The price of fossil fuels in Canada will rise – increasing the cost of living and inflation. This is only in part because of supply shocks due to the situation in the Strait of Hormuz between the Persian Gulf and the Gulf of Oman, but largely because of speculation: In other words, oil and gas corporations will make a lot of profit off Canadians via inflated prices that are only partially the result of actual supply problems. The majority of those profits can go to the richest 1% and very little of those profits end up in things like pension funds. This speculation was what really happened after Russia invaded Ukraine and it helped cost Canadians $12,000 per household (see FalseProfits.ca). The gasoline in pumps in Canada right now (early March 2026) was refined from oil (mostly Canadian and very little of which is from the Middle East) produced weeks ago, yet the price increased – as economist Jim Stanford pointed out.
58% say transitioning away from fossil fuels toward renewable energy is more important than ever, in light of recent events [only 11% say less].
Ironically as Jim Stanford notes: "The oil industry’s preferred solution to everything — build more export pipelines — would clearly make affordability even worse."
Learn more WITH SOURCES: www.sierraclub.ca/iran-oil-gas... #CDNpoli #ABpoli #NLpoli #SKpoli #BCpoli #GasPrice #GasPrices #OilPrice