No Relief In Sight From High Gas Prices
Posted April 21, 2008 12:00 pm.
This article is more than 5 years old.
It looks as though there won’t be any relief from the $1.20 per litre gasoline prices across the GTA anytime soon as members of the Organization of the Petroleum Exporting Countries (OPEC) are ignoring calls to boost production to bring costs down.
OPEC members gathered in Rome over the weekend and the group says supply is not the issue – it’s the weak American dollar and there’s a risk the price of crude could go even higher.
OPEC insists there’s no problem with the short term supply and that pumping more oil would not affect prices because there’s enough product in the market. The cost of crude hit another new high Monday, selling for just over $117 a barrel.
The price of a litre of petrol in the GTA hit the $1.20 mark on Friday – that’s the highest it’s reached so far this year. In Montreal, motorists are shelling out $1.32 for a litre of fuel.
Click here to view Liberal MP Dan McTeague’s early warning gas prices website.
While the prices to fill the tank are high in Toronto and other Canadian cities, the chief economist of the International Energy Agency said the high price of oil is having a devastating impact on economies in the world’s poorest nations, especially oil importers in Africa.
