The price of gas continues to go up in Canada and, in some regions, is breaking records.
The two-day average price at the pump per litre has gone up in Ontario, Quebec, New Brunswick, Nova Scotia and P.E.I., according to the Canadian Automobile Association (CAA).
The average price in Canada is $1.478 per litre, as listed on gas price tracker website GasBuddy.
Experts say geopolitical tensions are behind the recent increases, and that 2022 will see even higher costs.
Tensions between Russia and Ukraine have “the market on its edge as gasoline and crude product stocks are quite low,” said Al Salazar, vice-president of intelligence at energy analytics firm Enverus.
“Any type of outage would really send prices soaring if the geopolitical tensions boil over, which obviously ripples to gasoline. I don’t think anyone is immune to these price rises in gasoline.”
Russia supplies much oil and gas to the rest of the world — a supply that could be cut off if tensions escalate.
Analysts say energy markets are already looking at the tensions as a very serious risk, “and therefore prices are moving higher,” said Dan McTeague president of the advocacy group Canadians for Affordable Energy.
He said gas prices in the Toronto area hit record highs this week — passing the record of $1.499 per litre set on Nov. 4 of last year to hit almost $1.52 per litre.
In Quebec, the average price per litre is up 2.9 cents from last week, now sitting at about $1.546. Gassing up in Nova Scotia has also gone up compared to last week, from $1.45 to $1.467 a litre, on average.
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“We’re into new territory,” McTeague said.
“I think we’re marching to $1.65 for an average price of gasoline in Canada.”
While there are many factors that determine the price of retail gasoline, the price of oil is the biggest.
Oil prices took a huge hit in the early months of the COVID-19 pandemic, as travel slowed to a crawl, factories closed and the world economy effectively went into hibernation.
As demand crept back, so did prices. After dipping below zero barely a year ago, crude prices are now back to their highest level in seven years.
Salazar says one reason why the price is going up now — in addition to geopolitical issues — is because, last year, crude and product inventories in the U.S. in particular were depleted.
Depleted inventories mean there are few shock absorbers to deal with any unexpected interruptions in output or stronger than anticipated growth in consumption.
“The less buffer you have in terms of inventories, that means that prices are higher,” he said.
And those higher costs come when consumers are also dealing with other strains on their wallets like higher food prices and an increase in natural gas costs.
But there is some slightly good news. Salazar says there may be a slight reprieve in gas prices in the next few months.
“We think the prices will subside and the fact that a little bit of a reprieve from where we are because certainly what we’re seeing right now is quite extraordinary,” he said.
TORONTO – Cineplex Inc. reported a loss in its latest quarter compared with a profit a year ago as it was hit by a fine for deceptive marketing practices imposed by the Competition Tribunal.
The movie theatre company says it lost $24.7 million or 39 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $29.7 million or 40 cents per diluted share a year earlier.
The results in the most recent quarter included a $39.2-million provision related to the Competition Tribunal decision, which Cineplex is appealing.
The Competition Bureau accused the company of misleading theatregoers by not immediately presenting them with the full price of a movie ticket when they purchased seats online, a view the company has rejected.
Revenue for the quarter totalled $395.6 million, down from $414.5 million in the same quarter last year, while theatre attendance totalled 13.3 million for the quarter compared with nearly 15.7 million a year earlier.
Box office revenue per patron in the quarter climbed to $13.19 compared with $12 in the same quarter last year, while concession revenue per patron amounted to $9.85, up from $8.44 a year ago.
This report by The Canadian Press was first published Nov. 6, 2024.
TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.
The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.
Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.
Consolidated comparable sales were up 0.3 per cent.
On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.
The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.
The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.
Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.
Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.
On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.
The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
