Relief at the pumps, for now
Last Updated Thu, 08 Sep 2005 08:42:28 EDT
CBC News
There may be a bit of a break in the escalating costs of gas at the pumps. Prices have dropped after production restarted at U.S. Gulf coast refineries that were shut down by Hurricane Katrina. And a refining industry group predicts Canadians can expect further drops as battered oil refineries in the Gulf Coast region resume production.
Pump prices were the lowest in British Columbia at about $1.02 per litre, followed by Alberta where they ranged from $1.03 to $1.20 and Saskatchewan at $1.08 on Wednesday.
In Newfoundland, the price at the pumps dropped about 16 cents yesterday. It fell to approximately $1.32 a litre from $1.48.
Despite the fall in prices at the pump, crude oil prices are up for the first time in four days. Crude oil futures in Singapore are up past $65 US a barrel.
And the U.S. Energy Department warns that natural gas price could rise as much as 71 per cent in part of that country this fall.
Price hikes will depend on how quickly oil rigs and Gulf coast refineries damaged by Hurricane Katrina can be repaired.
Prices in the American Midwest could increase as much as 71 per cent, while heating oil prices in the Northeast could jump 31 per cent. And electricity prices in the American South could rise 17 per cent.
The U.S. Energy Information Administration said American refining capacity should rebound in the next few months. Levels in November should be the same as August levels.
EIA director Guy Caruso said the forecast depends on the pace of repairs to oil platforms and refineries.
"The infrastructure has been coming back more quickly" than expected, he said.
Last Updated Thu, 08 Sep 2005 08:42:28 EDT
CBC News
There may be a bit of a break in the escalating costs of gas at the pumps. Prices have dropped after production restarted at U.S. Gulf coast refineries that were shut down by Hurricane Katrina. And a refining industry group predicts Canadians can expect further drops as battered oil refineries in the Gulf Coast region resume production.
Pump prices were the lowest in British Columbia at about $1.02 per litre, followed by Alberta where they ranged from $1.03 to $1.20 and Saskatchewan at $1.08 on Wednesday.
In Newfoundland, the price at the pumps dropped about 16 cents yesterday. It fell to approximately $1.32 a litre from $1.48.
Despite the fall in prices at the pump, crude oil prices are up for the first time in four days. Crude oil futures in Singapore are up past $65 US a barrel.
And the U.S. Energy Department warns that natural gas price could rise as much as 71 per cent in part of that country this fall.
Price hikes will depend on how quickly oil rigs and Gulf coast refineries damaged by Hurricane Katrina can be repaired.
Prices in the American Midwest could increase as much as 71 per cent, while heating oil prices in the Northeast could jump 31 per cent. And electricity prices in the American South could rise 17 per cent.
The U.S. Energy Information Administration said American refining capacity should rebound in the next few months. Levels in November should be the same as August levels.
EIA director Guy Caruso said the forecast depends on the pace of repairs to oil platforms and refineries.
"The infrastructure has been coming back more quickly" than expected, he said.
