gas posts

• In Toronto, an overnight rise of three cents to almost $1.21 for the average price of unleaded gas follows a 1.8-cent increase the day before.
• London, Ont. reported gas had climbed to $1.21.
• Ottawa reports some consumers were paying $1.20.
• In British Columbia, gas prices range from more than $1.25 per litre in many areas of Metro Vancouver to $1.08 or less in the Interior.
• In the United States, gasoline prices increased nearly 33 cents in two weeks, the second-biggest two-week jump in the history of the gasoline market, according to a new survey of filling stations.

OPEC (the Organization of Oil Exporting Countries) announced yesterday that it saw no reason to increase its output of oil and would be maintaining its current quota levels. While the decision does not come as a surprise, it is disappointing to consumers feeling battered at the pumps. With prices ranging from $1.07 to $1.19 per litre across Canada this week, most of us are feeling the pinch of increasing oil prices. Particularly hard hit are U.S. consumers, many of whom are feeling the effects of a weak dollar and still-fragile economy.

Although OPEC delegates were in 100% agreement to maintain quota levels, member countries typically fall into one of two camps. Some member countries, including Venezuela, Algeria, Iran, and Libya, have been vocal about seeking the highest sustainable price for their oil. Algerian Energy and Mines Minister Youcef Yousfi publicly stated that he believes an oil price between US$80 and US$100 per barrel is ideal.