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Gas prices are rising while crude prices are falling. What gives?8 j! Z0 o5 e L* _
Published: Friday, January 16, 2009 | 5:11 PM ET6 \6 W, B5 F2 {8 B+ T
Canadian Press NewsItem/NewsComponent/NewsLines/ByLine
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CALGARY - With crude oil prices falling, motorists may wonder why gasoline prices are heading in the other direction.9 z; D) n s# q" ?
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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.; B3 D# d9 a; T0 m
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Calgarians were paying on average 81.5 cents per litre - about a four-cent jump in just one day.2 ^2 U% J* U& C3 ?9 u; v
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"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.& z+ X2 [" Z3 S& y/ t% t% ~
8 N' |. q7 z6 A8 x) J4 K: _6 Y- IBut Friday's price is still a welcome respite from the $1.40-level gas many Canadian cities faced during the summer.3 s1 h; ~9 y6 a0 r: o# O5 x' p
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"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."* h5 e4 Z- P, D- C. p+ `' ?
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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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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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0 n& B& A, K" L% r! j. X0 j( AThe price of crude oil, the main ingredient in gasoline, has been dropping steeply since it's peak of $147 reached in July.7 P& y, J" N2 d+ x& ^# _% h
- J- V l% P- i4 ?" \3 qThe February contract for crude oil settled at US$36.51 on the New York Mercantile Exchange, down from more than US$50 a barrel a week ago.( }3 I4 E$ U/ d2 {6 y* 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.- S/ C9 ~" b r0 a: |( a
+ l0 a% [ B3 T8 M( x! _. k' h) w$ c% CIndustry 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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s! {3 Y3 j D- uBut those oil companies - private-sector players in a free-market system - also want to turn a profit.7 Z9 Z8 ]) ~: D9 A: h
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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.
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S8 h* p- \/ W9 _# v"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."% Y' q! r2 o% V5 @/ `/ K( T" V
0 j/ {6 {2 J. C9 a- aAnother 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.) a+ S2 |- E" W. Q
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"(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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1 {4 r: b+ P( A) }5 T- kHirsch 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.7 I. n1 h u U: i: M* N+ h
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"I'm not seeing a lot of strengthening in crude oil prices over the next six months," he said.
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* {9 F7 a9 d1 i8 L: F* a"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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& i% P: a* ~2 k"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.; a) T/ _7 N/ \/ D0 `( Z4 o% ?* k
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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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