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Gasoline prices up from a year ago as drivers head into holiday weekend

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Canadians planning to hit the road for the last long weekend of summer can expect to pay more for gasoline than they did last Labour Day. Taps are photographed at a gas station in Frankfurt, Germany, on Oct. 5, 2022. THE CANADIAN PRESS/AP-Michael Probst

By Amanda Stephenson in Calgary

As crude oil prices hit a twelve-month high on Friday, Canadians planning to hit the road for the last long weekend of summer will pay more for gasoline than they did last Labour Day.

The national average gasoline price as of Friday was $1.67 cents per litre, according to fuel price tracking website GasBuddy.com. That compares with $1.37 cents per litre on Sept. 1, 2022.

Gasoline prices began to rise in July and August of this year, in part due to crude oil production cuts by Saudi Arabia and Russia. Crude oil prices continued their rise this week, due to dwindling crude inventories in the U.S. as well as projections that Saudi Arabia will extend its supply cuts into October.

On Friday, the benchmark crude price West Texas Intermediate hit a 12-month high, trading above US$85 per barrel compared to about US$75 per barrel one year ago.

Vijay Muralidharan, energy analyst and managing director with R Cube Consulting Inc., said driving demand through the summer months has been strong and North American refineries are dealing with a tight supply situation.

Still, he said consumers are likely to find some relief at the pumps into the fall and winter, as the impact of interest rate hikes by central bankers increasingly takes effect and global economies begin to cool, reducing demand for crude.

“I think there will be an economic slowdown in the in the near-term horizon,” Muralidharan said.

“Early next year I think you will see some breathing room, a demand pullback. It’s going to come, it’s inevitable.”

However, Muralidharan said in the meantime refinery stocks are so tight that any kind of unexpected outage or issue could cause a jump in prices.

“Even if it’s a 100,000 barrel or 200,000 barrel refinery, any kind of upset is going to cause price spikes,” he said.

According to GasBuddy.com, the most expensive gasoline this week can be found in B.C. and Newfoundland, while drivers in Alberta enjoy the cheapest fuel prices.

This report by The Canadian Press was first published Sept. 1, 2023.

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Trump demands free passage for American ships through Panama, Suez

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Quick Hit:

President Donald Trump is pushing for U.S. ships to transit the Panama and Suez canals without paying tolls, arguing the waterways would not exist without America.

Key Details:

  • In a Saturday Truth Social post, Trump said, “American Ships, both Military and Commercial, should be allowed to travel, free of charge, through the Panama and Suez Canals! Those Canals would not exist without the United States of America.”

  • Trump directed Secretary of State Marco Rubio to “immediately take care of, and memorialize” the issue, signaling a potential new diplomatic initiative with Panama and Egypt.

  • The Panama Canal generated about $3.3 billion in toll revenue in fiscal 2023, while the Suez Canal posted a record $9.4 billion. U.S. vessels account for roughly 70% of Panama Canal traffic, according to government figures.

Diving Deeper:

President Donald Trump is pressing for American ships to receive free passage through two of the world’s most critical shipping lanes—the Panama and Suez canals—a move he argues would recognize the United States’ historic role in making both waterways possible. In a post shared Saturday on Truth Social, Trump wrote, “American Ships, both Military and Commercial, should be allowed to travel, free of charge, through the Panama and Suez Canals! Those Canals would not exist without the United States of America.”

Trump added that he has instructed Secretary of State Marco Rubio to “immediately take care of, and memorialize” the situation. His comments, first reported by FactSet, come as U.S. companies face rising shipping costs, with tolls for major vessels ranging from $200,000 to over $500,000 per Panama Canal crossing, based on canal authority schedules.

The Suez Canal, operated by Egypt, reportedly saw record revenues of $9.4 billion in 2023, largely driven by American and European shipping amid ongoing Red Sea instability. After a surge in attacks by Houthi militants on commercial ships earlier this year, Trump authorized a sustained military campaign targeting missile and drone sites in northern Yemen. The Pentagon said the strikes were part of an effort to “permanently restore freedom of navigation” for global shipping near the Suez Canal.

Trump has framed the military operations as part of a broader strategy to counter Iranian-backed destabilization efforts across the Middle East.

Meanwhile, in Central America, Trump’s administration is working to counter Chinese influence near the Panama Canal. On April 9th, Defense Secretary Pete Hegseth announced an expanded partnership with Panama to bolster canal security, including a memorandum of understanding allowing U.S. warships and support vessels to move “first and free” through the canal. “The Panama Canal is key terrain that must be secured by Panama, with America, and not China,” Hegseth emphasized during a press conference in Panama City.

American commercial shipping has long depended on the canal, which reduces the shipping route between the U.S. East Coast and Asia by nearly 8,000 miles. About 40% of all U.S. container traffic uses the Panama Canal annually, according to the U.S. Maritime Administration.

The United States originally constructed and controlled the Panama Canal following a monumental effort championed by President Theodore Roosevelt in the early 20th century. After backing Panama’s independence from Colombia in 1903, the U.S. secured the rights to build and operate the canal, which opened in 1914. Although U.S. control ended in 1999 under the Torrijos-Carter Treaties, the canal remains vital to U.S. trade.

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2025 Federal Election

Columnist warns Carney Liberals will consider a home equity tax on primary residences

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From LifeSiteNews

By Steve Jalsevac

The Liberals paid a group called Generation Squeeze, led by activist Paul Kershaw, to study how the government could tap into Canadians’ home equity — including their primary residences.

Winnipeg Sun Columnist Kevin Klein is sounding the alarm there is substantial evidence the Carney Liberal Party is considering implementing a home equity tax on Canadians’ primary residences as a potential huge source of funds to bring down the massive national debt their spending created.

Klein wrote in his April 23 column and stated in his accompanying video presentation:

The Canada Mortgage and Housing Corporation (CMHC) — a federal Crown corporation — has investigated the possibility of a home equity tax on more than one occasion, using taxpayer dollars to fund that research. This was not backroom speculation. It was real, documented work.

The Liberals paid a group called Generation Squeeze, led by activist Paul Kershaw, to study how the government could tap into Canadians’ home equity — including their primary residences.

Kershaw, by the way, believes homeowners are “lottery winners” who didn’t earn their wealth but lucked into it. That’s the ideology being advanced to the highest levels of government.

It didn’t stop there. These proposals were presented directly to federal cabinet ministers. That’s on record, and most of those same ministers are now part of Mark Carney’s team as he positions himself as the Liberals’ next leader.

Watch below Klein’s 7-minute, impassionate warning to Canadians about this looming major new tax should the Liberals win Monday’s election.

Klein further adds:

The total home equity held by Canadians is over $4.7 trillion. It’s the largest pool of private wealth in the country. For millions of Canadians — especially baby boomers — it’s the only retirement fund they have. They don’t have big pensions. They have a paid-off house and a hope that it will carry them through their later years. Yet, that’s what Ottawa has quietly been circling.

The Canadian Taxpayer’s Federation has researched this issue and published a report on the alarming amount of new taxation a homeowner equity tax could cost Canadians who sell their homes that have increased in value over the years they have lived in it. It is a shocker!

A Google search on the question, “what is a home equity tax?” returns the response:

A home equity tax, simply put, it’s a proposed levy on the increased value of your home, specifically, on your principal residence. The idea is for Government to raise money by taxing wealth accumulation from rising property values.

The Canadian Taxpayers Federation has provided a Home Equity Tax Calculator Backgrounder to help Canadians understand what the impact of three different types of Home Equity Tax Calculators would have on home owners. The required tax payment resulting from all three is a shocker.

Keep in mind that World Economic Forum policies intend to eventually eliminate all private home ownership and have the state own and control not only all residences, but also eliminate car ownership, and control when and where you may live and travel.

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Steve is the co-founder and managing director of LifeSiteNews.com.
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