A consumer watchdog says the world is facing an energy crisis as it has never seen before, and things are going to get worse before they get better.
He does have some ideas though, one being to build infrastructure in the Atlantic basin – between Africa, Europe, the United States and Canada – to take advantage of oil coming from the high seas.
Diesel, furnace oil and gasoline are at or nearly at all-time highs, and Dan McTeague, President of Canadians for Affordable Energy, doesn’t see any long-lasting improvement on the horizon.
Diesel is at $2.77, furnace oil is $2.28 and gas is $2.21.
Dan McTeague
“I could see that going up to $3.00 a litre for diesel by the first week of October,” says McTeague, ” and furnace oil could be around $2.50 a litre.”
He says the current global shortage in supply could be an opening for Canada with fields such as Bay du Nord. That project is expected to reach the final stage of approval with the Final Investment Decision early in the new year.
“Nobody is going to escape this, and it could result in food prices going up another five or ten per cent over the next few months because of the cost of diesel.”
