Grandparents killed in wrong-way crash on Hwy. 401 identified
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
Although plenty of attention has been given to the rising price of gasoline and natural gas, Canadian propane prices are also skyrocketing – a surge analysts say will have a big impact on rural Canadians this winter.
Propane, produced as a by-product of natural gas, has seen a dramatic price increase over the last three months, with prices in Edmonton, for example, soaring to US$1.40 per gallon from roughly US$0.25 per gallon, according to ATB Capital Markets.
This seven-year high prompted a stark warning from research firm IHS Markit, who warned that U.S. propane prices are so high and supplies so scarce that the market appears headed for “armageddon” this winter, according to Bloomberg.
“The reason the prices are really high right now is that inventories are very, very low,” commodities analyst Rory Johnston told CTVNews.ca by phone Thursday.
“Both because of the drop in oil and natural gas production because of COVID and also because of energy prices globally, we've been exporting a lot of this fuel, propane and natural gas. At the same time we’re not producing as much domestically in North America.”
Johnston says a large part of the increase is due to overseas demand, where prices are even higher than North America.
“Propane inventories even lower than they are for natural gas. And even lower still, because exports have grown even more dramatically in propane then they have in natural gas,” he explained.
“Propane exports are now something like 60 per cent of the overall U.S. market for propane, or it is still only 15 per cent for natural gas.”
Extreme weather has also played a role in the energy prices in North America. Gas prices were initially in late September driven up thanks to Hurricane Ida, which shut down a good portion of U.S. oil and natural gas production in late August.
And with frigid winters expected both here at home and overseas, it doesn’t look like prices will let up any time soon.
“Honestly, we will know when the weather forecast get better,” Johnston said. “It seems unlikely that the crisis or rolling crises that we're seeing in Europe and Asia are going to let up any time soon unless there's a very mild winter… because then those two stocks finally get a chance to catch up will get that much more time for production to grow again.”
With energy prices continuing to rise, consumers all over Canada will likely face higher heating costs this winter. While natural gas is the primary energy source for more than half of Canadian homes, nearly 1.4 million households rely on heating oil or other fuels, including propane, to heat their homes, especially those in rural areas.
“Propane is the main one for rural and off grid communities,” said Johnston. “It’s going to be much more expensive to fill those propane tanks this winter – and it’s not even cold yet.”
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
Three people have been arrested and charged in the killing of B.C. Sikh activist Hardeep Singh Nijjar – as authorities continue investigating potential connections to the Indian government.
Pius Suter scored with 1:39 left and the Vancouver Canucks advanced to the second round of the NHL playoffs with a 1-0 victory over the Nashville Predators on Friday night in Game 6.
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.
A Quebec man who pleaded guilty to threatening Prime Minister Justin Trudeau and Premier François Legault has been sentenced to 20 months in jail.
RCMP say human remains found in a rural area in central Saskatchewan may have been there for a decade or more.
A source close to singer Britney Spears tells CNN that the pop star is 'home and safe' after she had a 'major fight' with her boyfriend on Wednesday night at the Chateau Marmont in West Hollywood.
As Wegovy becomes available to Canadians starting Monday, a medical expert is cautioning patients wanting to use the drug to lose weight that no medication is a ''magic bullet,' and the new medication is meant particularly for people who meet certain criteria related to obesity and weight.
Drew Carey took over as host of 'The Price Is Right' and hopes he’s there for life. 'I'm not going anywhere,' he told 'Entertainment Tonight' of the job he took over from longtime host Bob Barker in 2007.
Alberta Ballet's double-bill production of 'Der Wolf' and 'The Rite of Spring' marks not only its final show of the season, but the last production for twin sisters Alexandra and Jennifer Gibson.
A British Columbia mayor has been censured by city council – stripping him of his travel and lobbying budgets and removing him from city committees – for allegedly distributing a book that questions the history of Indigenous residential schools in Canada.
Three men in Quebec from the same family have fathered more than 600 children.
A group of SaskPower workers recently received special recognition at the legislature – for their efforts in repairing one of Saskatchewan's largest power plants after it was knocked offline for months following a serious flood last summer.
A police officer on Montreal's South Shore anonymously donated a kidney that wound up drastically changing the life of a schoolteacher living on dialysis.
Since 1932, Montreal's Henri Henri has been filled to the brim with every possible kind of hat, from newsboy caps to feathered fedoras.
Police in Oak Bay, B.C., had to close a stretch of road Sunday to help an elephant seal named Emerson get safely back into the water.
Out of more than 9,000 entries from over 2,000 breweries in 50 countries, a handful of B.C. brews landed on the podium at the World Beer Cup this week.
Raneem, 10, lives with a neurological condition and liver disease and needs Cholbam, a medication, for a longer and healthier life.