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Gas prices are rising while crude prices are falling. What gives?% u4 T# R4 b2 |0 X9 b( ~+ m
Published: Friday, January 16, 2009 | 5:11 PM ET
, P4 Z* g) f) C( Q; k* [0 ^6 x, pCanadian Press NewsItem/NewsComponent/NewsLines/ByLine
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# e/ w: Y% D, S+ {2 f: C" H2 VCALGARY - With crude oil prices falling, motorists may wonder why gasoline prices are heading in the other direction.- P' ]- t; ]1 j- Y& W
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The average Canadian pump price rose to around 81.75 cents per litre Friday - more than three cents more than a week ago, according to the price-tracking website Gasbuddy.com.& k2 w% p. _! v% w. S
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Calgarians were paying on average 81.5 cents per litre - about a four-cent jump in just one day.# {6 ~8 m7 Q0 N2 ? b+ m0 m
; a. K8 c" V6 Q( X( W" G"I don't actually understand it and I do work in the oil and gas industry, so I'm perplexed about it," said Paul Lawnikanis as he filled up his truck at a Calgary Esso station, which was selling gas for 80.4 cents per litre.
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1 H- f# D& y- ~But Friday's price is still a welcome respite from the $1.40-level gas many Canadian cities faced during the summer.
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% }* }( ^% V. A4 F"I definitely changed my habits in the summer. I was going to go on two road trips, which I did not go on by virtue of the fact that the prices were so high," Lawnikanis said.
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"Because of the fact that the prices are so reasonable, I've actually taken the liberty to drive more. I've really enjoyed doing more driving."+ c3 E& j9 ]' |
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In Toronto Friday, pump prices were 80.9 cents per litre. On Thursday they were 79.4 and a week ago they were 74.2.
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/ Y6 r6 {5 Y n- E" X7 \Vancouver, which has higher gas taxes than other cities, has prices of 94.7 per litre, up from 87.5 a week ago.
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, U& f/ u/ w! r) N0 \' A. ?( T# FThe price of crude oil, the main ingredient in gasoline, has been dropping steeply since it's peak of $147 reached in July.6 I) k- }# f7 `1 i& }" {
( j2 c& a# T: Z1 p, a3 N" OThe February contract for crude oil settled at US$36.51 on the New York Mercantile Exchange, down from more than US$50 a barrel a week ago.: f& m' Q, Y2 v5 r5 } E
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"Crude oil is an important input into the distillation of gasoline. But there's a lot of other factors as well," said Todd Hirsch, senior economist with ATB Financial in Calgary.
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Industry players would say they have to account for transportation, marketing and other expenses - not to mention taxes, which vary from province to province.
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' p9 J0 ~$ l- z" K5 k. L( `7 k* NBut those oil companies - private-sector players in a free-market system - also want to turn a profit.3 Z) S% X+ a+ F+ z: N
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"Without question those gasoline prices are going to be the highest they think they can get away with without their competitor undercutting them," said Hirsch./ Q) c+ {8 w! u
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"They're out to maximize their profits for their shareholders. I don't think there's anything evil going on in them trying to get the highest price. Every retailer in the country does this."# T9 x$ O/ q* s
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Another explanation could be that the February contract for crude oil expires on Tuesday, and the contract for March is already significantly higher, settling at $42.57 on Friday.
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9 J/ h/ }/ e2 L% E"(The oil companies) might have realized that while prices were low in the last couple of weeks, they knew that there was going to be a correction," Hirsch said.
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Hirsch expects pump prices to bounce between 60 and 90 cents per litre over the next few months, but not retesting the heights of last summer." T' a) j0 D) S: {8 \5 W
! d: |! v& [4 k5 }2 [ r"I'm not seeing a lot of strengthening in crude oil prices over the next six months," he said.2 I: }% o$ {5 z1 B; x
* ~- H7 U8 Z( x( s: M& v"In the next six months I would expect to see gasoline prices more or less in the range they're in now, maybe firming up a little bit towards the spring and summer driving season as demand rises."
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But Gasbuddy.com co-founder Jason Toews said he sees gas prices going higher than their current levels because of a slowdown in Alberta's oilsands and expected production cuts by the Organization of Petroleum Exploring Countries.
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+ X/ ?1 L& ^# X: z' D"With lower supplies of crude oil in the market it's going to push crude oil prices up, especially if the economy starts to recover a little bit," Toews said.
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"Once the summer demand for gasoline comes, we're going to see gas prices go up quite a bit from where they are right now. We're going to see a return of a $1 per litre gas for sure and we may even see up to $1.20 per litre." |
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发表于 2009-1-16 19:10
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