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Tuesday, November 09, 2010

Oil trades up for the week
Consumers to see some increases as a result

Media release



Conception Bay South, NL, November 9, 2010- Consumers in the province will see some increases to consumer pricing this Thursday as the rise in oil prices will begin to toll on the pocketbook. That’s from George Murphy, group researcher for the Consumer Group for Fair Gas Prices.

“All data indicates a rise in prices, mitigated somewhat by the increase in the Canadian dollar against the US greenback. While the US dollar fell for the second straight week, that spurred investors to take their money from currencies and invest them in commodities, and that’s chiefly why we’ll be seeing prices increase this week”, said Murphy.

What’s in the numbers
“Numbers show heating and stove oils to increase by 2.13 cents a litre, diesel to increase by 2.5 cents and gasoline to increase by 1.1 cents a litre. With oil prices increasing by close on four dollars a barrel this week, it didn’t surprise me any to see prices go up to consumers as well. The question now is: How high can prices go before consumers start to feel the pinch from rising energy prices? How high can oil go before an unsteady economic recovery starts to feel the cost?

NDP platform includes removal of HST
This week saw the federal branch of the New Democratic Party show off a plank in its platform. The party has picked up the call for the removal of HST from heat, which is an important consumer need during the cold Canadian winter. Their platform calls for the removal of the federal governments five per cent cut of the HST from all heat with the remainder to be removed by the provinces.

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For more information, contact;

George Murphy
Consumer Group for Fair Gas Prices

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