Tuesday, July 15, 2008

We now have canned pop, we should "can" IRAC..

What a bunch of crap and I'm sure those guys at IRAC will swallow it up and screw the consumer even further. There is a better system than IRAC and its called "free enterprises" and if we "canned" IRAC we would save MILLION$ and we have a lot more choices at the pumps...
Price at the pumps could change more often

The Guardian
If the P.E.I. Petroleum Marketers’ Association Inc. gets its way the prices at the pumps may soon be allowed to change every week on Prince Edward Island.The association has applied to the Island Regulatory and Appeals Commission (IRAC) for weekly pricing adjustments for petroleum products sold in the province.In a submission made earlier this month, the association states that “marketers are at the mercy of the global market in terms of product cost, but often find themselves unable to market the product in a regulated environment at a price that provides reasonable returns for the considerable effort and investment required to operate this type of business.’’The association also notes that IRAC’s current policy of reviewing prices twice monthly is not sufficient to address the “volatility of petroleum product costs in today’s marketplace.’’The association requests that the regulatory body review the application and move to implement the change as soon as possible, in time for the upcoming heating season. IRAC will determine the necessity of a public hearing into this application following receipt of written comments.Any person wishing to comment on the filing can do so by writing to the Commission at: IRAC, P.O. Box 577, Charlottetown, PE C1A 7L1 or by e-mail at info@irac.pe.ca.IRAC moved from monthly to biweekly reviews for possible price adjustments in December 2005.“It would have reflected the more volatile world market pricing and being more responsive to cost increases faced by wholesalers,’’ said Allison MacEwen, assistant director of the petroleum division of IRAC, said of the move at the time.Regulated markets are places where retail gasoline prices are controlled by provincial governments such as in Prince Edward Island, Newfoundland and Labrador, Nova Scotia, New Brunswick and Quebec.Retail gasoline prices often fluctuate in response to free market forces such as competition, wholesale market influences and the impact of world prices for crude oil, notes the Canadian Petroleum Products Institute. “It is generally recognized that regulations cannot influence the worldwide fundamentals of gasoline — a commodity whose price is determined in a continental market that is greatly influenced by worldwide events,’’ the institute states on its website.“However, regulation can be used to inhibit below-cost selling, guarantee dealer margins and provide a level of retail price stability. Retail prices for gasoline, diesel, heating oil and other petroleum products can be regulated by the provinces. Studies and reviews of price regulation have concluded that an open unregulated marketplace is the best way to ensure competitive prices.’’Prince Edward Island, Nova Scotia and Newfoundland and Labrador have adopted maximum price regulations that guarantee retail margins and attempt to stabilize pump prices, the Institute stated.

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