In early September I posted about the fact the high Canadian dollar was keeping our pump prices in Canada lower by about 14 cents per litre over the summer. Since then, while the price of crude oil has gone up, so too has the loonie. Now it's more in the 20 cent per litre range. That means if the value of the Canadian dollar had not gone up in 2007, a 50 litre could be costing you $10 more right now. Why are you saving 10 bucks? Pump prices are closely tied to the market prices for crude oil and gasoline, which are set on US markets in US dollars. Any change is quickly felt at the pump, especially when the loonie has more purchasing power. Remember Katrina? This time, it's a good thing for drivers and has been for most of the year. As Bob and Doug once said..."Ten bucks is ten bucks." Beauty, eh.
Photo credit: Gak