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Gas prices are rising while crude prices are falling. What gives?1 B1 Y( |# H5 Z. ^3 L
Published: Friday, January 16, 2009 | 5:11 PM ET
- m# W5 v( E1 QCanadian Press NewsItem/NewsComponent/NewsLines/ByLine. O; P& j9 ~' u
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CALGARY - With crude oil prices falling, motorists may wonder why gasoline prices are heading in the other direction./ p" ~4 ~+ U2 \) _) z2 h
. H4 }3 q. o$ @7 T# o& kThe 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.5 M c& A& i$ H- w% T" l
) i( r0 x; o7 \5 M: z" {. xCalgarians were paying on average 81.5 cents per litre - about a four-cent jump in just one day.! T. T! z9 s, V# E9 q9 H
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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.- x- q. N# \. S( S7 g1 e
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But Friday's price is still a welcome respite from the $1.40-level gas many Canadian cities faced during the summer.% J; a# c& H. R: @% ~1 O
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"I definitely changed my habits in the summer. I was going to go on two road trips, which I did not go on by virtue of the fact that the prices were so high," Lawnikanis said.
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& I" Z% A3 R; ?9 u; _3 d"Because of the fact that the prices are so reasonable, I've actually taken the liberty to drive more. I've really enjoyed doing more driving."
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In Toronto Friday, pump prices were 80.9 cents per litre. On Thursday they were 79.4 and a week ago they were 74.2.
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$ t, x% I5 n7 @* s7 ~Vancouver, which has higher gas taxes than other cities, has prices of 94.7 per litre, up from 87.5 a week ago., o* h9 d# @3 ?5 }) ?0 i6 h
0 |2 E) g) d }8 KThe price of crude oil, the main ingredient in gasoline, has been dropping steeply since it's peak of $147 reached in July.4 Z* f7 i6 k g, A3 l1 B
1 K/ G8 h2 t" a% }) V: D L( WThe 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.% u5 G! J" W0 V- ?" m
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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.( W+ M2 r% L! y) j
7 }* |; M6 e' B2 yIndustry players would say they have to account for transportation, marketing and other expenses - not to mention taxes, which vary from province to province.2 u' T4 F% K% K6 c. x
3 p [0 p- j% g. \5 TBut those oil companies - private-sector players in a free-market system - also want to turn a profit.; P- a- q1 [ z8 H# T- p
0 p+ v& o& I+ z( ]3 V3 @"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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"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."/ W) Y# z& `. i; B: y! |; {9 L
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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 $42.57 on Friday.# O3 m% o! w" U, o/ t, j+ X
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"(The oil companies) might have realized that while prices were low in the last couple of weeks, they knew that there was going to be a correction," Hirsch said.
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Hirsch expects pump prices to bounce between 60 and 90 cents per litre over the next few months, but not retesting the heights of last summer.
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2 |7 z% l4 i$ p7 H( F"I'm not seeing a lot of strengthening in crude oil prices over the next six months," he said.0 V1 k+ ]8 `4 X1 k: l6 W
! }8 ~; c# t9 ]. |"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."+ E2 h+ J2 [- l6 [$ z7 a2 Y; B2 P; }
. B3 d# h3 R/ c. F: ~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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4 k0 \+ g( O& M# E: X9 P"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.& ?% z) v6 I: G* _8 [
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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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