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Gas prices could reach $2 per litre in parts of Canada next year, analyst says – CTV News

Published

3 years ago

October 30, 2021

TORONTO –

The price of gas appears to be on a trajectory to approach $2 per litre in some parts of Canada within the next 13 months, according to Canadians for Affordable Energy president Dan McTeague.

A combination of rising oil prices, the state of the Canadian dollar, provincial taxes and the federal government’s Clean Fuel Standard (CFS), which comes into effect Dec. 1, 2022, could result in gas stations advertising prices higher than a toonie, he said.

He points to a statement from BlackRock, the world’s largest asset management company, which said this week at a conference in Saudi Arabia there’s a “high probability” of oil reaching $100 a barrel. Oil is currently hovering at around $84 per barrel.

“I think $100 a barrel is not unthinkable, and it’s quite likely to be through 2022,” McTeague told CTVNews.ca on Thursday. “So that would add to the average price [of gas] in Canada, which is about $1.47, that would add probably 18 cents a litre.

“So now you’re in the $1.65 range. You have the federal carbon tax of 2.21 cents, plus HST, so 2.3-2.4 cents,” he continued. “Then you have on top of that the Clean Fuel Standard. So now you’re up to about $1.82, $1.83 a litre. Just to get to $100 a barrel.”

British Columbia and Newfoundland and Labrador, which record some of the highest gas prices in the country, according to McTeague, could see staggering numbers.

“You can see a scenario playing out where we get awfully close to $2 a litre in those regions with average prices in Canada probably, at minimum, $1.75 a litre,” he said.

The CFS is a program designed to get suppliers of liquid fuels, such as gasoline and diesel, to gradually cut the amount of carbon in their product in an attempt to reduce greenhouse gas emissions. If reduction targets cannot be met, credits can be purchased from other companies producing cleaner fuel or suppliers can pay into a compliance fund.

British Columbia, which already has its own Low Carbon Fuel Standard in place, is trading credits for about $475. If the CFS uses that as a standard, McTeague estimates every province outside of B.C. will see an immediate increase of 16 cents per litre on Dec. 1, 2022.

Although he’s confident this is the direction gas prices will be going in Canada, McTeague left the door open to unforeseen circumstances.

“We might see a fifth wave of COVID-19,” he said. “We might see a gigantic economic recession, which many people feel might happen as a result of supply chain problems and more demand and more growth and higher interest rates.”

All things that could bring the global economy to a standstill and drop the price of oil, he said.

With files from Reuters

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News

Fall storm could bring ‘hurricane force’ winds to B.C.

Published

2 hours ago

November 18, 2024

Anne Joseph

VANCOUVER – Environment Canada is warning about an intensifying storm that is expected to bring powerful winds to Vancouver Island and the British Columbia coast this week.

Matt MacDonald, the lead forecaster for the BC Wildfire Service, says models predict “explosive cyclogenesis,” which is also known as a bomb cyclone, materializing Tuesday night.

Such storms are caused by a rapid drop in atmospheric pressure at the centre of a storm system that results in heavy rain and high winds.

MacDonald says in a social media post that B.C. coastal inlets could see “hurricane force” winds of more than 118 km/h and create waves up to nine metres off Washington and Oregon.

Environment Canada posted a special weather statement saying the storm will develop off the coast of Vancouver Island on Tuesday, bringing high winds and heavy rain to some areas starting in the afternoon.

It says the weather system may cause downed trees, travel delays and power outages, adding that peak winds are expected for most areas Tuesday night, though the severe weather is likely to continue into Wednesday.

B.C. has been hit by a series of powerful fall storms, including an atmospheric river that caused flash flooding in Metro Vancouver in mid-October.

A lightning storm overnight and early Monday covered parts of Metro Vancouver in hail.

This report by The Canadian Press was first published Nov. 18, 2024.

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News

CBP Announces New Hours for Border Crossing Locations

Published

2 hours ago

November 18, 2024

Press Release

CHAMPLAIN, N.Y. – U.S. Customs and Border Protection (CBP), in collaboration with the Canada Border Services Agency (CBSA), will adjust hours of operation for 38 ports of entry (POEs) along the U.S. northern border, beginning at midnight, Jan. 6, 2025.

This will allow CBP to enhance border security while facilitating legitimate cross-border trade and travel. CBP officers will be deployed to busier ports of entry, enabling the agency to use its resources most effectively for its critical national security and border security missions.

These adjustments formalize current operating hours that have been in effect for more than four years at 13 ports of entry across the northern border, with eight ports of entry expanding hours. A small number of ports will see reduced hours in an effort to continually align resources to operational realities. Travelers who use these affected crossing locations will have other options within a reasonable driving distance.

Importantly, these adjustments have been made in close coordination with CBSA, to ensure aligned operational hours that further enhance the security of both countries.

CBP continually monitors operations, traffic patterns and volume, and analyzes the best use of resources to better serve the traveling public. CBP will remain engaged with local and regional stakeholders, as well as communities to ensure consistent communication and to address concerns.

The vast majority of the 118 northern border ports of entry will continue to operate at existing hours, including many with 24/7 operations. Locate ports of entry and access border wait times here.

The following are the new permanent POE hours of operation for select New York POEs:

Chateauguay, NY new hours of operation – 6 am to 6 pm
Trout River, NY new hours of operation – 6 am to 6 pm
Rouses Point, NY new hours of operation – 8 am to 8 pm
Overton Corners, NY new hours of operation – 6 am to 10 pm

Again, these changes will go into effect beginning at midnight, January 6, 2025.

Below is a listing of each location with the closest border crossing that will remain open 24/7 for appropriate commercial and passenger traffic:

Chateauguay, NY – closest 24/7 port: Fort Covington – 27 miles
Trout River, NY – closest 24/7 port: Fort Covington – 11 miles
Rouses Point, NY – closest 24/7 port: Champlain – 8 miles
Overton Corners, NY – closest 24/7 port: Champlain – 5 miles

For additional information or to contact a port of entry, please visit CBP.gov.

For more on Customs and Border Protection’s mission at our nation’s ports of entry with CBP officers and along U.S. borders with Border Patrol agents, please visit the Border Security section of the CBP website.

News

Man police linked to neo-Nazi group pleads not guilty to terrorism charges

Published

2 hours ago

November 18, 2024

Anne Joseph

OTTAWA – An Ottawa man is pleading not guilty to charges of terrorism and hate-speech related to the promotion of a far-right group.

RCMP charged Patrick Gordon Macdonald in July 2023, alleging he took part in activities of a listed terrorist organization.

It’s the first case in Canada where the government laid charges for both terrorism and hate propaganda against someone for promoting a violent, far-right ideology.

As the trial opened Monday in Ontario’s Superior Court of Justice, Crown prosecutors alleged Macdonald helped produce propaganda for the Atomwaffen Division, an international neo-Nazi organization Canada listed as a terror group in 2021.

Prosecutors alleged he aided in the production of three propaganda videos designed to recruit new members and incite hatred against Jews.

The allegations have not yet been proven in court.

This report by The Canadian Press was first published Nov. 18, 2024.

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