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By A Smith (anonymous) | Posted May 18, 2011 at 16:25:38 in reply to Comment 63654
>> Oil isn't priced in Canadian dollars, though, it's priced in American dollars,
Gas at the pumps is priced in Canadian dollars. Since 1999, gold has gone from approx $450 CDN/ounce to $1,442 CDN/ounce, an increase of 220%. In that time, gasoline prices have gone from approximately 50 cents (CDN) a litre to $1.32 (CDN)/litre, an increase of only 140%.
In fact, over the past decade, gasoline prices (as measured in gold), have actually fallen 20%.
The reason why it doesn't feel good, is because while our GDP has gone up by 30.5% (Ontario, since 2001-02), government spending (provincial) has gone up by 74.9%. Because all spending has to be paid back through taxation (directly, or by diluting the currency), the people of Ontario have actually suffered a 44.4% tax hike over the last nine years.
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