'Some structural damage' from wildfire near Fort Nelson, B.C., mayor confirms
More than one home has been damaged or lost due to a massive wildfire outside of the B.C. community of Fort Nelson, the mayor confirmed Wednesday.
Concerns over record-high gas prices are weighing on many, with experts saying Canadians should brace for an expensive summer at the pumps as the price of oil continues to skyrocket thanks to tighter sanctions on Russian oil in response to the country’s attack on Ukraine.
The average price of gas in Canada has reached record levels in recent weeks, with prices climbing to more than $2 in some regions.
Analysts say curbs on Russian oil exports will likely continue to send already soaring oil and gasoline prices higher in Canada, the U.S. and Europe, adding pressure to the global economy and putting further strain on consumers’ wallets.
Unfortunately for consumers, avoiding a surge at the pumps is near impossible. But there are some ways to lessen the impact on your bottom line.
CTVNews.ca spoke to financial experts about what you should and shouldn’t consider when it comes to rising gas prices.
The exponential rise in gas prices has forced commuters to rethink their mileage at a time when many provinces are lifting COVID-19 health restrictions, sending some back to a physical office.
Kelly Ho, a certified financial planner with DLD Financial Group Ltd. based in Vancouver, suggests that those who have the option to request to work from home do so, even if that means reducing your commute by one or two days per week. Other options might include opting for ride-sharing, if it’s available in your community, or turning to public transit.
“I'm not about to sell my vehicle and spend $85,000 to $100,000 to go buy an electric vehicle to save myself however much it is at the pump. It just doesn't make any financial sense,” Ho told CTVNews.ca by phone in March.
But, for those who are already in the market for a new vehicle, Ho says there’s no harm in looking into electric or hybrid options to mitigate the rise in gas prices.
“[But] before committing to buying that electric engage with a professional and make sure you can afford an increase in your fixed expenses. If you see the numbers run ahead of time you may not take that leap.”
Inflation rates are surging at the same time as gas prices, forcing many Canadians to tighten the purse strings when it comes to their monthly budgets.
“The reality is, you either drive less or consume less because that money has to come from somewhere,” Jason Pereira, senior financial consultant with Woodgate Financial Inc. and president of the Financial Planning Association of Canada, told CTVNews.ca in March.
Plus, as Pereira points out, a rise in gas prices has a blowback on other goods transported by truck. That means everything from your grocery bill to your Amazon order is rising.
“When I say you have to cut elsewhere it's doubly important because your base level consumption of groceries and whatever else it is you need to live off of also just went up substantially,” he explained.
When it comes to the areas in which you should cut down on spending, both Ho and Pereira agree it’s entirely up to the individual.
“People will pick on the latte and say ‘skip the Starbucks.’ But if your daily trip to Starbucks is the only thing keeping you sane… it’s cheaper than therapy,” Pereira notes.
“But if there are things that maybe you buy, but don't necessarily make you happy somewhere in your budget, figure out where those are.”
Finally, if you’ve taken the attitude of “this too shall pass” – think again.
As Russia’s attack on Ukraine first unfolded earlier this year, the market began adding a risk assessment to the price of oil. Sanctions on Russian oil compounded that increase.
Despite the fact that Canada did not import any Russian oil in 2020, and imported three per cent of its total crude oil from Russia in 2019, Russia is a major producer on the world stage. That means any volatility towards Russian oil exports makes oil prices rise globally.
While the trajectory of gas prices isn’t entirely predictable, analysts say as long as Russia continues its war in Ukraine, prices will keep climbing.
“Do not put your heads in the sand about this. If you think it’s going to go away tomorrow, it won’t,” urged Pereira.
More than one home has been damaged or lost due to a massive wildfire outside of the B.C. community of Fort Nelson, the mayor confirmed Wednesday.
A warning from a Saskatoon driver about using your fast-food app while in the drive-thru line — a trip to get some free lunch cost him a lot more than he bargained for.
An 'unrepentant' YouTuber has been ordered to pay $350,000 in damages as compensation for a 'relentless' campaign of defamation waged online against a business owner and his company, the B.C. Supreme Court has ruled.
Chief Robert Michell says relief isn't the right word to describe his reaction as the search begins for unmarked graves at the site of a former residential school he attended in northern British Columbia.
While it's unclear what these closures might mean for the 27 restaurants in Canada, Red Lobster is expected to file for bankruptcy protection in the U.S. this month.
A man from B.C.'s Lower Mainland has been sentenced to four years behind bars after shooting a sex worker in the back during a drug-fuelled 43rd birthday.
Nearly six dozen dogs were seized from a home Wednesday morning by the Winnipeg Humane Society. It is the largest known seizure of animals in the city’s history.
Of the $40-million Aiden Pleterski was handed over two years, documents show he invested just over one per cent and instead spent $15.9 million on "his personal lifestyle." The 25-year-old Oshawa, Ont. man was arrested and charged with fraud and money laundering on Tuesday.
A man with a long record of dangerous driving told investigators he smoked marijuana oil and took prescription drugs hours before he sideswiped a bus, killing eight Mexican farmworkers and injuring dozens more, according to an arrest report unsealed Wednesday.
When Adam Kirschner wrote 'Slap Shot,' he never imagined the song would be embraced by his favourite team.
A team is ready to help an entangled North Atlantic right whale in the Gulf of St. Lawrence.
A $200 reward is being offered by a North Vancouver family for the safe return of their beloved chicken, Snowflake.
Two daughters and a mother were reunited online 40 years later thanks to a DNA kit and a Zoom connection despite living on three separate continents and speaking different languages.
Mother's Day can be a difficult occasion for those who have lost or are estranged from their mom.
YES Theatre Young Company opened its acclaimed kids’ show, One Small Step, at Sudbury Theatre Centre on Saturday.
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.