Business
Gas prices push record highs as demand surges, supply constrained – CTV News
TORONTO –
Drivers can expect more pain at the pumps this morning as gasoline prices push new records.
Natural Resources Canada says the average price across the country for regular gasoline hit 197.4 cents per litre on Tuesday for an all-time high.
The average price inched up slightly from 197.1 cents per litre on Monday, while prices are up more that twelve cents from a week ago.
Prices averaged about $2.23 a litre in Vancouver, while in Toronto prices averaged slightly under $2 a litre and in Edmonton the average was just under $1.30 a litre.
Gasoline prices have spiked as oil tops US$100 a barrel, in part because of supply disruptions related to Russia’s invasion of Ukraine.
The higher prices also come as the re-opening of the economy has led to high demand for gasoline that refiners have limited capacity to meet.
This report by The Canadian Press was first published May 11, 2022.
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BofA analyst Ebrahim Poonawala entitled a research report on Canadian banks.“Our meetings with bank management teams and industry experts during BofA’s annual Canada Banks Day painted a picture of a worsening macro-economic backdrop. BofA’s Economics team forecasts GDP growth decelerating to 0.8 per cent in 2024 (1.1 per cent 2023) with risks skewed to the downside.
“Our meetings with bank management teams and industry experts during BofA’s annual Canada Banks Day painted a picture of a worsening macro-economic backdrop. BofA’s Economics team forecasts GDP growth decelerating to 0.8 per cent in 2024 (1.1 per cent 2023) with risks skewed to the downside. In terms of fundamentals, an economy that is flirting with recession is likely to serve as a headwind to EPS growth and ROEs for banks while markets discount tail risk events stemming from higher for longer interest rates… A recurring theme during the day was expectations for increasing stress on unsecured lending and commercial, as borrowers begin to feel the impact from higher rates. Stagflation is the worst case scenario (=downside risks to our forecast), while our base case assumes that banks will muddle through what is likely to be an uncomfortable adjustment for the consumer to structurally higher interest rates … We forecast relatively anemic EPS growth 2.
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