Yahoo Finance Gas prices are falling fastest in these Canadian cities
The pace of falling gas prices more than doubled this week across Canada, as Thunder Bay, Ont. and Whitehorse racked up double-digit declines.
Pump price date collected in nearly 80 Canadian cities shows the average price of regular gasoline nationwide dropped 3.3 cents per litre to $1.429 for the seven days ended Dec. 7. Last week, nationwide prices fell 1.3 cents per litre.
Drummondville, Que., Sarnia, Ont., and Montreal, Que. were among the few cities where prices moved higher on a weekly basis.
The falling price of oil (CL=F) continues to weigh on fuel for consumers, Andy Lipow, president of Lipow Oil Associates, told Yahoo Finance on Thursday. At the same time, this week's U.S. gasoline inventory data showed stockpiles swelled by five million barrels last week. Analysts had expected a build of 1.3 million barrels.
According to AAA, average U.S. gas prices hit the lowest levels of the year.
Future demand for fossil fuels has been in sharp focus at the annual United Nations climate summit. At least 80 nations are demanding a COP28 agreement that calls for an eventual end to fossil fuel use. COP28 President Sultan Al Jaber recently made headlines over recent claims that there is "no science" behind cutting fossil fuel use.
Meanwhile, Canada's oil and gas industry is reacting to the federal government's plan to cap emissions for the sector by more than a third below 2019 levels by 2030. The Canadian Association of Petroleum Producers (CAPP) has said the plan is a de facto production cap.
"An emissions cap on the upstream oil and natural gas industry is unnecessary," CAPP president and CEO Lisa Baiton said in a statement on Thursday. "The proposed policy risks triggering unforeseen socioeconomic consequences, not the least of which is likely to be higher energy prices for Canadians."
Oil and gas production accounts for more than one-quarter of Canada's emissions.
Follow Yahoo Finance Canada for more weekly gas price updates. Scroll below to find your nearest city.
(All figures in CAD cents)
Location | Nov. 30 | Dec. 7 | Price change |
Canada Average (V) | 152.5 | 149.2 | -3.3 |
WHITEHORSE | 189.9 | 179.9 | -10 |
VANCOUVER* | 175.9 | 174.1 | -1.8 |
VICTORIA | 175.3 | 172.9 | -2.4 |
PRINCE GEORGE | 161.6 | 157.6 | -4 |
KAMLOOPS | 162.9 | 162.3 | -0.6 |
KELOWNA | 160.6 | 159.6 | -1 |
FORT ST. JOHN | 165.1 | 162.9 | -2.2 |
ABBOTSFORD | 160.8 | 157 | -3.8 |
YELLOWKNIFE | 166.4 | 164.9 | -1.5 |
CALGARY* | 125.7 | 123.7 | -2 |
RED DEER | 130.2 | 128.7 | -1.5 |
EDMONTON | 129.6 | 126.2 | -3.4 |
LETHBRIDGE | 137 | 134.3 | -2.7 |
LLOYDMINSTER | 129.9 | 127 | -2.9 |
GRANDE PRAIRIE | 134.9 | 134.9 | 0 |
REGINA* | 147.5 | 143.8 | -3.7 |
SASKATOON | 141.7 | 137.8 | -3.9 |
PRINCE ALBERT | 143.9 | 143.9 | 0 |
MOOSE JAW | 145.9 | 145.9 | 0 |
WINNIPEG * | 146.6 | 138.9 | -7.7 |
BRANDON | 148.9 | 145.9 | -3 |
CITY OF TORONTO* | 148.4 | 144.8 | -3.6 |
BRAMPTON | 147.4 | 143.1 | -4.3 |
ETOBICOKE | 148.8 | 144.8 | -4 |
MISSISSAUGA | 147.8 | 143.8 | -4 |
NORTH YORK | 148.7 | 144.8 | -3.9 |
SCARBOROUGH | 148.4 | 144.3 | -4.1 |
VAUGHAN/MARKHAM | 148.9 | 144.8 | -4.1 |
OTTAWA | 148 | 144.7 | -3.3 |
KINGSTON | 143.8 | 138.9 | -4.9 |
PETERBOROUGH | 138.4 | 132.4 | -6 |
WINDSOR | 147.9 | 143.9 | -4 |
LONDON | 148.3 | 145.2 | -3.1 |
SUDBURY | 153.1 | 143.9 | -9.2 |
SAULT STE MARIE | 150.9 | 149.9 | -1 |
THUNDER BAY | 148.7 | 138.4 | -10.3 |
NORTH BAY | 151.1 | 148.4 | -2.7 |
TIMMINS | 156.6 | 156.6 | 0 |
HAMILTON | 147.1 | 143 | -4.1 |
ST. CATHARINES | 144.3 | 139.5 | -4.8 |
BARRIE | 148 | 143.9 | -4.1 |
BRANTFORD | 145.5 | 142.7 | -2.8 |
GUELPH | 147.4 | 144.6 | -2.8 |
KITCHENER | 148.9 | 144.8 | -4.1 |
OSHAWA | 146.8 | 142.8 | -4 |
SARNIA | 137.6 | 138.4 | 0.8 |
MONTRÉAL* | 164.1 | 159.2 | -4.9 |
QUÉBEC | 163.8 | 164.3 | 0.5 |
SHERBROOKE | 163.9 | 161.3 | -2.6 |
GASPÉ | 167.7 | 168.1 | 0.4 |
CHICOUTIMI | 145.6 | 146.1 | 0.5 |
RIMOUSKI | 163.4 | 163.4 | 0 |
TROIS RIVIÈRES | 163.4 | 163.4 | 0 |
DRUMMONDVILLE | 158.7 | 160.7 | 2 |
VAL D'OR | 159.6 | 159.7 | 0.1 |
GATINEAU | 147.2 | 146.8 | -0.4 |
SAINT JOHN* | 159.8 | 160.2 | 0.4 |
FREDERICTON | 160.3 | 160.6 | 0.3 |
MONCTON | 160.6 | 160.9 | 0.3 |
BATHURST | 160.6 | 160.9 | 0.3 |
EDMUNDSTON | 159.8 | 160.1 | 0.3 |
MIRAMICHI | 161.6 | 162.1 | 0.5 |
CAMPBELLTON | 161.7 | 161.9 | 0.2 |
SUSSEX | 159.6 | 159.8 | 0.2 |
WOODSTOCK | 161.6 | 162 | 0.4 |
HALIFAX* | 161.7 | 160.3 | -1.4 |
SYDNEY | 163.7 | 162.2 | -1.5 |
YARMOUTH | 162.8 | 161.3 | -1.5 |
TRURO | 162.9 | 161.4 | -1.5 |
KENTVILLE | 162.3 | 160.8 | -1.5 |
NEW GLASGOW | 162.9 | 161.4 | -1.5 |
CHARLOTTETOWN* | 162.6 | 162.6 | 0 |
ST JOHNS* | 168.3 | 164.9 | -3.4 |
GANDER | 170.8 | 167.5 | -3.3 |
LABRADOR CITY | 174.9 | 171.6 | -3.3 |
CORNER BROOK | 168.9 | 165.7 | -3.2 |
GRAND FALLS | 170.8 | 167.5 | -3.3 |
SOURCE: KALIBRATE • All figures in CAD cents
(*) Denotes markets used in Volume Weighted Canada Average
Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jefflagerquist.
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