Gas prices set to jump by 8 cents at midnight (toronto.citynews.ca)

submitted 1 week ago by RandAlThor@lemmy.ca to c/canada@lemmy.ca

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Global oil prices are plunging. But in Canada gas prices are going up! Enough with the greed!

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[-] Lemmyoutofhere@lemmy.ca 9 points 1 week ago* (last edited 1 week ago)

WTF are you going on about? If you actually read the article it is going up mainly due to the switch to summer gas. This literally happens every year. Or do you want your engine to vapour lock every time you turn it off? And the rest is due to world market trading, so it will be the same all over the world.

[-] RandAlThor@lemmy.ca -4 points 1 week ago

That's called marketing excuses. They immediately raise gas prices when the world oil prices go up, but they don't decrease the prices when the world oil prices go down? That's BS. I under oil production processing refining and distribution enough to know that COSTS do not IMMEDIATELY move up the chain at the exact same time as world oil prices.

[-] Lemmyoutofhere@lemmy.ca 0 points 1 week ago

You really have no idea how any of this works do you?

[-] RandAlThor@lemmy.ca 2 points 1 week ago

The article is written by someone who got the ~~coolaid~~ explanation from the oil and gas industry. You are NOT using your brain. Have you ever noticed how the fucking oil and gas companies make HUGE profits every time oil prices go up? There's a lag in the production & distribution chain. They bought oil at lower prices. as the prices go up their profit goes up. They also do certain things called hedging where they pay a financial price for cost certainty. The financial cost of volatility is borne by global investors/hedge funds/gamblers. If you accept their explanation while they shove it up your behind, go ahead and enjoy the reaming.

[-] Lemmyoutofhere@lemmy.ca -2 points 1 week ago* (last edited 1 week ago)

Your tin foil hat needs cleaning.

[-] danielquinn@lemmy.ca 4 points 1 week ago

I'll just leave this here.

[-] Rentlar@lemmy.ca 2 points 1 week ago* (last edited 1 week ago)

Real talk: IME gas prices at pumps in Canada appear to follow about one or two weeks after the benchmark rate. Yeah they're greedy, but wait a week or so.