At the close of the stock market today (Sept. 30), a barrel of crude was $43.35. Today's price at the pump was $1.179 per litre. Last year on this date, a barrel of crude was over $93.72 and the price at the pump was as high as $1.338 a litre for gasoline, according to Gas Buddy.
This means that you could double today's price and still not get to $93.72 a barrel.
We know that these multinational oil companies were making a profit since they were giving out dividends and giving senior executives bonuses while the barrel of crude was $93.72 and the price at the pump was $1.338 per liter.
So by simple math if the price of crude oil is 50 per cent less than the price at the pumps right now should be no more than 65 cents a litre for fuel.
This to me would be a good election issue.
It's time to take on these people and discipline them.
Stan New
Prince George
(Editor's Note: Federal and provincial tax rates on fuel remain constant, regardless of what the price at the pump is. Gas Buddy devotes a page to fuel tax rates to explain this on a province by province basis.)
