Gas Prices Surge In New Brunswick

Gas prices in New Brunswick, Canada, have been on a rollercoaster ride in recent years, with prices fluctuating and reaching record highs. In August 2023, gas prices in the province were expected to climb by more than three cents per litre, pushing them to their highest level since July of the previous year. The price of diesel fuel also saw a significant jump in November 2022, rising by 68 cents per litre. These increases have had a significant impact on New Brunswick drivers, who are feeling the pinch at the fuel pumps. While there have been occasional drops in prices, providing some relief, the overall trend has been upward, and experts predict that prices could continue to rise. The provincial government has introduced legislation to mitigate some of the more dramatic price spikes, but time will tell how effective these measures will be in the face of volatile market conditions.

Gas prices in New Brunswick rose by more than 8 cents, resulting in another record high

Gas prices in New Brunswick have been on a rollercoaster ride, with prices fluctuating and reaching new highs. In a recent development, gas prices in the province rose by more than 8 cents, marking yet another record high for frustrated drivers. This increase comes after a period of relatively lower prices, with a nearly 14-cent drop at the pumps in New Brunswick, providing some relief to residents.

The price of regular self-serve gasoline in New Brunswick currently sits at a maximum of 219.3 cents, or $2.19 per litre, a significant increase from previous prices. This surge in prices has been a source of concern and frustration for many residents, who are feeling the financial pinch of these record-high gas prices.

While the federal government and Irving Oil have been blamed for the high prices, the provincial government is not exempt from criticism. The Green Party's MLA, Kevin Arseneau, has called for better relief measures, acknowledging that while the province cannot control inflation, they can certainly provide more assistance to residents facing these skyrocketing fuel costs.

In response to the volatile nature of gas prices, the Higgs government introduced legislation to amend how the Energy and Utilities Board (EUB) sets maximum fuel prices. These changes aim to prevent drastic price spikes and bring New Brunswick's regulations closer to those of neighbouring Nova Scotia, fostering more consistent pricing between the two provinces.

With prices continuing their upward trend, experts predict that residents should brace themselves for further increases, signalling that these high prices could be the new normal for the foreseeable future.

The New Brunswick Energy and Utilities Board adjusts prices every Friday at 12:01 a.m

The New Brunswick Energy and Utilities Board (NBEUB) is responsible for adjusting fuel prices in the province. The NBEUB is an independent quasi-judicial tribunal established by the Legislature to regulate the electricity, natural gas, pipeline, and motor carrier industries. The Board also sets the maximum gasoline prices for New Brunswick.

To avoid significant price spikes, the Higgs government introduced legislation to change how the Energy and Utilities Board sets maximum fuel prices. As a result of these changes, the NBEUB now sets the weekly maximum price on Fridays at 12:01 a.m., instead of Thursdays. This change brings New Brunswick's Petroleum Products Pricing Act closer to the legislation in neighbouring Nova Scotia, allowing for more consistent pricing between the two provinces.

The NBEUB's weekly price adjustments can result in either increases or decreases in fuel prices. For example, in April 2024, the maximum cost for regular self-serve fuel dropped by 3.7 cents per litre, while diesel prices decreased by 4.6 cents. However, in March 2024, the maximum cost for regular self-serve fuel increased by 9.3 cents per litre. These price adjustments are made every Friday at 12:01 a.m., so drivers can expect to see changes at the pumps at the start of each weekend.

The NBEUB's role in setting maximum fuel prices helps regulate the market and prevent excessive price spikes. By adjusting prices on Fridays, the Board can ensure that any changes are reflected at the start of a new week, providing clarity and consistency for consumers.

The Green Party has called for better relief to ease the pain caused by fuel prices

In the UK, the Green Party has called for emergency insulation grants to fund immediate insulation improvements for those at risk of fuel poverty. The party proposes that the government should provide emergency grants to homeowners, landlords, and councils to improve insulation and reduce energy costs. The Green Party also advocates for a large-scale nationwide insulation programme, which is a key part of their Green New Deal.

The Green Party leaders, Carla Denyer and Adrian Ramsay, have urged the government to provide winter fuel payments of £320 for all households to avoid fuel poverty and ensure human dignity. They propose funding this through a one-off windfall land value tax on residential landlord properties.

To address the cost-of-living crisis, the Green Party has also suggested shifting the environmental levy from electricity bills to the Treasury to provide temporary relief from soaring fuel bills. This proposal, supported by the Conservative Environment Network, aims to reduce the burden on households facing rising energy costs.

The Green Party's calls for better relief highlight the impact of rising fuel prices on residents in New Brunswick and the UK, with the party advocating for immediate and long-term solutions to ease the financial strain on individuals and families.

The federal government and Irving Oil have been blamed for the increase in gas prices

Gas prices in New Brunswick have been on a steady rise, with drivers facing yet another hike at the fuel pumps in August 2023. While some blame the federal government for the surge in prices, others point their fingers at Irving Oil.

The federal government's involvement in the rising gas prices is a contentious issue. Some argue that the government's policies, such as the cancellation of the Keystone XL pipeline and postponing oil lease sales, have impacted the supply of crude oil and, consequently, gasoline prices. Additionally, the government's push for clean energy and its signals to the market about the potential costs of drilling for oil may have contributed to the price hike.

On the other hand, supporters of the federal government argue that the upward trend in gas prices began before the current administration took office. They attribute the increase to factors such as the pandemic's effect on supply and demand, as well as market forces beyond the government's control.

Irving Oil, a prominent player in the energy industry, has also come under fire for the surge in gas prices. While the specific reasons for the blame are unclear, it is possible that people hold the company responsible for the overall state of the energy market and the impact of its business decisions on gas prices.

The debate over the causes of rising gas prices is complex and multifaceted. While the federal government and Irving Oil have become targets of blame, it is essential to recognize that multiple factors, including global supply and demand, market forces, and energy policies, all contribute to the fluctuating prices at the pump.

The Higgs government introduced a bill to change how maximum fuel prices are set

Gas prices in New Brunswick have been on a rollercoaster ride in recent months, with prices soaring to record highs and then plunging. The unpredictable nature of gas prices has caused concern among residents, who are feeling the pinch at the pump.

In response to this volatility, the Higgs government introduced a bill to amend the way maximum fuel prices are set. The legislation aims to reduce the frequency of dramatic price spikes and bring New Brunswick's Petroleum Products Pricing Act closer to that of neighbouring Nova Scotia.

The bill proposes that the Energy and Utilities Board (EUB) of New Brunswick sets the weekly maximum price on Fridays instead of Thursdays, aligning with the practice in Nova Scotia. This change aims to harmonize regulations and laws between the two provinces, ensuring consistency in pricing.

The previous setting of prices on Thursdays in New Brunswick was done through a strict formula, which the government claims is no longer suitable due to its inability to adapt to market fluctuations. The new legislation will grant the EUB discretion in setting prices, allowing them to consider market trends and avoid immediate reactions to brief spikes.

According to Natural Resources and Energy Development Minister Mike Holland, the amendments are designed to provide consumers with fair market prices while ensuring retailers can recuperate their costs. He attributes the recent volatility in fuel prices to a series of global events and new federal regulations, which have made the existing legislation less effective.

While these changes may not directly address the rising cost of energy, they are expected to mitigate some of the day-to-day volatility and bring New Brunswick's pricing framework closer to that of Prince Edward Island and Nova Scotia, where discretion is already granted in determining regulated prices.

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