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2. Tracking Petroleum Prices

2.1 Why do petroleum prices need to be tracked?

Rising oil prices are causing Canadians to pay more to operate their vehicles and heat their homes and businesses. These prices hit low-income Canadians the hardest. By tracking the price of energy products such as crude oil and petroleum products—gasoline, diesel and furnace oil—this Office will help Canadians track changes in petroleum prices and access information on how the oil market works.
 
A variety of factors influence energy prices, among them supply and demand, international conflicts and natural disasters. Canadians need and want to understand the oil market and the factors affecting it. The Office's Web site will help Canadians track changes in petroleum prices, access information on how the oil market works, and find important links to topics such as energy efficiency and cost relief. This information will help Canadians to make decisions about their fuel use.
 

2.2 Does this mean the federal government will be regulating petroleum prices?

No. The Government of Canada has no jurisdiction over regulating prices except in national emergencies. The Federal Government's goal is to enhance transparency and promote and maintain fair competition by strengthening existing legislation such as the Competition Act, and providing agencies such as the Competition Bureau with additional tools.
 

2.3 Can the provinces and territories regulate energy and petroleum product prices?

The provinces and territories do have the right to regulate energy prices. Most choose not to exercise their regulatory authority relying instead on market forces where prices are determined by supply and demand. Currently, only Quebec, Prince Edward Island, and Newfoundland and Labrador regulate petroleum prices in some manner.