'He's in our hearts': Family and friends still seek answers one year after Nathan Wise’s disappearance
It’s been a year since Nathan Wise went missing and his family is no closer to finding out what happened to him.
U.S. President Joe Biden on Tuesday authorized the release of oil reserves with the hopes of curbing high energy costs, but one Canadian expert says it won't be enough to turn around rising gas prices and may in fact be followed by a small increase.
The U.S. Department of Energy will release 50 million barrels of oil from the nation's Strategic Petroleum Reserve (SPR), according to the White House, which is the largest release in the reserve's history.
Yet the market responded to the announcement by bumping up the price of oil on the day by US$1.75 up to US$78.50 per barrel as of 5 p.m. EST.
"Biden's gambit did not pay off," Dan McTeague, president of Canadians for Affordable Energy, told CTVNews.ca on Tuesday. "It's fair to say his strategy blew up in his face."
Based on the market's reaction and existing trends, he said it could mean that Canadians see a small increase of a few cents at the pumps this week.
McTeague also said the amount of U.S. oil being released simply isn't enough to have a noticeable impact on consumer prices.
"When we think 50 million barrels, you know, the world consumes almost double that in a given day," he said. "So it's really a drop in the bucket."
Thirty-two million barrels of the oil will be released with the intent of it being returned in the coming years, essentially making it available for loan, while the remaining 18 million will be part of a sale that was previously approved by U.S. Congress.
McTeague said that recently there had been rumblings of the U.S. planning to dip into the SPR, and therefore such considerations may have already been baked into the price of oil prior to Tuesday's news.
"Reserves are meant for extraordinary times, and these are not extraordinary times," he said. "We didn't have a hurricane. There's not a war that's inhibiting supply."
He blames a shortfall in crude oil production for surging prices at the pump, suggesting policymakers re-evaluate green energy policies currently in effect to allow for increased supplies in fossil fuels.
"If you want to cure high prices, you've got to allow high prices to curb demand," he said. "You can't turn around and suddenly decide, 'Hey, I found a way to get a short fix here to drop energy prices by flooding the market with a simple reserve of product,' which, you know, if nothing else dropped prices increase demand. It's very counterintuitive. This is a supply problem, not a demand problem."
With files from The Associated Press
It’s been a year since Nathan Wise went missing and his family is no closer to finding out what happened to him.
Dozens of Ontarians are expressing frustration in the province’s health-care system after their family doctors either dropped them as patients or threatened to after they sought urgent care elsewhere.
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
Amazon's paid subscription service provides free delivery for online shopping across Canada except for remote locations, the company said in an email. While customers in Iqaluit qualify for the offer, all other communities in Nunavut are excluded.
The fire burning near Fort McMurray grew from 25 hectares to 5,500 hectares over the weekend.
Russia’s President Vladimir Putin began a Cabinet shakeup on Sunday, proposing the replacement of Sergei Shoigu as defence minister as he begins his fifth term in office.
Police are searching for a male suspect after a man was “slashed in neck” on Sunday morning in downtown Toronto and died.
There were some scary moments for several people on a northern Ontario highway caught on video Thursday after a chain reaction following a truck fire.
Health Canada announced various product recalls this week, including electric adapters, armchairs, cannabis edibles and vehicle components.
English, history, entertainment, math and geography: high school trivia teams could be quizzed on any of it when they compete at the Reach for the Top Nationals in Ottawa in June.
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
A Listowel, Ont. man, drafted by the Hamilton Tigercats last week, is also getting looks from the NFL, despite only playing 27 games of football in his life.
The threat of zebra mussels has prompted the federal government to temporarily ban watercraft from a Manitoba lake popular with tourists.
A small Ajax dessert shop that recently received a glowing review from celebrity food critic Keith Lee is being forced to move after a zoning complaint was made following the social media influencer’s visit last month.
The Canada Science and Technology Museum is inviting visitors to explore their poop. A new exhibition opens at the Ottawa museum on Friday called, 'Oh Crap! Rethinking human waste.'
The Regina Police Service says it is the first in Saskatchewan and possibly Canada to implement new technology in its detention facility that will offer real-time monitoring of detainees’ vital health metrics.
Just as she had feared, a restaurant owner from eastern Quebec who visited Montreal had her SUV stolen, but says it was all thanks to the kindness of strangers on the internet — not the police — that she got it back.