Price changes for Thursday, March 28, 2013

Numbers for this week

Some Budget reaction

Media release

March 26, 2013, St. John’s, NL – Consumers in Newfoundland and Labrador may not notice any changes to gasoline prices this week. Or at least the tax component of it. Even though government made money on gasoline taxes again this year, and in bigger numbers than ever, the only break a consumer will get this week is from the Public Utilities Board. That word from George Murphy, group researcher for the Consumer Group for Fair Gas Prices and NDP MHA for St. John’s East.

The numbers this week

“It looks like there won’t be much change to distillate prices with heating and stove oils subject to just a drop of 48/100ths of a cent. Meanwhile, diesel prices are forecast to remain where they are with no changes seen. Gasoline prices are showing a little volatility with regular unleaded and reformulated down by 1.3 or 2.3 cents on a litre, the difference here caused by an extreme move downwards in both prices today”, Murphy said.

Budget doesn’t deliver a tax break

“Gasoline taxes will remain the same with government predicting that even more gas tax revenue will be collected in the next year. This year’s budget saw an added $2.95 million collected in gas tax revenue with income of $171,450,000.00. Next years’ estimated gasoline tax to collect comes in at $176,256,000.00, a new record to be collected from consumers’ pockets”.

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Regards for now,

George Murphy

Group researcher/member

Consumer Group for Fair Gas Prices

Twitter: @georgemurphymha

Price changes for Thursday, March 21, 2013

Hi to all,

                Here’s what I have for this week’s price changes:

·         Heating and stove oils are pointing down by 2.01 cents a litre.

·         Diesel is also down by 2.5 cents a litre.

·         Regular gasoline is down by 3/10ths of a cent, while…

·         Reformulated gas is pointing up by 4/10ths of a cent.

Market highlights

•  The Euro is in some troubles after the European central bank pressed an austerity measure on bank account holders to tax their accounts by close to seven percent In Cyprus. The move is seen as regressive by account holders who are being taxed to help finance another Euro bailout, this time for $10 billion US to Cyprus. The Cypriot government rejected that proposal that has since questioned the bailout from the European Union, putting the Euro financial sector on notice. The problems have a better chance of spreading in the form of a run on banks in other troubled Euro Union countries like Spain, Ireland and Italy.

• According to this week’s inventory data from the American Petroleum Institute, inventories of crude oil are down by 413,000 barrels this week, hardly noticed in the markets. The US Energy information Administration comes out with its inventory report later on Wednesday.

• How fast is Eagle Ford exploration in Texas growing? 2008 numbers showed just 358 barrels per day of production. Fast forward to today’s latest production number for 2012: 352,000 barrels per day, or close to 990 percent growth. The total production from the Bakken field in North Dakota as of December this year shows a whopping 769,000 barrels a day compared to just 136,000 in December of 2007, close on a 560 percent growth in production over a six year timeframe! 

• Here’s something you don’t hear every day…A US oil company will start to ship off US crude oil for refining at a Canadian refinery. US based Valero Energy will start shipping 90,000 barrels a day to its refinery in Quebec! That’s how much oil is beginning to flood the US eastern seaboard and the coast of the Gulf of Mexico. Watch for prices to start a slight retreat on this word of a major glut of oil building in the US.

That’s it for this week!

Regards,

George Murphy

Group researcher/member

Consumer Group for Fair Gas Prices

Twitter @GeorgeMurphyMHA

Price changes: Thursday, March 14, 2013

Hi to all,

                It’s been a long day, so, I’m keeping it short and sweet again this week.

Final data in for Thursday price changes:

·         Heating and stove oils are up by 1.28 cents a litre.

·         Diesel is up by 8/10ths of a cent.

·         Regular gasoline as well as reformulated show little change with regular up by 1/10th of a cent, and…

·          Reformulated gasoline numbers up by just two tenths of a cent a litre.

By the way, my margin for error is just 3/10ths, so there may be no change worth noting on the gas front...
Keep in mind the winter heating and diesel blend that includes kerosene...

That’s it for this week!

Regards,

George Murphy

Group researcher

Consumer Group for Fair Gas Prices

Twitter: @GeorgeMurphyMHA

Numbers for Thursday, March 7th, 2013

                Sorry for any inconvenience last week, but it was only today that I managed to get Bell Aliant in to install internet services to the new place.

                Please note the change to my home contact information below.

                In the meantime, this weeks’ notice of changes is short and sweet. I should be back to normal next week!

                Here’s what I have for this week:

·         Heating and stove oils are pointing down by 3.5 cents a litre.

·         Diesel prices pointing down by 3.9 cents a litre.

·         Regular gasoline is pointing down by 4.1 cents a litre, and…

·         Reformulated gasoline is showing down also by 3.9 cents a litre.

Note that the numbers for heating and diesel fuels may be off slightly as a result of kerosene being used in the winter blend as an anti-freeze agent. Numbers may be off slightly from the actual that may occur!

That’s it for this week!

Regards,

George Murphy

Group researcher/Member

Consumer Group for Fair Gas Prices

Twitter: @GeorgeMurphyMHA