OIL
What does OPEC stand for?
Organization of the petroleum exporting countries.
What type of product is gas?
Inelastic Product
What is a set back to pollution permits?
A bunch of things
In a cap and trade system, what does “cap” represent?
The maximum amount of emissions that can be released.
What type of market structure is OPEC?
Oligopoly
What city is Toronto’s gas price benchmark?
New York
What would a company do if they go over their threshold in their pollution permit?
Buy more or pay a fine
What is the main goal of the cap and trade system?
To set a maximum limit on emissions and allow trading of emission permits
What is one solution to Alberta’s dirty oil?
Improved Extraction Methods or Renewable Energy Integration
What are two important uses for gas in Canada?
Heating Homes, Generating Electricity, Transportation
Name one province that joined WCI.
Quebec or British Columbia
What is a potential benefit of cap and trade for companies that reduce their emissions below their allotted cap?
They can sell their excess allowances to other companies.
What is another word for crude oil?
Petroleum
What was the highest all time gas price in Canada? During what year did this occur? (+/-2 cents per liter)
197.4 cents per liter in May 2022
What was the first Canadian province to create a legislature (for greenhouse gas reduction)?
Alberta
How can companies comply with the emissions limits in a cap and trade system?
By purchasing additional emission allowances from other companies.
In 2018 how many crude oil barrels did Canada produce per day?
4.6 million
What are five factors that affect gas prices?
Production costs, shipping costs, taxes, weather, supply and demand, markets, and competition are all factors that affect gas prices.
What year did Canada formally drop out of the Kyoto protocol?
2011
Which of the following is a common criticism of cap and trade systems?
They can create a market for pollution without effectively reducing overall emissions.