DEVELOPING Live updates: Category 5 Hurricane Milton approaches Florida coast
Hurricane Milton is a Category 5 storm forecast to bring extreme flooding, high winds and heavy rain to the central west coast of Florida.
Drivers across the country are keeping more money in their pockets after filling up a tank of gas.
According to Gas Wizard, a website that tracks gas prices in Canada, the national average for a litre of gas on Sept. 6 was $1.49, compared with $1.71 on the same day last year.
Dan McTeague, president of Canadians for Affordable Energy and the site operator for Gas Wizard, says several factors are contributing to the price drop at the pump.
A typical 191-litre barrel of crude oil typically produces about 90 litres of motor gasoline. "So, that $20 is pretty significant," said McTeague.
There also haven’t been any geopolitical or weather events severe enough to impact supply, he notes, and energy markets are not convinced there is a surge in demand, nor are they concerned about the supply.
“China and the United States haven’t been really looking at fundamentals like supply, which is tightening, and demand, which is remaining robust. Instead, they are concerned about things like interest rates, and concerned there may be another slowdown economically around the corner,” said McTeague.
“And it’s really that that’s keeping prices in check, if you will.”
Ian Lee, an associate professor of business at Carleton University in Ottawa, says any time the price of crude is low, the energy industry will be “watching with heightened scrutiny”.
As well, governments have taken in the variability of the price of crude into their budgetary planning.
“It’s not going to have an immediate impact on the economy,” he said. “It’s not that the corporations are going to suddenly say, 'Okay, that’s it: We’re slashing our workforce.'”
Moshe Lander, an economics professor at Concordia University in Montreal, says drivers may enjoy savings now, but they may be short-lived.
“In Atlantic Canada, where they're using heating oil, and in Alberta, where we're using natural gas to fuel a lot of our homes, this is the type of thing that whatever reprieve you're getting now might very easily be clawed back in an early winter,” said Lander.
Experts say the price of gas will drop another six cents across the country when the summer blend of gas is replaced with the winter blend.
Hurricane Milton is a Category 5 storm forecast to bring extreme flooding, high winds and heavy rain to the central west coast of Florida.
Hurricane Milton is expected to leave a path of devastation across central Florida, from Tampa in the west to Daytona Beach in the east.
A seasoned American meteorologist became emotional on air as he gave an update on a major hurricane, later suggesting the reason behind his strong reaction.
The federal government introduced a number of measures related to housing on Tuesday, which include measures for homeowners wanting to add a secondary suite, taxing vacant land and building homes in place of underused federal properties.
An organization that ranks the best universities across the globe says its latest report shows a concerning trend that several of Canada’s institutions are slipping down its list.
A British Columbia provincial court judge says a Boston Bar man who shot a teacup Chihuahua named Bear claiming it was menacing his chickens was not justified in killing the animal.
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A unique form of clouds made an appearance over the skies of Ottawa on Sunday evening.
Bernie Hicks, known as the ‘Batman of Amherst,’ always wanted to sit in a Batmobile until a kind stranger made it happen.
Bubi’s Awesome Eats, located on University Ave West took to social media to announce the closure on Friday.
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Manitobans are in cleanup mode after intense winds barreled through southern parts of the province this weekend.