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An ‘economic catastrophe’ in the making?
Americans woke up to higher gas prices on Tuesday, and some experts are warning that the global oil shock could be about to get worse with the entry of Yemen’s Houthi rebels into the Iran war.
 On Tuesday morning, the average gas price in the U.S. was US$4.018 per gallon, according to AAA, which tracks gas prices nationally.
Pressure on Canada’s trucking and transportation industry could cause price pressures across the country, a trucking industry group warned on Monday as diesel prices were around $2.39 per litre in many parts of the Greater Toronto Area.
“As transportation costs increase, those costs can flow through to businesses and consumers in the form of higher prices for goods and services,” Canada Truck Operators Association said in a statement.
If the war escalates and shipping in the Red Sea is blocked, it “would be an economic catastrophe,” one expert said.
Read more to find out what could make the Iran war oil crisis worse.
Conservatives call for gas and diesel tax cut
Federal Conservatives are calling for Ottawa to drop the tax on gas and diesel fuel for the rest of this year.
The Tories say their plan would eliminate the Fuel Excise Tax at 10 cents per litre, the Clean Fuel Standard at seven cents per litre, and the Goods and Services Tax at eight cents per litre.
Combined, they say the cuts would save Canadians 25 cents a litre.
After the year, the Conservatives say they would make the cut to the fuel standard tax permanent.
Read more to find out what the Conservatives are asking the federal government to do.
Is the oil crisis driving Canadians to consider EVs?
Energy prices are surging around the world as the Iran war spills over into its second month and Canadians are feeling the pain at the pump.
The blow to their wallets is causing an increasing number of Canadians to look at electric vehicles as an alternative, some experts say.
According to rate comparison website Rates.ca, the number of Canadians searching for a quote on car insurance for an EV was 40 per cent higher last month compared to March of last year.
Read more to find out what the data says.
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