However, our relatively low gas prices make Ontario very competitive in the global marketplace. And many of the people who made presentations to you recognize these facts. Mr. Clapp presented other data showing that the downstream petroleum industry is significantly more efficient today than it was 10 years ago when the Gulf War pushed the retail price of gas to its previous record high. However, when you look at all the facts, when gas was 67 cpl, its tax component was 23.7 cpl. When gas hit 72 cpl this year, its tax component was about 30 cpl.
Crude oil is bought and sold on world commodity markets at world prices.
Over the medium term, the wholesale price of gasoline has a direct influence over the retail price consumers pay for it. Ontario's gasoline is priced competitively with North American wholesale markets. And the converse is also true. For every dollar decrease in the cost of crude, consumers can expect to pay a penny less per litre. The Canadian Petroleum Products Institute, which had a representative at all the task force hearings, provided Mr. Tascona, co-chair of the task force, with the industry's perspective on a number of issues that had been raised during the eight sittings of the task force.