Here's what I have for this week's price changes:
*Heating and stove oils show a drop of just 6/10ths of a cent.
*Diesel fuel shows a drop of a half penny, and...
*Gasoline shows an added 1.9 cents a litre.
Market highlights
HST increase this week!
*Remember that this week's increase at the pumps will also see price changes that include an extra 2% increase in the HST, going from 13% to 15%. The increase MAY be reflected in this Thursday's price setting, or there will be a second increase to follow to account for the adjustment directly on July 1st.
Venezuela turmoil takes away barrels
*While unrest in Venezuela continues, crude output from the South American oil giant continues to slip as prices show little sign of a rebound and Venezuela slips further into the economic doldrums. Output there is projected to drop another ten percent as the country slips further into recession and world oil prices remain low.
Brexit weighs...Or it did!
* Interesting to watch oil slip late last week as Britain voted to get out of the European Union. What happened was a huge move by speculators moving dollars from currencies like the Pound, over to other stable commodities like gold or the US greenback. Our own dollar lost a solid two cents against the US dollar as oil fell through the next two days.
I'll leave it there for now!
Regards,
George Murphy
Twitter @GeorgeMurphyOil
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