Canadian consumers could wind up paying $ 12 billion in fuel costs higher in 2011 if the soaring gas prices remain in place for the rest of the year, according to a new report published Monday.
CIBC Imperial Economics, the arm of the economy of the Canadian Bank of Commerce, said rising pump for all 2011 prices would result in $950 to suck every Canadian household to feed their cars and trucks.
High gasoline prices are expected to bite of consumer budgets. (Matt Rourke/Associated Press)"Do anything you look it, high energy bite significantly in the pockets of Canadian households," said CIBC Economist Benjamin Tal, author of a report on how the cost of crude oil would affect individual consumers.
World oil prices have already increased by more than 20 percent since April 2010 and the Canadian gasoline prices have more follow-up costume, increased by 32% since last September, CIBC estimated.
In addition, some forecasters now believe global prices average $100 per barrel in 2011, higher than the average of recent years.
Increases the economic demand in countries so-called emerging, such as the India and China, combined with a weakening of the dollar conspired to send prices at the pump at levels not seen since the territory of nosebleed of mid-2008.
Three years previously, a barrel of crude oil rose to 147 dollars in summer.
Now, the Canada station prices are at a distance spitting where they were in 2008, Tal said.
Between October 2007 and July 2008, gross expenses jumped 40 percent.
And prices at the pump, which stood at $1 per litre in July 2007, hit $1.40 approximately 12 months later.
Interestingly, people did not reduce their conduct in response to the rising prices in 2008, deciding instead just to pay more for the privilege of ploughing through the streets and highways of the country, he said.
"The Canadians kept driving, which could be replicated in 2011." If history is a guide, higher prices will have no impact on oil demand in the short term, "Noted Tal."
Indeed, gasoline prices could be a language good, economic "inelastic" for a product or service for which the application does not change much in response to the rise in the price, said Tal.
If this is true, Canadians will pay 12 billion dollars, or $950 for each household of rising prices of gasoline, in 2011, near a record percentage of own consumption, estimated CIBC.
"It is equivalent to an increase of seven per cent in the average Canadian tax bill," said Tal.
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