Bank of Canada's Carney warns on high oil prices
The Canadian Press
Posted: Apr 5, 2012 3:43 PM ET
Last Updated: Apr 5, 2012 4:21 PM ET
Bank of Canada governor Mark Carney says the recent run-up of oil prices is a double-loss for Canadians — consumers in the East are paying more for fuel and energy producers in the West are earning less than would be expected.
Carney tells The Canadian Press in an interview that Canada is normally a net beneficiary from higher prices, but the gain has shrunk with the current make-up of how global oil prices are calculated.
And he says the economy will take a hit if gas prices remain at elevated levels for a prolonged period.