Global gas prices are on the rise—about 4.4 percent on average in Q4 2016. It’s a big jump, but the burden of filling up is felt differently in every country. Bloomberg ranked 61 countries by three economic measures; The average price of a gallon of gas at the pump, Affordability, the average daily income and Income Spent.
Canada ranks #17 in Price at the pump, a gallon of regular gasoline cost $3.46 US/Gallon or $1.20 CDN/LTR. In Affordability we are #9. It takes 3.07% of a persons daily wage (before tax) to purchase a gallon of gas.
In Income Spent we rank #58. The average Canadian driver will spend 2.75% of their total income on gasoline. Only Greece, Mexico and South Africa rank worse!
Our politicians want to be seen as leaders on global warming by implementing carbon taxes on businesses and consumers that, as of January 1st. will affect these numbers negatively more than likely pushing us past Greece.
It costs about $41.00 a barrel to produce oil in Canada. Our southern neighbours can do it for $36.00 a barrel and in Saudi Arabia it's less than $10.00. Oil is currently selling for Oil sales account for approximately 8.9% of Canadas GDP. It is estimated that Canadian producers looses about $3.00 per barrel combined oil sands/traditional methods.
Canada has the world’s third largest oil reserves, but refineries in Eastern Canada still import around 80 per cent of their oil supply. Canada spends approximately $20 Billion Dollars on foreign oil. Maybe we should focus on an Eastern Canada Pipeline for our own use rather than the Keystone Pipeline that will provide the US with oil at a loss to Canadian producers. Would prices at the pump come down, probably not, but at lease we would be using our own oil.
I am a concerned Canadian that is fed up seeing companies and people leave Canada due to the high cost of doing business and living.