This evening, the fifth of September 2017, we see news from the CBC that gas could be going up as much as 13 cents a litre tomorrow.
Yet in Reuters today, gasoline prices on the NYMEX are back to pre-Harvey levels, closing today at $1.69 USD per gallon. So why is the price being raised? Why has the interrupter clause been used to bring the price back down, if the price on which the regulated price is based off of, has dropped that significantly to justify the price previous to the storm?
The answer is that regulation was never meant to be for the benefit of the taxpayer, and only benefits the government and gas stations of the province. According to a study conducted by Atlantic Institute of Market Studies (AIMS), Atlantic Canadians have paid an extra $205 million for gas between 2009 and 2017, because of regulation, and an average extra cost of 1.9 cents per litre just to pay for the bureaucracy that controls the setting of prices.
The Atlantica Party believes that it is now time to remove regulation on fuel, as this situation shows that their reaction to price swings are never in the consumer’s best interest, and add extra costs.
September 6, 2017