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Bank of Canada says oil imports to blame for rising gas prices

680 News All news radio -- he Central Bank says Canadians are getting the short of the stick when it comes to oil and gas prices but speculators and oil companies are not to blame.

High oil prices usually benefits the country because it exports more than it imports, but the Bank of Canada says the origin of the commodity plays a big role in the price of gas.

Since January, Canada has been importing pricey Brent crude from the North Sea, while exporting cheaper oil from Alberta.

The bank says the increase in the price of oil imports raises production costs for Canadian firms and puts upward pressure on gas prices.

About half of the gasoline purchased in Canada is produced using refined petroluem priced off Brent crude.

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Submitted Apr 19, 2012 By: momsno1_taxi

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gasaholicMO Champion Author Missouri Posts:2,621 Points:510,940 Joined:Apr 2010	Message Posted: Apr 19, 2012 8:48:29 PM Ignore gasaholicMO Report Abuse Not true.
Agarre Champion Author Richmond Posts:1,335 Points:263,785 Joined:Feb 2012	Message Posted: Apr 19, 2012 8:45:35 PM Ignore Agarre Report Abuse BOC ???
leemun Champion Author Utah Posts:5,544 Points:1,042,075 Joined:May 2010	Message Posted: Apr 19, 2012 8:45:21 PM Ignore leemun Report Abuse Oh, yeah. Speculators are to blame. They're just not in Canada. If only they had a way to get oil from Alberta to refineries in Canada.
shea33 Champion Author Pensacola Posts:2,378 Points:544,890 Joined:Oct 2011	Message Posted: Apr 19, 2012 8:44:33 PM Ignore shea33 Report Abuse got it
stephen2155 Champion Author North Carolina Posts:3,029 Points:659,755 Joined:Jun 2011	Message Posted: Apr 19, 2012 8:38:09 PM Ignore stephen2155 Report Abuse Ok
cutter1330 Champion Author Oklahoma Posts:8,045 Points:1,696,065 Joined:Jul 2005	Message Posted: Apr 19, 2012 8:35:36 PM Ignore cutter1330 Report Abuse Speculators price Brent too, don't they?
babugp Veteran Author Philadelphia Posts:339 Points:76,685 Joined:Mar 2012	Message Posted: Apr 19, 2012 8:33:27 PM Ignore babugp Report Abuse cool
BWJM Champion Author KW Posts:1,113 Points:303,780 Joined:Oct 2011	Message Posted: Apr 19, 2012 8:32:37 PM Ignore BWJM Report Abuse ok
gknee09 All-Star Author Philadelphia Posts:985 Points:824,640 Joined:Jul 2009	Message Posted: Apr 19, 2012 8:21:07 PM Ignore gknee09 Report Abuse that would be a first that speculators were not to blame
BM4225 Champion Author Atlanta Posts:10,129 Points:2,096,995 Joined:Aug 2006	Message Posted: Apr 19, 2012 8:20:13 PM Ignore BM4225 Report Abuse Perhaps their refineries have the same problem that those on the East Coast that are closing, they can't refine the cheap stuff. Perhaps it is time to upgrade, refine the cheap stuff, and add in the cost of the upgrade into the gas, just as long as the end results in cheaper gas.
sramroop Champion Author Birmingham Posts:3,327 Points:741,805 Joined:Jul 2010	Message Posted: Apr 19, 2012 8:18:35 PM Ignore sramroop Report Abuse Speculators
letmathe Champion Author Chicago Posts:14,326 Points:3,134,595 Joined:May 2001	Message Posted: Apr 19, 2012 8:18:16 PM Ignore letmathe Report Abuse Yet another example of the uselessness of national considerations in petroleum product production on prices locally.
HawaiianGuy Champion Author Idaho Posts:9,538 Points:3,081,650 Joined:May 2003	Message Posted: Apr 19, 2012 8:17:42 PM Ignore HawaiianGuy Report Abuse Why, in heaven's name, would Canada have to IMPORT crude, to the detriment of it's own people? The answer is probably akin to the U.S. EXPORTING refined petro., all the while costing WE the Citizens beaucoup bucks so Big Oil can turn a bigger profit overseas. Hogwash!
TekWare Champion Author Toronto Posts:3,171 Points:674,850 Joined:May 2011	Message Posted: Apr 19, 2012 8:17:27 PM Ignore TekWare Report Abuse Well then that would be idiotic wouldn't it. What do they do with the oil that they export? Oh, they make gas out of it. Is the gas that we make out of the more expensive Brent crude better than the other gas? I highly doubt it. I smell BS.
MG_Sputnik Champion Author Philadelphia Posts:7,315 Points:1,962,355 Joined:Apr 2006	Message Posted: Apr 19, 2012 8:16:01 PM Ignore MG_Sputnik Report Abuse Brilliant deduction!
warlord1 Champion Author Georgia Posts:5,255 Points:1,035,950 Joined:May 2010	Message Posted: Apr 19, 2012 8:11:41 PM Ignore warlord1 Report Abuse MORE BS AND EXCUSES!!!!
camaro_man Champion Author Kitchener-Waterloo Posts:2,239 Points:612,460 Joined:Jun 2010	Message Posted: Apr 19, 2012 8:08:46 PM Ignore camaro_man Report Abuse wow
theschmuck Champion Author Michigan Posts:2,927 Points:1,513,575 Joined:Mar 2007	Message Posted: Apr 19, 2012 8:08:39 PM Ignore theschmuck Report Abuse Seems like there are plenty of fools on both sides of the border.
FuelOilOH Champion Author Cleveland Posts:2,837 Points:1,180,220 Joined:Oct 2007	Message Posted: Apr 19, 2012 8:08:21 PM Ignore FuelOilOH Report Abuse It's a shame to be selling what you get out of your own ground to another country and have to import higher priced oil to satisfy your local demand. The oil companies have us between a rock and a hard place.
TDIdave Champion Author California Posts:5,068 Points:1,226,690 Joined:May 2006	Message Posted: Apr 19, 2012 8:04:57 PM Ignore TDIdave Report Abuse Huh????
hoosierdaddyno1 Champion Author Indiana Posts:1,539 Points:1,257,930 Joined:Oct 2008	Message Posted: Apr 19, 2012 7:59:47 PM Ignore hoosierdaddyno1 Report Abuse WOW goes to show you can drill it and export it , but the gas in your country does not go down , only bigger profits for the oil overlords!!!
swrestler Champion Author Grand Rapids Posts:6,145 Points:1,573,025 Joined:Oct 2008	Message Posted: Apr 19, 2012 7:58:08 PM Ignore swrestler Report Abuse Not Real Smart Canada...
g747 Champion Author Mobile Posts:4,551 Points:935,620 Joined:Jul 2009	Message Posted: Apr 19, 2012 7:55:14 PM Ignore g747 Report Abuse OK,now fix it !!!!!.
heysailor Champion Author Pittsburgh Posts:9,592 Points:2,335,370 Joined:Mar 2006	Message Posted: Apr 19, 2012 7:54:12 PM Ignore heysailor Report Abuse Great: They're wrecking their country to sell below-market oil
ShabbyPA Champion Author Pennsylvania Posts:2,815 Points:680,490 Joined:Nov 2007	Message Posted: Apr 19, 2012 7:53:45 PM Ignore ShabbyPA Report Abuse oh ok
crashintuc34 Champion Author Tucson Posts:4,057 Points:812,865 Joined:May 2010	Message Posted: Apr 19, 2012 7:53:23 PM Ignore crashintuc34 Report Abuse Ok.
darkknight1 Champion Author Winston-Salem Posts:4,345 Points:897,785 Joined:Nov 2010	Message Posted: Apr 19, 2012 7:52:55 PM Ignore darkknight1 Report Abuse ok
fcdriver Champion Author Tennessee Posts:7,258 Points:1,475,780 Joined:Sep 2008	Message Posted: Apr 19, 2012 7:52:26 PM Ignore fcdriver Report Abuse gota blame somebody
200porter Champion Author Toronto Posts:2,075 Points:544,085 Joined:Sep 2011	Message Posted: Apr 19, 2012 7:52:13 PM Ignore 200porter Report Abuse Why would you import for expensive oil when you have a cheaper source in your own back hard. That doesn't make sense
OKRifle Champion Author Oklahoma City Posts:10,411 Points:1,811,260 Joined:Oct 2007	Message Posted: Apr 19, 2012 7:50:07 PM Ignore OKRifle Report Abuse Screw exports!
300kmiles All-Star Author Orange County Posts:529 Points:416,020 Joined:Dec 2009	Message Posted: Apr 19, 2012 7:43:31 PM Ignore 300kmiles Report Abuse That sucks AYE!
ProRogue Veteran Author Vancouver Posts:382 Points:1,085,990 Joined:Dec 2008	Message Posted: Apr 19, 2012 7:42:32 PM Ignore ProRogue Report Abuse Brilliant. Absolutely BRILLIANT.
rjhenn Champion Author Des Moines Posts:22,457 Points:2,231,875 Joined:Aug 2005	Message Posted: Apr 19, 2012 7:39:43 PM Ignore rjhenn Report Abuse 2granny - "Why would Canada import?" Because most of their oil production is in central and western Canada, while most of the consumption is in the east. But they'd rather send that oil south to the Gulf Coast, where the oil companies can export it for a higher price, than send it to their east coast where it could actually help their economic growth.
adgam Champion Author Orange County Posts:2,264 Points:501,020 Joined:Nov 2011	Message Posted: Apr 19, 2012 7:39:17 PM Ignore adgam Report Abuse ok
bigmace111 Champion Author Albany Posts:2,733 Points:616,550 Joined:May 2011	Message Posted: Apr 19, 2012 7:36:09 PM Ignore bigmace111 Report Abuse Just process what you have, and don't import any oil. It will save you money, and create jobs from new refineries.
briinnc Champion Author North Carolina Posts:2,705 Points:834,820 Joined:Jan 2010	Message Posted: Apr 19, 2012 7:34:52 PM Ignore briinnc Report Abuse Duh, exporting cheap oil, importing expensive. Where did the Canucks learn a trick like that?
PizzaMon Champion Author Philadelphia Posts:5,134 Points:1,863,405 Joined:Jun 2006	Message Posted: Apr 19, 2012 7:29:19 PM Ignore PizzaMon Report Abuse Exporting to import makes no sense in Canada or USA.
marsbars Champion Author Alaska Posts:2,658 Points:1,179,820 Joined:Sep 2006	Message Posted: Apr 19, 2012 7:29:14 PM Ignore marsbars Report Abuse Maybe they should keep their oil and not buy the other.
RickF350 Champion Author Washington Posts:3,419 Points:705,800 Joined:Apr 2008	Message Posted: Apr 19, 2012 7:25:50 PM Ignore RickF350 Report Abuse Silly Canadians.
saleboss Champion Author Phoenix Posts:3,929 Points:1,177,875 Joined:Feb 2006	Message Posted: Apr 19, 2012 7:23:56 PM Ignore saleboss Report Abuse I'd have to ask the same question as 2granny!!
2granny Champion Author Michigan Posts:9,585 Points:1,468,205 Joined:Apr 2009	Message Posted: Apr 19, 2012 7:21:00 PM Ignore 2granny Report Abuse Why would Canada import?
mackconsult Champion Author Portland Posts:5,309 Points:864,355 Joined:Jan 2009	Message Posted: Apr 19, 2012 7:18:56 PM Ignore mackconsult Report Abuse Imagine that
walkingtall Champion Author Toronto Posts:4,004 Points:1,122,655 Joined:Nov 2004	Message Posted: Apr 19, 2012 7:17:59 PM Ignore walkingtall Report Abuse Figure how to use domestic oil,then importing expensive oil.
ScottTee Champion Author Detroit Posts:4,396 Points:1,064,570 Joined:Mar 2010	Message Posted: Apr 19, 2012 7:16:00 PM Ignore ScottTee Report Abuse That makes no sense to me, why would you import Brent crude, when you have the Alberta oil???
HiGramma Champion Author Michigan Posts:1,815 Points:445,690 Joined:Oct 2008	Message Posted: Apr 19, 2012 7:13:32 PM Ignore HiGramma Report Abuse What's the difference in pollution between the oil types? Just trying to figure out why Canada doesn't use its own Alberta oil. Also, as GasBuddy noted last summer, potential Keystone approval sent Great Lakes prices into a tizzy because investors were nervous about losing supply in the Enbridge pipeline. That pipeline runs to Sarnia, Ontario. If Keystone - designed to take Alberta oil sands oil - would divert supply from the Great Lakes, then it must be Alberta oil running to Sarnia ... so then, where is that refined product going? Back through the pipe and to the U.S.?
vincentV All-Star Author Toronto Posts:652 Points:137,305 Joined:Oct 2010	Message Posted: Apr 19, 2012 7:04:54 PM Ignore vincentV Report Abuse sure
Romey08 Champion Author Virginia Posts:6,311 Points:1,436,490 Joined:Apr 2008	Message Posted: Apr 19, 2012 7:01:08 PM Ignore Romey08 Report Abuse Not sure why Canada needs to import with their huge reserve
billey32 Champion Author Oklahoma Posts:1,359 Points:351,210 Joined:May 2011	Message Posted: Apr 19, 2012 6:58:47 PM Ignore billey32 Report Abuse Ok
joeborge Champion Author Ventura Posts:2,536 Points:905,555 Joined:Jul 2004	Message Posted: Apr 19, 2012 6:55:48 PM Ignore joeborge Report Abuse of course
30mpg80 Champion Author Lexington Posts:10,053 Points:1,489,805 Joined:Nov 2008	Message Posted: Apr 19, 2012 6:54:12 PM Ignore 30mpg80 Report Abuse Unfortunately, that is the full article you see above.
GasFreeLeaf Champion Author Orange County Posts:1,250 Points:476,610 Joined:Oct 2010	Message Posted: Apr 19, 2012 6:53:44 PM Ignore GasFreeLeaf Report Abuse So why is everyone so excited about the big push to export Canadian oil across the United States To the waiting oil tankers in Texas. The oil will go where it makes the most money.
jwduke1 Champion Author Iowa Posts:15,604 Points:3,068,265 Joined:Apr 2004	Message Posted: Apr 19, 2012 6:53:38 PM Ignore jwduke1 Report Abuse Better than why the Anointed one said!