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Average gasoline prices across the country peaked in June at about $2.14 per litre. (Robert Short/CBC) After an extraordinary level of attention has been focused on energy prices over the last 12 months, the spotlight will likely continue during the year ahead. As the Russian invasion of Ukraine caused commodity prices to spike, fuelling a sharp rise in inflation, concerns over energy security became paramount, especially in Europe, leading world leaders like Justin Trudeau and Joe Biden to urge the oilpatch to ramp up production quickly. North American oil and natural gas companies weren’t able to respond to the increased demand for energy around the world as much as initially expected, even as energy supply continued to be a highly politicized global issue. And who was left feeling the pain? The consumer, of course. For much of 2022, there was month after month of sky-high prices at the pump, on utility bills, and just about everywhere else because of the trickle down effect of energy prices on inflation. "We went from a once in a lifetime demand event with COVID and now this is a once in a lifetime supply event with [Russia’s invasion]," said Al Salazar, a Calgary-based […]
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