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Oil companies in N.B. being overcompensated for federal clean fuel costs, experts say (www.cbc.ca)

submitted 1 year ago by girlfreddy to c/canada

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New Brunswick has been overestimating the cost of federal clean fuel regulations on oil companies and have allowed consumers to be overcharged by millions of dollars since last July as a result, two expert witnesses told an Energy and Utilities Board hearing this week.

Timothy Auger of the group Advanced BioFuels Canada and Vijay Muralidharan of Calgary-based R Cube Economic Consulting Inc. are each challenging a formula adopted last year by the EUB to calculate the cost of federal clean fuel rules on oil companies.

This week, that formula is allowing oil companies to add 5.22 cents per litre to the price of gasoline and 5.82 cents to the price of diesel in New Brunswick to pay for the cost of regulations that took effect nationally in July.

Every one cent added to petroleum prices in New Brunswick costs consumers about $1 million per month at the pumps.

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[–] [email protected] 1 points 1 year ago

It suggested the true cost to oil companies in New Brunswick of clean fuel rules in 2024 would be two-tenths of a cent for gasoline and one-tenth of a cent for diesel.

By that estimate, oil companies are overcharging consumers by at least 25x.

WHY WOULD TRUDEAU DO THIS TO US?