Thunder Bay – NEWS – The price of gasoline, diesel fuel, natural gas, and propane have all be increasing. These increases in the price of energy are having an impact on the price of almost everything.
The world benchmark price for a barrel of West Texas Intermediate is at $84.03 US.
Across North America, gasoline prices are hitting a seven year high. The price of a litre of regular unleaded gasoline in Western Ontario is over $1.54. In the United States, a gallon of gasoline is averaging $3.59 US with some places in California at well over $7.00 a gallon.
Increased diesel fuel prices are going to see increased costs in shipping that will be passed on to the consumer – especially for food prices.
Propane prices are up 300%. For northern and rural communities that increase will hit hard this winter.
The rising price of energy is also impacting the price of almost everything. Its pretty simple, everything in our grocery stores got here by truck. Farmers need energy to plant and harvest crops. All those increases are going to be reflected in the prices to end consumers.
Inflation in Canada is now at a seven year high with Statistics Canada reporting a 4.4% rate.
The World Bank states that “Energy prices soared in the third quarter of 2021 and are expected to remain elevated in 2022, adding to global inflationary pressures and potentially shifting economic growth to energy-exporting countries from energy-importing ones.”
This could place Canada in a better economic situation as the country has massive oil and natural gas reserves.
It will however put consumers of energy at the manufacturing and end purchasers at the mercy of increased prices.
This is an ongoing issue, and NetNewsLedger will keep you up-to-date on the story.