The average price of regular gasoline in Canada is now $1.30. Compared to most countries in Europe that is still cheap but most countries in Europe are not oil producers.
Canada produces more oil than Venezuela. The consumption amount in both countries is lower than the production amount. However, Canada exports 2.274 million barrels of oil per day and then imports 1.185 million barrels of oil per day. Venezuela exports 2.274 million barrels of oil per day and imports no oil.
Venezuelans also pay $0.05 per liter of oil. That is because Venezuelans own their oil through state-owned firm, PDVSA. Most oil producing countries own their natural resources and profit from these resources through state-owned firms. But Canadian oil is owned by foreign companies, and the rate of foreign ownership is increasing with minimal royalties being paid to Canada.
The economics for these companies is simple. At $1.30 per liter of gas minus the taxes ($0.31) the cost of gas in Canada is the same as in the US. A multi-national company looking to increase profits would never sell oil in Canada for less than what they could sell it for in the US or Europe.
All of the oil pipelines from Alberta go to the US. The rest of Canada gets its oil from the Middle East. With this economic structure there is no where for the price of oil to go but up.
Dollar cost averaging does not work any more because the price of gas is trending upwards. It is better to stock pile. Fill up as often as you can at the cheapest price you can find.
Oil - production: 3.092 million bbl/day (2005)
Oil - consumption: 2.29 million bbl/day (2005)
Oil - exports: 2.274 million bbl/day (2004)
Oil - imports: 1.185 million bbl/day (2004)
Oil - proved reserves: 178.8 billion bbl (includes oil sands) (Jan 2006 est.)
Oil - production: 2.802 million bbl/day (2006 est.)
Oil - consumption: 599,000 bbl/day (2006 est.)
Oil - exports: 2.203 million bbl/day (2006 est.)
Oil - imports: 0 bbl/day (2006 est.)
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