Stay up to date with our latest insights. Segments of the public are driving less, consolidating errands, buying cars that are more fuel efficient, and economizing on other household expenses. More than 6 in 10 Americans say taking a vacation away from where they live this year is important, although most anticipate they will have to spend more on transportation costs than they did last summer.
Three in four Americans name some type of economic issue as the "most important problem" facing the country today -- the highest net mentions of the economy in two years. Public opinion on loosening restrictions is complex and shows that Americans want more than simple "yes or no" decisions from their leaders. Notice: JavaScript is not enabled. Please Enable JavaScript Safely. Implications The average price Americans report they are currently paying for gasoline has risen more than 50 cents in the last two months, and the public is bracing for even higher gas prices.
Foreign Trade: Opportunity or Threat to the U. Sign Up. Recommended Economy. The price difference increased the most during the fourth quarter of As summer transitioned to winter, refiners were able to switch to making winter fuel blends. Unlike summer blends, which must meet cleaner Federal burning specifications to decrease summer smog pollution, winter fuel blends cost less to refine and thus the resulting gasoline is less expensive. Meanwhile, record U. Higher gasoline and diesel prices mostly reflected higher crude oil prices , which rose in in response to the disruption in Libya's oil production and expected stronger oil demand as the global economy improved.
Gasoline and diesel prices vary by region with prices higher on the West Coast because of more stringent air quality rules and less expensive along the Gulf Coast where many refineries are located.
Federal taxes include the excise tax and the GST where applicable. A number of provincial tax changes came into effect in In , wholesale gasoline prices in Canada and the U.
Overall, the increase in wholesale prices reflected the rise in world crude oil prices and the increase in gasoline demand on the continental North American market. Wholesale gasoline prices fluctuated between approximately 88 and 69 cents per litre in the Canadian markets and between 85 and 67 cents per litre in nearby U. S markets. The price differentials between certain Canadian and U. By and large, Canadian and American wholesale gasoline prices followed each other closely.
Wholesale gasoline prices in all selected centres were above the level with increases ranging from 14 to 17 cents per litre. Refining margins for gasoline increased in compared to the previous year. Overall, compared to , average refining margins increased by 3 cents per litre to 15 cents per litre in The four-week rolling national average refining margins ranged from a low of 8 cents per litre to a high of 20 cents per litre in In comparison, margins fluctuated in the range of 9 to 16 cents per litre in Refinery margins remained relatively flat in the first five months of Margins rose in June with the traditional summer driving season which is indicative of a sustained demand for gasoline.
Margins dropped by the end of the year, indicating that wholesale prices were decreasing more promptly than crude oil prices. Overall, more than adequate gasoline and crude oil inventories in the U.
In addition, there were few market supply constraints and refining margins reflected a mostly balanced supply and demand situation. By comparison, marketing margins fluctuated over a narrow range and were much more stable than refining margins. Nationally, the average margin increased from last year by nearly 1 cent per litre to 7 cents per litre. Vancouver registered the highest marketing margin at 8 cents per litre and Montreal the lowest at 6 cents per litre.
The other three centres hovered at 7 cents per litre. While Edmonton Par and WTI prices declined in the latter part of the year, and moved back up in November and December, Brent oil prices also declined, but at a slower pace. The following is a summary of the more significant events affecting the price of crude oil in
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