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Gas prices are rising while crude prices are falling. What gives?5 m2 C% R5 v+ v6 z, ]# [
Published: Friday, January 16, 2009 | 5:11 PM ET- N, m9 ~% d; v* E+ [% I3 }" ~
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.) Y) `- ^; ] Q) T' n) B0 A4 x5 r
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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.0 W# I: ]1 B/ Z7 o8 {
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Calgarians were paying on average 81.5 cents per litre - about a four-cent jump in just one day.
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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.
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But Friday's price is still a welcome respite from the $1.40-level gas many Canadian cities faced during the summer.6 H" j7 d/ a8 Z
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"I definitely changed my habits in the summer. I was going to go on two road trips, which I did not go on by virtue of the fact that the prices were so high," Lawnikanis said.
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"Because of the fact that the prices are so reasonable, I've actually taken the liberty to drive more. I've really enjoyed doing more driving."
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1 ~# ~, \- r) E% Y% m% @0 ?: ?In Toronto Friday, pump prices were 80.9 cents per litre. On Thursday they were 79.4 and a week ago they were 74.2. d* H' M, b9 ^
" i# I: S, A. x1 `7 j$ C6 R. eVancouver, 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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The price of crude oil, the main ingredient in gasoline, has been dropping steeply since it's peak of $147 reached in July." \" Y' F3 W2 I6 d/ |2 T% w/ K" h
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The February contract for crude oil settled at US$36.51 on the New York Mercantile Exchange, down from more than US$50 a barrel a week ago.
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/ J% R; v- U# K1 c7 V( @+ R"Crude oil is an important input into the distillation of gasoline. But there's a lot of other factors as well," said Todd Hirsch, senior economist with ATB Financial in Calgary.: C Z- s! T5 Y3 l
& b% E& ^! L4 W8 |/ IIndustry players would say they have to account for transportation, marketing and other expenses - not to mention taxes, which vary from province to province.6 l7 _) Q1 n" p0 Z$ o
. C8 j5 l8 Z# v2 c4 C! SBut those oil companies - private-sector players in a free-market system - also want to turn a profit.
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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.) }" d/ Q' X+ G0 \! J) l7 M3 u& h
7 i( R, l7 T% f$ v7 ]. f"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."
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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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"(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.6 L* R) L7 n* H& Z+ a+ x5 o* i
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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.
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% p7 ?& v( T+ y/ M"I'm not seeing a lot of strengthening in crude oil prices over the next six months," he said.
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"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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8 w- s; y/ k; p2 `- \ }! zBut 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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( |% E3 Y; q( t"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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