Skip to main content

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       Top Stories

Ontario doctors disciplined over Israel-Gaza protests

A number of doctors are facing scrutiny for publicizing their opinions on the Israel-Hamas war. Critics say expressing their political views could impact patient care, while others say that it is being used as an excuse for censorship.

'No concessions' St-Onge says in $100M a year news deal with Google

The Canadian government has reached a deal with Google over the Online News Act that will see the tech giant pay $100 million annually to publishers, and continue to allow access to Canadian news content on its platform. This comes after Google had threatened to block news on its platform when the contentious new rules come into effect next month.

Live updates

Live updates Hamas frees 10 Israeli women and children, 4 Thai nationals

A group of 10 Israeli women and children and four Thai nationals have been handed over by Hamas to the Red Cross late Wednesday, the Israeli military said. The release was expected to be followed by Israel freeing 30 Palestinian prisoners. Two Russian-Israeli women were also freed in a separate release earlier Wednesday evening and have arrived back in Israel.


opinion Don Martin: With Trudeau resignation fever rising, a Conservative nightmare appears

With speculation rising that Prime Minister Justin Trudeau will follow his father's footsteps in the snow to a pre-election resignation, political columnist Don Martin focuses on one Liberal cabinet minister who's emerging as leadership material -- and who stands out as a fresh-faced contrast to the often 'angry and abrasive' leader of the Conservatives.

Stay Connected