Dan McTeague
Fuel prices are still exceptionally high, but gasoline has gone down by almost 15 cents in the province over the past few days.
There will be another price adjustment at midnight tonight.
Tanker traffic is still not moving in the Strait of Hormuz, but a 60-day extension of the cease fire between the U.S. and Iran is on the table, requiring the approval of President Donald Trump.
(VOCM News)
Meanwhile, an industry analyst says the energy crunch clearly demonstrates the importance of increasing supply.
Equinor and BP have yet to make a final decision on Bay du Nord, but all signs point to the project getting the green light.
Dan McTeague, President of Canadians for Affordable Energy and a former MP, says it’s important that it – and projects like it – be developed.
He says the U.S. Treasury Board is doing what’s called “short selling” in an effort to keep prices down.
He says Newfoundland and Labrador can be part of the global solution.
“Americans are not going to tolerate $5-gallon. Our solution is right off your coast – Bay du Nord. We need to get that and many other projects back up and running,” McTeague told VOCM Open Line with Brian Callahan.
