Final numbers for Thursday, March 5th are in. Here's what I have for this week's price changes:
Heating and stove oils to drop by 1.34 cents a litre.
Diesel shows an added 3.7 cents a litre, and...
Gasoline shows an added 4.5 cents a litre.
I can't say that I'm not surprised that heating and stove oils didn't
show more of a retreat than they are here. What I am surprised about is
that the drops didn't start to hit the numbers until two days ago when
they should have affected those fuels immediately after last Wednesday
when they first showed a retreat!
With both Diesel and Gasoline
taking a hit again this week because of scattered refinery outages in
the US northeast and ongoing labour disputes, we shouldn't be surprised
to find speculators taking advantage of "shortfalls" in production...all
in spite of plenty of product on hand.
All Canadians should be
asking themselves why we have to be so dependent upon the US markets for
the pricing of a product that we produce so readily in this country. Is
it time for a "Made in Canada" price to all our oil and refined
commodity prices?
In the meantime, with oil showing some signs of
"life" in the markets, keep your eyes to a return of smaller producers
to the markets as crude prices again may make it affordable for the same
small producers to enter back into the markets. My theory is that oil
prices may remain low as smaller companies put product back into the
markets, again weighing heavily on OPEC finances and influence.
That's it for this week! feel free to share this and "see you at the pumps!"
Regards,
George Murphy
Twitter @GeorgeMurphyMHA
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