CALGARY - There's a famous saying that 'the cure for high prices is high prices,' but when it comes to gasoline, that may not necessarily be the case. Experts are torn on when or even if drivers might see significant "demand destruction" — an economics term for a sustained decline in demand for a product due to excessively high prices — at the pumps. In theory, reaching an unsustainable price would serve as a tipping point and ultimately cause fuel prices to fall, finally offering drivers [Read more]

REGINA - The Saskatchewan Ministry of Energy and Resources is years behind on auditing oil, potash and uranium companies, potentially leaving millions of dollars in royalties and taxes uncollected, says the provincial auditor. As of March 2021, there were 101 audits filed before 2020 that remained outstanding, Tara Clemett said in her most recent report this week. "Unless we go through these 101 audits, we won't know what's owed to us, or we owe them," she said in an interview. "It's [Read more]

CALGARY - Sonya Savage says anything resembling the U.K.'s so-called "windfall tax" on the profits of oil and gas companies must not be implemented in Canada. The U.K. recently imposed additional taxes on oil and gas firms, who are reaping record profits in 2022 due to sky-high commodity prices. The windfall tax is meant to help fund cash payments to help millions of British citizens cope with rapidly rising energy bills. Similar programs are being considered in other countries. Recent [Read more]

EDMONTON - Several Alberta First Nations have told the province's government and energy industry that they must be consulted and share in the benefits of carbon capture projects near their lands that are crucial to making the oilsands more climate friendly. "(The companies) want to work together to reduce climate effects," said Cameron Alexis, head of Tribal Chiefs Ventures, which includes six Treaty 6 First Nations near Cold Lake, Alta. "However, those big players didn't come in the first [Read more]

Gasoline prices continued to trend upward across much of Canada over the weekend and experts warn more increases are coming. The Canadian Automobile Association says national average gas prices rose to nearly $2.06 on Sunday, up almost three cents from the day before and 11 cents higher compared with a week ago. Dan McTeague, president of Canadians for Affordable Energy, says fuel prices will continue to surge in the coming days. In a forecast shared on Twitter, he says the average [Read more]

CALGARY - The price of natural gas hit heights not seen since 2008 this week and analysts say it could go even higher this summer. The U.S. benchmark natural gas price hit is currently trading at around US$8.60 per million British thermal units, or MMBtu. It surged to over $9 earlier in the week. Analysts say the price could break $10 this summer due to low inventories and global concerns about energy security. Summer heat waves could also push prices higher by driving up electricity [Read more]

Gasoline prices in Canada have declined slightly just before the start of the May long weekend. Fuel price tracking service GasBuddy.com says the average retail price at the pump across Canada Friday morning was $1.99 per litre. It marks the first time the Canadian average gas price has dropped back below $2 since first hitting that all-time record milestone on Tuesday of this week. Gasoline prices have been elevated since late February when oil spiked to around US$100 a barrel after [Read more]