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"Canadian industry analyst Roger McKnight with En-Pro International, said the last time he could find prices near the $1.20 a litre mark was in April 2021.
The elimination of carbon taxes in Canada is one reason, but the bigger factor affecting prices across North America is increased production by OPEC+.
“They’ve been ramping up additional oil production, which is driving the pressure point of prices for oil downward, and then we also have geopolitical things,” said McClain.
McKnight believes the OPEC+ group of oil-producing countries is trying to win back North American market share from U.S. shale producers."