Canada's Gas Tax Cut: A Mixed Blessing Amid Iran-US War

0:00It's April 18th. Calgary news today starts now. AI powered and ready. I'm Cory with the story. Canada's federal excise tax on gasoline drops starting Monday, running until September 7. That means about 10 cents off per liter for gas and 4 cents for diesel at the pump. But with the U.S. and Israel at war with Iran, experts say drivers might not feel much relief if oil stays volatile. Oil prices plunged almost 10% Friday when Iran briefly reopened the Strait of Hormuz to ships. By Saturday though, they shut it down again, firing on vessels trying to pass. That straight handles around 20% of the world's crude, so any blockade spikes prices fast. Analysts like James Williams from WTRG economics predict oil will rebound Sunday night and climb higher with the shooting ongoing. Benjamin Knight at Emperor calls tax cuts a mirage amid this mess, especially with a Wednesday peace deadline looming and no trust in quick fixes.

1:00Prime Minister Mark Carney announced the tax break last Tuesday right after his liberal swept three by elections for a house majority. The war kicked off late February over Iran's nuclear talks, leading to U.S. blockades and Iranian retaliation. For now, pump savings hinge on that straight-staying open, but volatility rules the day. Spaniard on oil markets this week could be a wash for your wallet.