Record prices at the pump in New Brunswick fuel frustration – New Brunswick
New Brunswick wallets have been dealt another blow after the latest setup from provincial management agency to push fuel price to an all-time high.
The New Brunswick Energy and Utilities Commission has raised the maximum price for regular self-catering gasoline to almost $1.92 per liter.
For diesel users, the pain increases as the maximum price rises to more than $2.58 per liter.
High gas prices have a strong impact on Atlantic Canada due to its dependence on heating oil
“My girlfriend and I are talking about buying a house because we just had a baby, but it’s really hard to cover everything, especially with gas prices and everything going up,” resident Shane Blount said. of a Saint John gas station told Global News.
“It’s like every time we feel we’re ahead, it feels like we’re going backwards.”
“I think it’s pretty sad that I have to work two jobs just to keep up with gas prices and go back to work because I live in the French Village. For our generation, it’s sad because it’s like what ‘our children’s generation’ will be like? ‘”
New Brunswickers in a tight financial situation are feeling pinched and now forced to make tough decisions.
Kathleen Metherell spoke to Global News while refueling her car in Saint John.
“I’m a senior. By the time you pay the rent and everything else, it’s really hard to maintain a car like it is, but with gas prices so high, you really have to choose where you can get your car. can come and how far”.
The increased pressure at the pumps worsened in late February after the start of Russia’s unprovoked invasion of Ukraine.
Herb Emery, the Vaughan Chair of Regional Economics at the University of New Brunswick, said ending pandemic restrictions was also a factor in increasing costs.
After two years of directing at home, the New Brunswickers were back on the road, leading to increased demand, he said.
“And the demand for driving and the demand for fuel consumption are both increasing. “Whenever you get an increase in supply or demand, the price goes up,” says Emery.
Every sudden price increase raises the same question: what will bring the price down?
Tackling supply chain bottlenecks or expanding supply from a major oil producer could do the trick, Emery said.
However, he believes it is more likely to be a recession that causes prices to plummet.
“During a recession, we can dramatically reduce oil usage just because people don’t drive much to get to work. They don’t drive much on vacation. They also may not drive big cars anymore or live in houses far from the city.”
Emery notes that the public can often forget prices go through cycles, and that fuel prices have reached extreme highs in the past.
“We always say, ‘I can’t believe it’s here,’ but the reality is, these prices can be a lot higher.”
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