According to Statistics Canada, Canada's annual inflation rate has risen for two consecutive months, with higher gasoline and energy prices the major driving factor.
A growing number of forecasts are calling for the return of US$100 oil before the end of the year — a prospect that could put even more pressure on consumers and make it harder for central bankers to rein in inflation.
“We’re chewing on this right now,” said Andrew Botterill of Deloitte Canada, in an interview Wednesday in Calgary, where hundreds of oil and gas executives from around the globe are gathered this week for the 24th World Petroleum Congress.Oil and gas companies look for workers at Calgary career fair In addition, Saudi Arabia and Russia recently agreed to extend their voluntary oil production cuts through the end of this year, leading to what the IEA calls a “substantial market deficit.”“We have very firm global demand right now,” Botterill said.“And as we get into the winter, that’s always a big consumption season as you start to see heating demand … So that really has us looking at how much we might see that strengthening.
Fuel price tracking website GasBuddy.com says the average gasoline prices in Canada Wednesday was $1.67 per litre, nearly 15 cents higher than the 2022 average.“Energy costs play a big role in all of our lives, and they’re certainly a big part of the inflation calculation for Canada,” Botterill said.Story continues below advertisement
“The outlook is really bullish, for the foreseeable future,” she said. “You’re seeing a lot of activity, some M&A and consolidation. Companies are well-capitalized, and they’re willing to put their capital at play.” “High oil prices are a double-edged sword for the oil industry, because while they mean big profits today, they also make alternatives like energy efficiency, electric vehicles and heat pumps much more attractive,” Stewart said.
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Growing number of forecasts predict oil will reach US$100 this fallCALGARY — A growing number of forecasts are calling for the return of US$100 oil before the end of the year — a prospect that could put even more pressure on consumers and make it harder for central bankers to rein in inflation. North American benchmark crude West Texas Intermediate has surged 30 per cent since June 1 and is hovering this week around US$90 per barrel, its highest point since November of last year. Global benchmark Brent crude was trading higher than US$93 on Wednesday. In recent
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Growing number of forecasts predict oil will reach US$100 this fallCALGARY — A growing number of forecasts are calling for the return of US$100 oil before the end of the year — a prospect that could put even more pressure on consumers and make it harder for central bankers to rein in inflation.
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Growing number of forecasts predict oil will reach US$100 this fallA growing number of forecasts are calling for the return of US$100 oil before the end of the year — a prospect that could put even more pressure on consumers and make it harder for central bankers to rein in inflation.
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Growing number of forecasts predict oil will reach US$100 this fallIt\u0027s a prospect that could put even more pressure on consumers and make it harder for central bankers to rein in inflation.
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Growing number of forecasts predict US$100 oil this fallCALGARY — A growing number of forecasts are calling for the return of US$100 oil before the end of the year.
Lire la suite »
Growing number of forecasts predict US$100 oil this fallA growing number of forecasts are calling for the return of US$100 oil before the end of the year.
Lire la suite »