Money Gas prices shoot up 2.5 cents, wiping out savings of prior weeks

13:01  02 august  2018
13:01  02 august  2018 Source:   cbc.ca

Toronto stock index down moderately

  Toronto stock index down moderately Toronto stock index down moderatelyThe Toronto Stock Exchange's S&P/TSX composite index closed down 14.62 points at 16,420.84 as energy stocks also dropped while financials rose.

Here's the math - an inverse of the " gas savings " exercise we did back in 2015: according to the Urban-Brookings Why are gas prices going up ? However, California raising the diesel (+20 cents ) and gas (+12 cents ) taxes because we all went out an bought fuel efficient vehicles is pissing me off.

Worse, it means that the benefit of Trump's tax cuts for the middle class will be mostly, if not fully wiped out . Why are gas prices going up ?

Gas prices are up this week, after three consecutive drops. © The Associated Press Gas prices are up this week, after three consecutive drops.

What the pump giveth the cashier taketh away.

After three straight weeks of declines in gas prices, the cost of filling up jumped Thursday by 2.5 cents a litre.

The Public Utilities Board's weekly setting also meant the drops of the last couple of weeks have been washed away.

The new setting means that the maximum price for a litre of self-serve unleaded gas on the Avalon Peninsula, for instance, is now $1.403.

Gas prices are currently about 17 cents higher than they were a year ago.

Meanwhile, the PUB — which regulates prices across Newfoundland and Labrador — also approved a hike in diesel prices of 1.6 cents a litre.

Furnace oil and stove oil are both up, by 1.16 cents a litre.

Trend in gas prices 

This chart, powered by user-generated data collected by the website GasBuddy, shows the recent trend in gas prices across Newfoundland and Labrador. 

Read more articles from CBC Newfoundland and Labrador 

Toronto stock index closes up in broad advance .
Canada's main stock index closed higher in a broad advance Thursday as tensions with Saudi Arabia appeared to ease, while U.S. markets were mixed. The Toronto Stock Exchange's S&P/TSX composite index closed up 101.90 points at 16,416.98 as information technology, financials, and materials gained. The gains came after Saudi Arabia's energy minister assured Canada that the kingdom's diplomatic dispute with Ottawa won't affect oil sales, while Prime Minister Justin Trudeau on Wednesday acknowledged some human rights progress in the country while remaining firm in Canada's criticism.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!