G7 Oil Reserve Release to Bring Relief at the Pump Starting Sunday

Ontario drivers are expected to see a relief at the pump starting Sunday after a two-day jump of 14 cents. The decrease in prices comes after G7 countries agreed to release 100 million barrels of oil reserves, with a focus on diesel, for the next four months. According to Dan McTeague, head of Canadians for Affordable Energy, the G7's announcement led to oil prices falling on global energy markets.

McTeague anticipates gasoline prices will increase by seven cents a litre on Saturday and then drop by five cents on Sunday. This would put the Greater Toronto Area's morning (peak) price at 142.9 cents per liter, down from 147.9 cents. Diesel prices are expected to decrease by six cents a liter.

The head of Canadians for Affordable Energy attributes the price drops to the G7's decision to release oil reserves and states that what happens with energy markets is reflected at the pumps two days later.