Wednesday, September 2nd14.7°C

Gas pains

On the weekend my wife and I went to Kamloops through Vernon and to our shock gas was only $1.34.9 a litre, now we get told stories about cost and transporting and sunshine tax by the gas industry.

Well, here's one from me, in November of 2008 - oil price, for one barrel of crude reached $147.27, six years later the price is $99.62, a savings of $47.65 a barrel. Gas price per litre was $1.49.9 now $137.9 a litre, a savings of 8 cents per litre. 

The exchange rate was $1.22 Canadian to one American dollar in November 2008, so add an extra 20% to the cost of a barrel and it makes the barrel worth $176.73 cents.

Today's exchange rate is $1.10 Canadian to one American dollar so 10%, that would make a barrel today worth $109.58, or a $67.15 decrease in a barrel since November 2008, an approximate savings of 38% per barrel to the gas companies, to us the consumer, less then a 10% savings.

Victor Stockmann


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