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submitted 2 years ago by sik0fewl@kbin.social to c/canada@lemmy.ca

Gas prices are expected to reach an annual high this summer across Canada and into fall, with more than one factor causing the increase, experts say.

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[-] ZC3rr0r@lemmy.ca 5 points 2 years ago

The article pretty much spells it out - OPEC controls the price of oil globally through their massive hand in the supply side of the industry. Even if you get your wish and have O&G completely deregulate here in Canada, the reality is that they aren't going to make a dent in global oil prices regardless of output. If we produce a ton of oil, OPEC simply shuts their taps further until the prices equalize to a point that benefits the members of the cartel.

Other than a reduction in taxes on gasoline at the pump, Canada has very little effective means of changing the cost of oil globally.

Unless you're suggesting we turn into Venezuela #2 and we turn all oil companies and wells into government property, build a crap ton of refining capacity on the tax payer's penny and sell the resulting oil products at cost / at a loss. But frankly, that outcome is even worse as now we'd have 50 cents/L gas, but all our other taxes would go through the roof.

this post was submitted on 17 Aug 2023
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