its limit
Read more »
Foot pain leaves French Open champ Nadal's future uncertainRafael Nadal's painful left foot was numbed by multiple injections to two nerves throughout the French Open, the only way he has found to deal with a chronic condition he acknowledges puts his tennis future in doubt.
Read more »
Posthaste: Pain at the pumps? There's more fuelling those high gas prices than the cost of crudeGlobal refinery capacity is being stretched to its limit
Read more »
Gas prices expected to jump to a record high over the weekend: expert
Read more »
Escape Toronto and take a road trip in the name of live musicSummer concert season is here and while there are plenty of reasons to stay in the city, consider taking to the highway for some music festival magic.
Read more »
GTHA gas prices hit new record highs this weekend, could rise further next week: analyst | Globalnews.caAccording to Dan McTeague, President of Canadians for Affordable Energy, gas prices will rise another 3 cents Sunday, and expects prices to climb even higher next week.
Read more »