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Tuesday, October 21, 2008

Chamber calls for ending of gas regulation

Posted By on Tue, Oct 21, 2008 at 11:18 AM

A press release:

The Halifax Chamber of Commerce is calling on the provincial government to bring an end to gas regulation when the house resumes later this month.

Gas regulation in Nova Scotia has been in effect since July 1, 2007. Promises of stable gasoline prices and increased opportunities for independent gasoline retailers to make a profit, especially in the rural areas, haven’t materialized.

“The government knew that gas regulation wouldn’t work and now that it has failed, it’s time to put an end to it” says Valerie Payn, Chamber President. “The benefit of minimal price stability isn’t worth the pain of paying more at the pumps”.

The Chamber is urging MLAs to bring this issue forward as soon as the house resumes “We can’t afford to wait until a study is done” says Payn. “The experiement didn’t work, so let’s put an end to it now –free market forces, not the government, ultimately determine the price of gasoline.”Economists know that regulation cannot greatly influence gasoline prices. Gasoline is a commodity, whose price is greatly influenced by worldwide events. In September, Nova Scotians experienced this when hurricane Ike caused the price at the pump to sky rocket to over $1.44 a litre. The first day of the fall sitting of the provincial legislature is Thursday, October 30, 2008.

It was a silly idea from the start, but we'll see if Rodney will turn his back on what is perceived to be his rural constituency.

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