Canada's Oil Demand is Becoming too High to Keep up With
Why Gas Prices are High in Canada
As we get into the 2022 it is clear that gas prices are not going down anytime soon. According to the Toronto Sun, on February 6th the national average gas price was around $1.52, setting an all-time high in Canada. This is a price that is going to continue to rise as the global demand for crude oil is high and supply is low. Although the price of gas is not solely dependent on crude oil costs, crude oil is a major factor.
With crude oil driving the price of gas, our gas prices are a perfect example of where the oil economy is headed. Gas prices help show that oil is a finite source, almost everyone has a demand for it, but it is getting more difficult for that demand to be met at a fair price. This will not be sustainable in the long term.
Not only will Canada’s drivers be affected, but so will homeowners. There are hundreds of northern, off grid, and rural homeowners that rely on diesel for heating and power. With the demand for crude oil constantly rising it will get harder for thousands of people to be able to afford fossil fuels for heating.
How can Rising Oil Prices be Mitigated
For those who rely on fossil fuels to power/heat their homes the best solution to lower costs is to go renewable. Not only will this help lower energy costs, going renewable is what’s best for the planet. As oil becomes more costly and less available, renewable energy is infinite. For example, wind is one of the cleanest sources of energy, and the wind will never stop blowing. Borrum Energy Solutions’ microgeneration products allow homeowners to harvest wind energy, in the process relying less on oil.