Q1 2015 Report: Low Energy Prices, Adding Fuel to Uncertainty

A big story for the past year has been energy. Less than a year ago oil was about $114 a barrel; since then it has dipped below $46 a barrel. At the time of this writing it is trading around $55. This is still 60% lower than the high of about a year ago.  

The following chart is from Gasbuddy.com.  The reality is that we are not paying 60% less for fuel. The average combined Federal and Provincial tax on gas in BC (including GST) is 32.7 cents per liter according to Wikipedia. If we back these taxes out of the price of gasoline, the average drop is just under 26%. So where is the other 34% going?