Vancouver Gas Prices are Highest in North America

Vancouver gas prices topped $1.30 per litre Tuesday, more than $0.15 higher than next most expensive city.

Source: bc.ctvnews.ca

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After dipping below a dollar per litre earlier this year, gas prices in Vancouver are now the highest in North America.

Fuel costs tipped the scales at more than $1.30 per litre Tuesday morning, nearly 16 cents per litre higher than Quebec City, the second-most expensive Canadian city for gas, according to GasBuddy.com.

Since then, a shortage of gasoline coupled with higher demand has contributed to the spike.

Last month, an Exxon Mobile oil refinery in California exploded, while Shell’s Puget Sound refinery in Washington State went down for maintenance.

Experts say brutal winter weather has also increased demand for gasoline in eastern Canada and the U.S.

CTV News spoke with some Vancouver drivers who say they’re exhausted from the up-and-down costs.

“We pay the most for gas, we pay the most for houses, we pay the most taxes. What’s up?” asked Jeremy Wilson. “I pity the people in the Mercedes and the Beamers, how can they afford it?”

Josh Sharber, who uses his truck for work, said it now costs him around $130 to fill up his tank.

“I basically work two days a week just to keep my truck running,” he said. “It’s pretty much all you can do. No gas, can’t get to work.”

Elsewhere in the Lower Mainland Tuesday, gas prices in Abbotsford topped $1.19 per litre, while Chilliwack, where prices are traditionally low, hovered around $1.21 per litre.

That’s still higher than other major North American cities, including Toronto ($1.07 per litre), Los Angeles ($0.93 USD per litre) and Edmonton ($0.91 per litre).”<

See on Scoop.itGreen & Sustainable News

1973-74 Oil Crisis – Timeline – Slaying the Dragon of Debt – UC Berkeley

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Between October 1973 and January 1974 world oil prices quadrupled. By putting an end to decades of cheap energy, the 1973-74 oil crisis, which was led by Arab members of the Organization of Petroleum Exporting Countries (OPEC), exacerbated the economic difficulties facing many industrialized nations, forced developing countries to finance their energy imports through foreign borrowing, and generated large surpluses for oil-exporters.

Duane Tilden‘s insight:

>The 1973-74 oil crisis followed years of often acrimonious negotiations between members of the Organization of Petroleum Exporting Countries (OPEC) and Western oil companies over petroleum production and pricing levels. Richard Nixon’s decision to take the U.S. off the gold standard in 1971 was of particular importance in contributing to the oil crisis.

Because oil prices were denominated in dollars, the devaluation that accompanied the end of the Bretton Woods monetary regime negatively impacted oil exporting countries and led OPEC officials to consider remedial steps, such as pricing oil in gold instead of dollars. Little came of these efforts until October 1973, when Arab members of OPEC, in response to the outbreak of the Yom Kippur War, raised the posted price of crude by 70% and placed an embargo on exports to the U.S. and other nations allied with Israel.

Although the fighting ended in late October, OPEC continued to use the “oil weapon” over the coming months. In November oil exporters cut production 25% below September levels, and the following month they doubled the price of crude. By January 1974 world oil prices were four times higher than they had been at the start of the crisis.<

See on bancroft.berkeley.edu

Ethanol critics rev up efforts to repeal biofuel rules on gas

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The ethanol industry is again under fire from critics who want to eliminate the federal mandate that oil companies blend biofuels into the gasoline supply.

Duane Tilden‘s insight:

>“There will be a push in our committee by some, Republicans and Democrats, to do away with the RFS, saying that it’s just completely unnecessary today, that we have enough gas and oil, that we just don’t need another fuel source, let alone subsidizing it,” Terry said.

An Environmental Protection Agency analysis found that the renewable fuel requirements will displace billions of gallons of petroleum-based fuel consumption, reduce domestic motor fuel prices and increase U.S. farm income. But it also found the potential for higher food prices.

In 2000, ethanol accounted for about 6 percent of the nation’s corn crop. Last year, it accounted for 40 percent of the corn crop.

That’s why the standard’s critics include the grocery industry and some livestock producers that want cheaper grain to feed their animals.<

See on www.omaha.com

Refinery woes cause nationwide gas price spike

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Troubles at several oil refineries are driving gasoline prices sharply higher in the Midwest, and the regional shortages are expected to boost the cost of gasoline higher nationwide.

Duane Tilden‘s insight:

>While the USA may be dripping in new found crude oil deposits and early May supplies were at their highest levels since the early 1930s, issues at a handful of refineries that turn crude into gasoline and diesel fuel underscore how kinks in the supply chain can cause quick surges in what consumers pay at the pump.<

See on www.usatoday.com