How can the oil companies justify $1.20 for a litre of gasoline?
In June last year the wholesale price of crude oil was $112 a barrel. The price at the pump was $1.30 a litre.
Today, the wholesale price of crude is below $50 a barrel, less than half of last year’s high, while the pump price has dropped less than 10 per cent.
In Washington state, gas is selling for around 65 cents a litre, which even with our discounted dollar, works out to be about 78 cents Canadian.