"the sharp spike in oil prices caused by the U.S.-Israeli attack on Iran was immediately and proportionately projected into Canadian prices, even though the supply and cost of petroleum and petroleum products in Canada was unaffected..
Canada produces far more oil and gas than it consumes, and those domestic supplies are unaffected (in either cost or quantity terms) by events in the Middle East, Canadians are about to experience a
painful reprise of a similar cycle that occurred in 2022..
More petroleum is consumed in Canada by businesses, than by final consumers. So the final impact on overall costs and prices in the economy will be amplified by the indirect impacts of higher petroleum prices on the costs faced by those businesses. Their higher costs for purchases of petroleum products will be passed on to consumers in higher prices for non-petroleum goods and services..
Canada’s petroleum industry will set new profit records this coming year, just on the
basis of events that have already transpired. After-tax profits for the industry could easily double in the coming year..
In the deregulated energy market, sellers of oil and refined petroleum products in Canada match world price trends, no matter the cost of the oil that went into the gasoline they sell. Consumer prices for gasoline in Canada thus rise quickly with world oil prices..
in the 2022 oil price shock, workers in Alberta experienced the largest decline in real wages from the resulting inflation, of workers in any province..
the coming record profits for the petroleum sector will certainly lead to a widening
of the already worrisome gap between the wealthy and the rest of the population"
When will Canadian politicians challenge the economics that puts profits ahead of people? A banker prime minister knows how to challenge this.
Oil pricing is raising inflation rates. Will Canadians face interest rates that hurt us all, or policy that challenges speculation and outsized profit?
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https://centreforfuturework.ca/wp-content/uploads/2026/05/A-Sequel-We-Dont-Want.pdf