Rise in demand, Ukraine crisis: Why fuel prices have soared to record highs

Canadians are returning to office after 2 years of pandemic restrictions, and are being confronted by record-high gasoline prices at the pumps, leaving them wondering: Why is gasoline so expensive?

Canadians are finally returning to the office after two years of pandemic restrictions, and they’re are making March Break and summer travel plans. They are also being confronted by record-high gasoline prices at the pumps, leaving them wondering: Why is gasoline so expensive? How long will they stay this way? What can be done?

There are obvious and not-so-obvious answers to these difficult questions. The key driver of gasoline prices is the price of a barrel of oil and, like other commodities, oil prices are driven by the dynamics of supply and demand. Right now,