07:45:23 EDT Mon 05 Oct 2026
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Cenovus Energy Inc
Symbol CVE
Shares Issued 1,821,894,621
Close 2026-10-02 C$ 46.25
Market Cap C$ 84,262,626,221
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Globe says CNRL sees no relief from high gas prices

2026-10-05 05:12 ET - In the News

See In the News (C-CNQ) Canadian Natural Resources Ltd

The Globe and Mail reports in its Saturday, Oct. 3, edition that Canadians hoping for relief at the gas pumps likely will not get it soon. The Globe's guest columnist Joy SpearChief-Morris writes that Canada has more than enough crude oil supply and refining capacity to meet its own needs, but Commodity Context's Rory Johnston said the country is still subject to the global market. In September, Prime Minister Mark Carney announced an extension to the removal of the federal fuel excise tax on gas through Jan. 31, with 50 per cent off the tax through March 31. The removal cuts 10 cents a litre off the retail price. Alberta, meanwhile, has paused a 13-cents-a-litre gas tax until the end of the year. These moves ease some of the pain, but they do not have any impact on the global wholesale market that is driving prices higher. The price of crude oil is only half the problem, a shortage of global refinery capacity is also an issue. China and Japan are struggling to acquire enough crude oil. "Japan was getting 80 per cent of its crude oil from the Middle East, and specifically Saudi Arabia and Kuwait. So if those two countries can't get oil out, that"s a problem," said Wood Mackenzie's Jim Mitchell.

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