Will gas prices ever go down? Why Canada is likely to set ‘new records’ at the pumps
, but announced it would help release millions of barrels of oil from strategic reserves. The move was aimed to help lower the prices at the pumps, they said, but also help nations dependent on Russian oil to move away from their products.Biden authorizes release of 1M barrels of oil per day from US strategic reserve to tame gas prices
Many of those nations are in the European Union, which until now has resisted introducing a ban on Russian oil. But with the war showing no signs of slowing down, and the brutality reportedly getting worse, the“As long as those sanctions are in place that can impair Russia’s ability to sell oil, we’re going to have an imbalance in supply and demand in the global market,” De Haan said.
With oil being a global commodity, Canada is at the mercy of world events, said Ian Jack, vice president of public affairs at CAA. For immediate relief, governments can likely reduce taxes on gas products, but the savings may not be much, given prices are so high, he added.“There’s no way governments can magically return the price to where it was,” Jack told Global News.
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