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'THIS IS CRAZY': Gas hikes, shortages as further record prices loom – Toronto Sun

Published

3 years ago

March 3, 2022

Harry Miller

The war in Ukraine and carbon tax expected to continue to drive up pump prices

Publishing date:

Mar 03, 2022 • 8 hours ago • 2 minute read • 116 Comments

Gasoline prices have spiked in the past week and it is mainly accredited to Russia’s invasion of Ukraine and the world market seeing the barrel above $100. This Pioneer gas station on Gerrard St. E. and Main St. has been without gas for the past two days, other than diesel. Photo by JACK BOLAND /TORONTO SUN

GTA gas prices are once again expected to reach record highs at 1.75 a litre, but gas analysts see potential for prices nearing $1.90 a litre in the not-too-distant future.

“This is crazy. This is nuts. What the heck is going on,” said Bill Petrie, who pulled into Pioneer Gas at Gerrard St. and Main St. only to find they were out of gas.

“I guess the war in Ukraine is the reason behind the gas price spike,” he said.

Some stations ran out of gas as people stocked up before Thursday morning’s sticker shock.

“It’s difficult to get gas today,” said Natalie Hollinshead, who said it usually costs about $80 to fill her tank.

Now it costs her $100 to fill up.

“It’s not surprising given everything that is going on in the world,” said the mother of three, who said she needs her van to make it through the day.

The cost at the pump is expect to continue to rise by as much as eight cents into Friday.

Natalie Hollinshead was astonished to find out there was no gas available at the Pioneer gas station on Gerrard St. E. and Main St. on Thursday, March 3, 2022. JACK BOLAND/TORONTO SUN

More upward pressure will remain.

“I wouldn’t be surprised to see $1.90,” said Dan McTeague, from Canadians for Affordable Energy, which runs the website ‘Gaswizard.ca.’

“This is a true oil shock that the world is about to suffer and most of it is self-inflicted,” he said.

McTeague said he expects much higher diesel costs to ripple through to all prices.

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Add in the shift to a more expensive blend of summer gasoline and an April 1 hike of the federal carbon tax, and “I think we have the making of the perfect consumer storm and it’s not going to end very well,” he said.

The short- and long-term forcecast looks far from encouraging.

“It’s pretty high. I don’t like it. But under the circumstances with the war there’s not much I can do.” said David Crichton, who arrived to pump gas at an empty station.

Kathy Glazer-Chow pumps premium gas into her Toyota and at an Esso station at Danforth and Victoria Park. Ave. on Thursday, March 3, 2022. JACK BOLAND/TORONTO SUN

At another location, Kathy Glazer-Chow said she was concerned about inflationary effects.

“It’s a necessity. It’s like milk, it’s like bread, it’s like butter. I need my car,” she said as she filled her tank.

“I feel bad for people who have minimum-wage jobs who need their car. I don’t understand what they’re going to do,” she added.

Petrie said he does not understand why Canada does not rely on its own energy reserves.

“We have all these gas reserves out west. Why can’t they build a bloody pipeline to bring it here so we don’t have to rely on Russia or Saudi Arabia,” he asked.

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Business

Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

Published

10 hours ago

November 5, 2024

Anne Joseph

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.

Companies in this story: (TSX:QSR)

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Business

Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

Published

10 hours ago

November 5, 2024

Anne Joseph

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.

Companies in this story: (TSX:FTS)

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Thomson Reuters reports Q3 profit down from year ago as revenue rises

Published

10 hours ago

November 5, 2024

Anne Joseph

TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.

The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.

Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.

In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.

On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.

The average analyst estimate had been for a profit of 76 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:TRI)

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