Oil inventories are at historic lows. Demand is strong. The price keeps dropping. Dan McTeague says the futures market is being driven by headlines, not reality, and the pain at the pump is far from over.

Dan breaks down why a litre of diesel costs forty cents more in Ontario than Alberta, why the weak loonie adds roughly forty cents a litre regardless of where crude is trading, and why provincial tax relief is
largely being cancelled out by HST windfalls governments are quietly collecting on higher prices.

The deeper problem is supply. Dan puts the net loss at fifteen to sixteen million barrels a day, with emergency reserves already eighty percent drawn down. Even if the Strait of Hormuz opened tomorrow, he says, prices would not return to pre-crisis levels for several months at minimum.

Topics: gas prices Canada, oil supply crisis, Canadian dollar fuel costs, fuel tax relief, Strait of Hormuz

GUEST: Dan McTeague | http://affordableenergy.ca

Originally aired on 2026-06-03