Friday, March 16, 2007

Crude oil falls yet another $1.15 - can ANYONE explain pump prices?

Short and sweet today. I just checked to see where oil prices are going today - as of 2:24pm the price was down another $1.15 at $56.40 a barrel. World market prices have been steadily falling for a good amount of time now.

Imperial Oil announced this morning that the Nanticoke refinery is back to 100% production capacity. Rail workers are back on track. It's been a mild March and according to the Bush administration, the early onset of daylight savings time means we don't have to heat our homes as much... once again, saving energy.

So, Petro Canada, Esso, Sunoco, Shell et al, what's it going to take to get the prices back where they should be? Or will you all jump onto Imperial Oil's bandwagon and decide to enjoy the higher retail profit margins that will ensure that favourable quarterly results are posted in the weeks to come?

No price fixing, eh? Suuuure.

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