Gas prices dropping thirteen cents a liter in one day is news. Diesel falling twenty-eight cents a liter is something Dan McTeague says he has genuinely never seen before. Friday is the day to fill up. The reason it's happening is also the reason it won't last.
A two-week Strait of Hormuz ceasefire knocked eighteen to twenty dollars off a barrel of oil overnight. The market loved it. The supply situation did not change. Two to three months of infrastructure repairs on damaged oil fields and pipelines. Qatar's largest LNG facility in the world offline for five weeks under force majeure and still not producing. A global supply deficit sitting at ten million barrels a day. Countries in Asia running out of stockpiles and refusing to share what little they have left. Jet fuel sitting at $1.96 a liter before tax when it was $0.92 on February 27th.
The pump price on Friday is the best news in weeks. Dan McTeague says don't expect gas under a dollar fifty-five a litre in Ontario until this is actually fixed, and fixing it takes months, not days.
Topics: gas prices Canada, Dan McTeague, diesel price drop, Strait of Hormuz, global oil shortage
GUEST: Dan McTeague | affordableenergy.ca
Originally aired on 2026-04-08

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