Relief at the pump not going to happen anytime soon
As gas prices remain at record high levels, the O-PEC oil cartel and allied producing countries will boost production in July and August, offering modest relief for a global economy suffering from soaring energy prices.
President of Canadians for Affordable Energy Dan McTeague telling the Toronto Star that gas prices will continue to climb for the foreseeable future as a gas shortage looms.
The decision to increase production by the alliance known as O-PEC-plus is basically restoring cuts made during the worst of the pandemic recession.
The move to increase production faster than planned comes as rising crude prices have pushed gasoline to record highs in Canada and the U-S.
There is a bit a relief at the pumps across the border, the gas tax holiday in New York State kicked in on June 1st.
It removes the state's motor fuel and sales tax from June 1 to Dec. 31, cutting the cost for drivers by about 16 cents a gallon at New York gas stations.
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