Kitchener family says their 10-year-old needs life-saving drug that cost $600,000
Raneem, 10, lives with a neurological condition and liver disease and needs Cholbam, a medication, for a longer and healthier life.
The average price of gasoline across Canada tumbled over the last month, from 170.9 cents a litre to 142.1 cents a litre on average, according to GasBuddy, a tech company that tracks gas prices in the U.S and Canada.
One energy analyst says markets are in "panic mode" due to a possible recession, geopolitics and the Bank of Canada's latest interest rate hike. These factors have caused the recent dip in gas prices across the country but the relief is not expected to last.
"In the past month alone, we've been saving about 35 cents a litre," Dan McTeague, Canadians for Affordable Energy President, told CTV News Toronto in an interview on Friday. "I would say by the second or third week of January, look for prices to move up anywhere from 15 to 20 cents on average."
This weekend consumers can expect lower prices at pumps across most provinces and territories with British Columbia having the highest average of 159.7 cents per litre.
Alberta and Ontario drivers will enjoy average prices in the 130.0 cent range. Nova Scotia's average is 142.3 cents, Saskatchewan, 144.4 cents, Northwest Territories is around 145.9 cents, the Prince Edward Island average is 148.6 cents and Quebec drivers are seeing an average of 149.6 cents.
New Brunswick, Manitoba and Newfoundland are seeing prices in the 150.0 cent range.
This comes after several months saw record-breaking gas prices for consumers. The country recorded the highest national average cost for gas on June 12 with a price of 210.8 cents, reports GasBuddy.
"Markets are very nervous," McTeague told CTV News Toronto in an interview Friday.
McTeague says panic is due to a potential recession, strict COVID-19 lockdowns in China and increasing interest rates. Markets believe these factors may contribute to a "significant global slowdown."
"Of course, the demand numbers and the supply picture paint a very different story," he said of the steady demand for gasoline despite high prices.
In the past month, gas prices across Canada have fallen about 30 cents, but McTeague says diesel has consistently stayed high.
"Diesel has not moved, it's still in the $2 range," he said. "It's really the global workhorse of all fuels. The fact that it hasn't dropped shows that there's tight supply."
McTeague predicts there will be a "rebound" in prices in early January.
"I don't think we're gonna see lower prices, this is probably as good as it gets," he said. "(Gas prices) might drop a few more pennies between now and Christmas for the early Christmas gift, but beyond that, Scrooge awaits us in 2023."
Gasoline prices are known to fluctuate from day to day and in each region. Natural Resources Canada, a federal government agency that oversees the country’s natural resources, explains on its website that there are many factors as to why gas prices fluctuate which are seen immediately at the pump.
When a consumer pays for gas there are four categories that person is paying for, which are the cost to extract crude oil from the ground, the cost of refining oil into gasoline and the cost to operate the retail location and taxes to governments, it states.
When there is a disruption to the chain, like world events, natural disasters or increased demand, prices will go up, it explains.
"The oil markets are extremely sensitive to these events and react quickly by raising or lowering prices if the available supply goes up or down," the website states.
Raneem, 10, lives with a neurological condition and liver disease and needs Cholbam, a medication, for a longer and healthier life.
The Canadian Food Inspection Agency has issued a recall for a specific chocolate brand sold in Ontario and Quebec.
A senior Qatari official has urged Israel and Hamas to show "more commitment and more seriousness" in ceasefire negotiations in interviews with Israeli media, as pressure builds to reach a deal that would free some Israeli hostages and bring a ceasefire in the nearly seven-month-long war in Gaza.
Ontario is introducing a suite of measures that will crack down on cellphone use and vaping in schools.
Health Minister Mark Holland says while he is 'deeply appreciative' of the work doctors in Canada do, the federal government has no plans to scrap the proposed capital gains tax changes outlined in the latest budget, despite opposition from the Canadian Medical Association.
Students protesting the Israel-Hamas war woke up in tents at college campuses across the United States Sunday morning planning more protests demanding that schools cut financial ties to Israel and divest from companies accused of enabling the conflict.
Ontario is now home to an invasive and toxic worm species that can grow up to three feet long and can be dangerous to small animals and pets.
A recent report sheds light on Canadians living abroad--estimated at around four million people in 2016—and the public policies that impact them.
Quebec will invest $603 million over five years to counter the decline of French in the province, French Language Minister Jean-Francois Roberge announced Sunday.
As if a 4-0 Edmonton Oilers lead in Game 1 of their playoff series with the Los Angeles Kings wasn't good enough, what was announced at Rogers Place during the next TV timeout nearly blew the roof off the downtown arena.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
A family from Laval, Que. is looking for answers... and their father's body. He died on vacation in Cuba and authorities sent someone else's body back to Canada.
A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”