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05-18-2007, 09:41 PM #1
Gas Prices Soar During First Long Weekend Of Summer Driving Season
Look up. Way up. No, it's not the second coming of the Friendly Giant. It's the latest reality for drivers in the city. Gas prices have reached heights never before seen on a Victoria Day weekend. Motorists looking to get to work or start their long holiday weekend early were stunned to pass by marquees reading $1.10 on Friday. Just hours earlier, they'd been $1.06 - and even that seemed high.
But analysts claim you'd better get used to it - because it's just the start of the summer driving season and only the beginning of the heat being put on your wallet. It's no surprise that drivers aren't happy. "You definitely feel it in the pocketbook," gripes Mike Dwyer. "I'm always hoping for the price to come down a bit." But he admits that plan is "not going too well."
The usual culprits are being trotted out for blame, and in fact this time, analysts are relying on the big four - U.S. refinery problems, world tensions, escalating prices on international markets - and your driving habits. Refinery shutdowns in the States have fuelled fears of a shortage, driving up the price. "It seems that every day there are announcements of refinery glitches in the U.S., and this rash of refinery snags is driving the crude futures market," explains analyst Victor Shum.
A looming strike in major oil producer Nigeria could affect supply.
OPEC isn't upping production despite the approaching summer months.
And you are getting in your car more often as the warm season hits, leading to a supply and demand scenario where the more you use, the higher the price skyrockets.
While just about everyone has little choice but to buy gas, they don't necessarily buy those explanations. "I don't know who's controlling this, but every day you wake up and it goes up more," complains Richard Wills, a courier who has frequent fill-ups.
Andrew Stewart likes to torture himself by reading the explanations on the tanks while he puts gas in his car. "Those little tags say they're only making three percent profit but I mean that's still ridiculous how much money they're making. But it's also 34 percent taxes so it would be great if they could lower it, but I don't see that happening any time soon."
And it could get worse. "If we see what we saw last year, when there were worries about hurricanes, we saw prices at $78 a barrel, we could see gas prices around $1.35," predicts Richard Wylie of the Assante Investment Group.
And we've got it easy. Motorists are paying $1.30 in Vancouver, nearly $1.20 in Winnipeg, and a $1.21 in Halifax. "I think they should regulate it," demands Mandy Madill. "The government should intervene somehow." But Prime Minister Stephen Harper has already indicated his government has no intention of cutting the gas tax. So for now, most of us will simply be running on empty in our gas tanks - and our wallets.
2007 Ford E250(Work van) (Ya, Ya, shut up!)
1996 GMC Sierra SLE 1500 5.7L/4L60E
05-18-2007, 09:42 PM #2
Why Do Gas Prices Always Go Up Before The Weekend?
There seems to be two things you can always count on during a weekend in the GTA.
It will rain and be cold on at least one or both of the days when you're not working.
And gas prices will be up while you're ducking the bad weather.
Sure enough, it's happened again.
Just one day after we told you to watch out for rising prices at the pumps, drivers on empty tanks woke up to some bad luck on Friday the 13th - the cost of a fill-up has risen again.
Most marquees are blaring out charges in the $1.05 range and that's just for the cheap stuff.
As usual, world tensions and reserve supply concerns in the U.S. are getting the blame.
But how do you explain the "rising prices on Friday" syndrome?
Anyone who's ever turned an ignition key has their suspicions.
But it turns out there really is an explanation.
World traders bank on international conflict. They automatically raise the price to hedge their bets on Friday because the oil markets are closed on the weekends.
"Traders going into the weekend like to cover themselves for any geopolitical developments over the weekend that might impact on supplies," outlines Scotiabank economist Patricia Mohr.
So if it's true that what goes up must come down, your best bet is to wait until Monday to add more fuel. If the price is ever going to deflate, it's after a calm weekend.
"The price seems to go down by as much as five cents," believes Courtney Woodside. He's a limo driver and the constant fluctuations are killing his bottom lines.
"I'm a new driver in the city of Toronto and with the fleet of cars we operate we spend $1,000 a day -- a day! -- on gas."
Other drivers are equally uhnappy. And most are devising strategies to save on fuel when they can.
"I'm driving less, that's for sure," admits Lloyd Majola. "I live downtown, and if I have to go around downtown I just walk."
"We don't make unnecessary trips," adds Dhorea Holly. "We tend to plan what we have to do and expedite it so that we can do several things in the one trip."
"You know what?" confesses Medhi Madani. "I stopped driving now. Seriously. I stopped driving. I'm not driving any more. I usually take the GO train."
There's not much relief in sight.
But you can take some comfort in knowing that GTA drivers are getting something of a bargain.
A nationwide survey taken on Tuesday - when prices were a bit lower - shows other Canadians are forking over a lot more than we are.
Motorists in Vancouver are paying an eye-popping $1.17 a litre, while on the other side of the nation, Newfoundlanders are taking a Gander at $1.15.6.
And those in Labrador are facing the biggest bill of all. They're paying over $1.21 a litre for regular.
05-19-2007, 03:54 PM #3
paying 3.34 gallon for regular down here, it's a bunch of crap how they deliberately time these refinery maintenance shutdowns, at the spring/summer driving season
01-22-2008, 12:16 PM #4
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- May 2007
01-22-2008, 12:25 PM #5
- Join Date
- May 2007
Hi All Sorry I haven't been on for a while computer problems and stil jhaving some.
The gas was at $1.06 then to $1.09 now it is a $1.07 where it's going to who knows.
The demand creates the price. The less used the price goes down. That's it from
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