It's been quite amazing to watch Canadian gas prices remain relatively stable while prices in the U.S. have risen. Gasoline prices in Canada were stuck at ~103c/L for weeks while prices in the U.S. were increasing.
To further investigate, I decided to throw together a few charts showing what I'm referring to. If you can't see the images, head over to
the GasBuddy Blog Homepage so you don't miss this comparison.
Looking at the chart labeled "Difference in prices", you'll notice that I am tracking the difference between the adjusted prices in the U.S. and Canada- I converted all amounts to U.S. dollars and converted liters to gallons. You can see that during the last part of winter, from February to mid-March, prices in Canada were increasing faster than prices in the U.S. as the difference between prices were some $1.35/gallon.
Then as spring sprung in the United States, our prices began to rise, narrowing the difference between what we and our Canadian friends pay. The gap narrowed to as little as (if you can call it little) $1.18 on April 24. At the end of the chart, the difference is growing, that is- prices in the U.S. are moderating or falling while prices in Canada rise.
Prices in Canada were near 103c/L just a week ago and are now closer to 105.5c/L. In the U.S. this would be the equivalent of a nine cent increase in just a few days, pretty significant!
The major difference between prices in the U.S. and Canada continues to be their tax rate. Beyond that, on Monday they paid about 65-cents per liter wholesale, or $2.44, right where U.S. wholesale prices were. Today, they are paying an average wholesale price of 63-cents per liter, or $2.29. Prices in Canada tend to be a bit more stable, but the flip side is that their prices are much higher.
Today, prices in Canada average $4.15 per gallon, or some $1.23 more than prices in the U.S., according to the chart. At least both countries can look forward to lower gasoline prices throughout the weekend. If you need gasoline this weekend, only get enough to get where you need to go. I anticipate prices by Monday could be under $2.90 on average. Have a great weekend!