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    Thursday, September 29, 2005

    Gasoline Price Gouging? Perhaps...

    Stardate 4627.8

    CTV - We have seen a brutal increase in the price of gasoline over the last month or two. In Alberta, we are lucky (I say this tongue in cheek) as the price has only gone from around $0.85 as high as say $1.15 or so a liter. In other parts of the country however, the price has been much, much higher.

    There has been some action taken though! A report due out today could confirm what so many unhappy motorists suspect; that oil companies are gouging us at the pump, based on fears of gas being in short supply.

    The price of crude has gone up by $10 a barrel since June. According to some economists though, the price reflected at the pump is far too high. For every $1 increase in the price of oil, gasoline should only increase by 0.8 cents a liter, even after taxes, so simple math shows that a $10 a barrel increase would only be about an 8 cent difference. The price should not have gone over $0.95 cents a liter....

    But until the report is released, we can only speculate.

    *** UPDATED ***

    Hugh Mackenzie's report is HERE in pdf format. Thanks Jim.

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