The sky high price of gasoline is pushing many Canadians to their financial limits. Usually when this happens, the pain at the pumps is offset by a burst in growth for the Canadian economy. High oil prices used to mean a surge in investments and hiring.
Not this time.
“Typically when oil prices are rising, Canadians get a bit of relief at the pump as a result of a higher Canadian dollar,” said CIBC’s chief economist Avery Shenfeld.
“In this case the Canadian dollar is not following oil prices, in fact it’s moving in an opposite direction at the moment and that’s adding to
This story was originally published on CBC News. To read the rest of this news worthy story, please visit https://www.cbc.ca/news/business/oil-prices-canada-s-economy-1.6459514?cmp=rss.