Gas prices in Alberta climbing ahead of Thanksgiving long weekend
The price at the pump continues to trend upward in Calgary with the average price of fuel sitting at 162.6 cents a litre Wednesday morning, though some stations in the city are posting fuel closer to 172.9 cents a litre.
The cost of fuel has been on the rise in both Calgary and Edmonton since the last week of September with market analysts attributing the jump, in part, to a struggling Canadian dollar.
The jump in prices was exacerbated for consumers by the resumption of 4.5 cents per litre of the provincial fuel tax on Oct 1.
A meeting between OPEC+ oil-producing countries on Wednesday could drive prices at the pump even higher, as the alliance is considering cutting a million barrels of crude a day or more which would be the largest quota cut since 2020.
"When OPEC cuts oil a million to two million barrels a day than of course the world will wind up with three or four million barrels short so that means basically gas prices have nowhere to go but up," said market analyst Dan McTeague.
The cut in oil production is to boost oil prices that have fallen from summer highs of over US$100 to around US$80 a barrel for crude.
The higher prices would also help OPEC+ member Russia which will likely have to lower its prices to find new customers once a European ban goes into effect.
News of the possible cut in production is already impacting the price of oil in Canada, with WTI crude trading up more than US$87 a barrel Wednesday morning.
With files from The Canadian Press, CTV News and BNN
CTVNews.ca Top Stories
'They needed people inside Air Canada:' Police announce arrests in Pearson gold heist
Police say one former and one current employee of Air Canada are among the nine suspects that are facing charges in connection with the gold heist at Pearson International Airport last year.
Why drivers in Eastern Canada could see big gas price spikes, and other Canadians won't
Drivers in Eastern Canada face a big increase in gas prices because of various factors, especially the higher cost of the summer blend, industry analysts say.
Toronto Raptors player Jontay Porter banned from NBA
Toronto Raptors player Jontay Porter has been handed a lifetime ban from The National Basketball Association (NBA) following an investigation which found he disclosed confidential information to sports bettors, the league says.
WATCH LIVE As GC Strategies partner is admonished by MPs, RCMP confirms search warrant executed
The RCMP confirmed Wednesday it had executed a search warrant at an address registered to GC Strategies. This development comes as MPs are enacting an extraordinary, rarely used parliamentary power, summoning one of its contractors to appear before the House of Commons to be admonished publicly for failing to answer questions related to the ArriveCan app.
Woman who pressured boyfriend to kill his ex in 2000s granted absences from prison
A woman who pressured her boyfriend into killing his teenage ex more than a decade ago will be allowed to leave prison for weeks at a time.
Attempt to have murder charge quashed against alleged serial killer dismissed by judge
A motion filed by the man accused of killing four Indigenous women in Winnipeg to have one of those murder charges quashed has been dismissed by the judge – weeks before the start of his trial.
Government proposes new policy for federally regulated employees to disconnect from work
In their 2024 budget, the federal government wants to amend the Canada Labour Code, so employers in federally regulated sectors will eliminate work-related communication with employees outside of scheduled hours. If implemented, this would affect roughly 500,000 across the country.
Earthquake jolts southern Japan
An earthquake with a preliminary magnitude of 6.4 hit southern Japan late on Wednesday, said the Japan Meteorological Agency, without issuing a tsunami warning.
Disappointment widespread over budget's proposed $200-month disability benefit funding
Advocacy groups across Canada are expressing widespread disappointment about the amount of funding earmarked in the 2024 federal budget for the long-awaited Canada Disability Benefit.