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

The 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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