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Gasoline prices are on their way up in Canada. Montréal is just under $1.53 per litre (or $5.81 per US gallon, an overnight jump of $0.13 per litre/$0.49 per US gallon). Who do we blame?

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Sounds like Lukoil is backed by the Russian Mob. blink.gif

It's because of derivatives speculation on the global oil market. Some head-of-state in the OPEC region just has to sneeze twice, and the traders could see it as an impending coup and cause fuel prices to go up due to "market uncertainty". rolleyes.gif

Remember when the prices shot way up in spring/early summer? Iran's president was being a dick and threatened all kinds of military actions against the oil refineries and ports in the Persian Gulf. Lo and behold, we were seeing $4.50-5.00 per gallon at the pumps within a few days. The United States is producing more crude oil than ever before, but we're a net exporter of the refined fuel. It goes to other consumer markets like China, Europe (thanks for leaving us to clean up your mess, BP), and southeast Asia.

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