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Gas Price Jumps +Long Weekend = Coincidence?

By 250 News

Wednesday, May 14, 2008 02:52 PM

Prince George, B.C. Could be just a coincidence, but the price of a litre of gas catapulted a full five cents today to 134.9 just ahead of a long weekend.
 
The Canadian Centre for Policy Alternatives’ gas gouge meter indicates that price is 5.7 cents a litre too high “With today's crude oil price of $124.23 USD per barrel and the US dollar at $1.00 CAD, the price of regular unleaded gasoline in Prince George should be $1.29 per litre at normal profit margins.
At a price of $1.35 per litre, you are paying 5.7¢ per litre in pure excess profit. Across Canada, an extra margin of 5.7¢ per litre generates an additional profit of 5.7 million dollars per day.”
 
The jump also comes on the Canadian Taxpayers Federation’s 10th annual Gas Tax Honesty Day, when you are supposed to be reminded of how much of that price at the pump actually goes to provincial or federal government in the form of tax.
 

 “Ottawa will collect approximately $5-billion in direct gasoline and diesel taxes this year. Another $1-billion will come from the GST,” said federal director John Williamson. “The good news is Ottawa will spend $1.95-billion or 37% of its gas and diesel tax revenue on roads and highway infrastructure this year. The amount will increase to 52% next year when roadway spending is scheduled to hit $2.7-billion. This level of spending exceeds the 50% target first advocated by the CTF in 2002. Four years ago the federal government spent only 7% of gas tax revenues on roads making this an impressive turnabout. This is a partial victory for motorists. To complete it, gas taxes need to be lower.”

Williamson continued, “The bad news is some are calling for new taxes on most sources of energy, including gasoline.  As a result of B.C.’s carbon tax, gas prices in the province will increase by 2.41¢ on Canada Day and by 7.23¢ in 2012. It will impact family budgets.”


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Comments

Coincidence?
Hahah...of course it is!
Thieves! They don't have a clue what the demand will be, they just jack it up just because they can. Remember when they used to raise prices 3 cents p/l at at time. Now it's 5 because they have us used to it. That 5 cents per liter means 22.7 cents per imperial gallon or 18.9 cents per U.S. gallon. Anyone see the U.S. price go up that much in one jump? Not likely, they raise it about 5 cents per U.S. gallon at at time. We get screwed because we use the metric system.
If they sold gas cheaper in half litres, would that make ya feel better? Not me, pal.
Corporations receive their tax breaks at the cost of the individual. Once again the governments shift society's tax needs from the corporations onto the individuals and we eat it up like lollipops. We are all sheep.
I can't recall anyone I know who really supported this stupid metric system anyway? They just rammed it down our throats, the same way they forced bilingualism on us in the west. They threatened us with not ever getting a government job unless you were bilingual. What a bunch of bunk.

Keep a generation off balance while they rape us blind. Let's face it, governments are not only getting their continuing increase of tax revenue on this fuel, they have the gaul and nerve to lay this additional carbon tax on us on Canada Day. Talk about rubbing it in our faces. Why doesn't anyone take a run at the government to reduce the amount of tax they charge us with on fuel? If Ottawa is spending 37% of their fuel tax revenue on road and highway infrastructure, how come our local leaders can't get their hands on more of it to fix our potholes instead of an additional road tax? Chester
Three sure things in life: death, taxes & a gas price rise before long weekends.
You guys/gals just don't get it! Who is going to pay to upgrade the armed forces? Who is going to pay for the pensions for the MP's and MLA's? The list is endless... the average guy is going to have to keep on giving 'till he pukes.
The Feds want, the province wants, the city wants,it will never stop. The bank of Canada says that things are not going too well, the money has to come from someplace. It is not just the gas taxes, it's everybloody thing that is going up.
We are going to just lay back, take it and smile for the nice man - we have no choice..right?


Realist, I can well understand the feeling that you, and many other people have that 'corporations' aren't paying their fair share of taxes.

But just how do you effectively tax a 'corporation' when a corporation has to recover ALL its COSTS, including the cost of taxation, from the PRICE of its product? Or it goes broke. Who, in the final analysis, do you think REALLY pays the tax?

All 'corporations' that produce or distribute goods are involved in some way or other of ultimately producing or distributing goods that will be CONSUMED by the general public. The only sane purpose of any 'production' is 'consumption'.

Even Firms that make capital goods, " the things to make things with", are doing so in order that something else may more readily become a CONSUMER good. It boils down to this, it's the PUBLIC that still really pays the tax, not the 'corporation'its levied on, and we pay it in higher price.
Well I guess I'm waiting til midnight when I get paid and hope that a gas station out there is still at 129.9
Just in passing, we still have to pay the interest on Pierre Elliot Trudeau's national debt he left us with. And which Lyin' Brian doubled while he was in power. Have a nice weekend, Mon Ami. Bumjour, eh?
I blame the unregulated futures markets that price the barral of oil 70% higher than it should be.

The Canadian Centre for Policy Alternatives’ gas gouge meter is a flawed miss representation because it assumes the price of a barrel of oil, which is the basic variable in their equation, is a legitimate price, therefore minimizing the real gas gouging taking place.

Canada is allowing the global price of crude to be manipulated in foreign exchange markets and for this manipulated and unregulated price to set the standard for Canadian energy pricing policy even though it bears no relation to Canadian cost of production, the Canadian supply and demand (we are a net exporter), or the realities of Canadian inflation levels.

The conservative party of Canada supports this bankster futures exchange market manipulation because those are the people who will finance their political ambitions.

The oil companies make money, the government makes money, but the real profiteers are the insiders colluding in the futures market to set the price of oil through various derivative contracts that are no longer as of 2005 regulated for market manipulations. Ditto for the food and other commodity markets.

Canada is in trouble because not only has Canada allowed outside financial markets to manipulate our national security through the international commodity exchanges going unregulated, but we are tied through NAFTA to the Americans who are lead by GW Bush who is doing all he can to dismantle and regulation of market manipulation by the 'trusted' US Fed members that are creating their paper markets that do nothing for society but concentrate wealth in the hands of the insider banksters.

Canada needs to get out of NAFTA otherwise we will be paying $200 dollars a barrel and our economy will come to a stand still dumping the over debt laden consumers into an economic great depression... or are we already too late.
i may just have to move to the states if gas keeps goin up....at least its more steady there....
"the real profiteers are the insiders colluding in the futures markets"
I agree one hundred percent Eagleone, but they are not the only ones running the scam.
And that is exactly why we see a substancial increase in pump prices just prior to a long weekend!
It is manipulation of the market at our expense as always,even though it is denied by those we elect to maintain our interests, on all levels of government.
Under any other circumstances,it would be called corruption and our government damn well knows that, but does nothing about it, of course.
For us to believe otherwise is just plain dumb,but at the same time there is very little we can do about it!
The government knows that too.
In case no one has noticed.
Whining about the price of fuel, argueing with one another as to the cause of the high price of fuel, will do nothing about the high price of fuel.
Everyone stay home this long weekend and don't buy any fuel.
Have neighbourhood BBQ's or a block party.
Just don't buy any fuel this weekend.
I agree lostfaith! I read through the litany of complaints and found not one solution until I came to yours. Stay home and don't buy the gas everyone. Even a small town like PG could/would have a large effect on such a boycott. Enjoy the sun and BBQ in the back yard everyone.
lower the taxes and the oil companies will just take up the slack. they know we're still buying at a buck thirty.
two bucks a litre next summer!
Stay home, don't run to the store for anything. Do with what you have this weekend. If you run out of milk drink juice. No steak in the freezer, eat KD.
Just don't use your vehicles this weekend for any reason.
It all comes down to will power.
Will power will get the message across.
High fuel prices are a joint effort of big business, government and their lawyers.
No more, no less, simple really.
We like to think we live in a democracy.
In fact we live in what is known as a Parliamentary Dictatorship.
Not much different from the days of Robin Hood, except now the king uses riot squads with tear gas, pepper spray, batons, dogs, and armoured personnel carriers.
It used to be that dies4el was cheaper than gasoline. I notice that it is now a few cents a litre more expensive. When did that come about, and what is the reason? Does anyone know?
Diesel pick-ups are everywhere now as well as semi's and heavy equipment that all burn diesel.
Even VW's.
I guess I should have seen it coming too,but I didn't.
All of a sudden there it was,diesel was worth more than gas!
Ya I know...supply and demand and the demand for diesel is high..ya, I've heard all that.
Some people put a brick in a toilet tank to save water. How about a brick in your gas tank to save gas? Think about it.
Getting a brick in there? You figure it out.
Chester- I know the comment was quite a bit up the chart here, but, noone said anything. The metric system is far superior. Base ten makes things way easier to calculate. Not using it makes science very difficult. We had to switch sometime, there was always going to be a generation that had a hard time with it.

On a more related note, the gas prices won't change until the guys making all the money stop making all the money. If we are willing to keep taking it, they will keep giving it. They are lucky the only solution is one that is all but impossible. That being, walk or bike to work, take the bus etc etc. It sucks but it is the only solution.
As the price of gas rises everything else will go up too. Food is going way up in price and a lot of people blame fuel costs for that. I think the if price of gas reaches 1.40 a liter as some predict it will this summer it will trigger a recession. Take our gas poll on www.nbtv.ca and let others know what you think.
The excuse for changing to metric was that we needed it to increase our exports.

What was the first two things changed? Road speed limits and distance signs, and temperature readings. A lot that had to do with international trade! Then, of those products that did change, whether it was cans of oil or thicknesses of plywood, we ended up just paying more and getting less for it. If 'science' is based on 'observed results', I guess that sure does make it 'easier' to observe the screwing we've had since we went metric.
When we switched to metric,obviously a litre oil was smaller than the old quart.
So you acually got less oil, but the price stayed the same.
When it came to food,you also got less but again,the price stayed the same.
You got screwed and since then, it has only gotten worse.
Once upon a time a train conductor (passenger train) told me the railroad didn't change their distances to metric. Someone figured it out that it would be too expensive to change.