Higher oil and gas prices may be permanent: former Bank of Canada governor

[Anonymous]

Don't ever expect much lower fuel prices and home heating costs.



Stephen Poloz says economy may need to adjust to costlier fuel even when other prices come down



The Canadian economy may need to find a way to permanently adjust to higher oil and gas prices even when the cost of other goods start to fall, according to a former Bank of Canada governor.



In an interview Wednesday with CBC News Network's Power & Politics Stephen Poloz, who was the Bank of Canada governor from 2013 to 2020, said Canada's inflation rate may get back down to the official two per cent target in a year or two, but he struck a less optimistic note when it came to the higher cost of fuel.



"We might have to pay more for oil and gas forever," Poloz told host Vassy Kapelos. "And if that's the case, that's not inflation. It's a higher price that we'll have to pay and we'll adjust to that higher price somehow in our economy."



Earlier in the day Statistics Canada reported that Canada's inflation rate hit a nearly 40 year high of 7.7 per cent.



While the average cost of food items went up 9.7 per cent over the past year, it's the higher cost of gas — up 48 per cent compared to a year ago — that's the single biggest factor affecting the inflation rate.



Poloz said he expects the inflation rate to start ticking down in the latter half of the year, in part because of the Bank of Canada's tightening.

https://www.cbc.ca/news/politics/poloz-gas-oil-prices-inflation-1.6498015">https://www.cbc.ca/news/politics/poloz- ... -1.6498015">https://www.cbc.ca/news/politics/poloz-gas-oil-prices-inflation-1.6498015

[Anonymous]

How can we ever get cheaper gas, diesel, and natural gas again when Justine keeps raising the carbon tax and the GST on it. Not to mention blocking domestic production like that idiot Jim Crow Joe. Ya, costly fuel is here to stay, but it is exactly what prog scum wants.

[Oliver Clotheshoffe]

We could pump oil domestically and cut the taxes and we would have 50 cent a gallon gas. But we can't have that because it endangers the spotted snail or whatever. I say start pumping and screw the snail!



Uh, I don't know if that came out right...

[Anonymous]

We could pump oil domestically and cut the taxes and we would have 50 cent a gallon gas. But we can't have that because it endangers the spotted snail or whatever. I say start pumping and screw the snail!



Uh, I don't know if that came out right...

 ac_lmfao

[Lokmar]

We went through this same exact bullshit with obongo. That idiot said high gas prices is a sign of a growing economy. What a dipshit! Anyway, gas will be cheap in 2026 when Trump or some other Republican is running the country again.

[Anonymous]

We went through this same exact bullshit with obongo. That idiot said high gas prices is a sign of a growing economy. What a dipshit! Anyway, gas will be cheap in 2026 when Trump or some other Republican is running the country again.

In Canada and the USA, high gasoline prices are the sign of bad government policy that hurts the middle class.

[Anonymous]

The official policy of both the Liberals and NDP is that energy poverty is good for the environment. I am not optimistic we will ever see affordable energy again, even if Pierre Pollivere became prime minister.

[Anonymous]

Stephen Poloz and Mark Carney want to limit supply and force Canadians to pay more for fuel. Gasoline, and heating gas are essential, but they consider it the same as smoking.

[Anonymous]

Don't ever expect much lower fuel prices and home heating costs.



Stephen Poloz says economy may need to adjust to costlier fuel even when other prices come down



The Canadian economy may need to find a way to permanently adjust to higher oil and gas prices even when the cost of other goods start to fall, according to a former Bank of Canada governor.



In an interview Wednesday with CBC News Network's Power & Politics Stephen Poloz, who was the Bank of Canada governor from 2013 to 2020, said Canada's inflation rate may get back down to the official two per cent target in a year or two, but he struck a less optimistic note when it came to the higher cost of fuel.



"We might have to pay more for oil and gas forever," Poloz told host Vassy Kapelos. "And if that's the case, that's not inflation. It's a higher price that we'll have to pay and we'll adjust to that higher price somehow in our economy."



Earlier in the day Statistics Canada reported that Canada's inflation rate hit a nearly 40 year high of 7.7 per cent.



While the average cost of food items went up 9.7 per cent over the past year, it's the higher cost of gas — up 48 per cent compared to a year ago — that's the single biggest factor affecting the inflation rate.



Poloz said he expects the inflation rate to start ticking down in the latter half of the year, in part because of the Bank of Canada's tightening.

https://www.cbc.ca/news/politics/poloz-gas-oil-prices-inflation-1.6498015">https://www.cbc.ca/news/politics/poloz- ... -1.6498015">https://www.cbc.ca/news/politics/poloz-gas-oil-prices-inflation-1.6498015

Just buy an electric vehicle. Easy peasy.

[Zetsu]

Don't ever expect much lower fuel prices and home heating costs.



Stephen Poloz says economy may need to adjust to costlier fuel even when other prices come down



The Canadian economy may need to find a way to permanently adjust to higher oil and gas prices even when the cost of other goods start to fall, according to a former Bank of Canada governor.



In an interview Wednesday with CBC News Network's Power & Politics Stephen Poloz, who was the Bank of Canada governor from 2013 to 2020, said Canada's inflation rate may get back down to the official two per cent target in a year or two, but he struck a less optimistic note when it came to the higher cost of fuel.



"We might have to pay more for oil and gas forever," Poloz told host Vassy Kapelos. "And if that's the case, that's not inflation. It's a higher price that we'll have to pay and we'll adjust to that higher price somehow in our economy."



Earlier in the day Statistics Canada reported that Canada's inflation rate hit a nearly 40 year high of 7.7 per cent.



While the average cost of food items went up 9.7 per cent over the past year, it's the higher cost of gas — up 48 per cent compared to a year ago — that's the single biggest factor affecting the inflation rate.



Poloz said he expects the inflation rate to start ticking down in the latter half of the year, in part because of the Bank of Canada's tightening.

https://www.cbc.ca/news/politics/poloz-gas-oil-prices-inflation-1.6498015">https://www.cbc.ca/news/politics/poloz- ... -1.6498015">https://www.cbc.ca/news/politics/poloz-gas-oil-prices-inflation-1.6498015

Just buy an electric vehicle. Easy peasy.

Lol by the time the owner drives over 250,000 km to save enough gas to off set the initial purchase cost of the EV, it wouldn't be surprising the EV battery will be close to the end of it's life cycle, time to fork out another $50,000 for another EV battery.  

[Anonymous]

Just buy an electric vehicle. Easy peasy.

Lol by the time the owner drives over 250,000 km to save enough gas to off set the initial purchase cost of the EV, it wouldn't be surprising the EV battery will be close to the end of it's life cycle, time to fork out another $50,000 for another EV battery.  

She probably knows all that. I am pretty sure she was being a smartass.

[Zetsu]

Lol by the time the owner drives over 250,000 km to save enough gas to off set the initial purchase cost of the EV, it wouldn't be surprising the EV battery will be close to the end of it's life cycle, time to fork out another $50,000 for another EV battery.  

She probably knows all that. I am pretty sure she was being a smartass.

I knew Shen would know  ac_cool , but now that EVs are so expensive, I couldn't resist bashing it at every chance I get, lol.

[Anonymous]

She probably knows all that. I am pretty sure she was being a smartass.

I knew Shen would know  ac_cool , but now that EVs are so expensive, I couldn't resist bashing it at every chance I get, lol.

And they aint any more sustainable than ICE vehnicles. Probably even less.

[Zetsu]

I knew Shen would know  ac_cool , but now that EVs are so expensive, I couldn't resist bashing it at every chance I get, lol.

And they aint any more sustainable than ICE vehnicles. Probably even less.

Before I remember the Tesla 3 was around 42 grand after the tax deduction, but now they're about 73 grand after deduction, I can't think of any reason into buying one.  ac_unsure

[Anonymous]

And they aint any more sustainable than ICE vehnicles. Probably even less.

Before I remember the Tesla 3 was around 42 grand after the tax deduction, but now they're about 73 grand after deduction, I can't see any reasons in buying one.

Drop the tax subsidy and it would be a lot more than that.