Canada’s energy ministers powerless in face of volatile prices

ST. ANDREWS, N.B. (CP) – Canada’s energy ministers say they have no control over volatile petroleum prices and they’re warning Canadians to prepare for a tough winter.

Dane Baily of the Canadian Petroleum Products Institute said the industry doesn’t know what will happen to oil and gas prices in the future since they are largely dependent on world demand for crude and other variables over which there is little or no control.
He said the days of cheap energy are probably gone forever.

“Generally speaking, Canadians should get ready for higher energy costs,” he said. “When we look worldwide, demand is outstripping our ability to add new supplies.”

CP