The record profits that energy companies made in 2022 have raised questions about what鈥檚 driving revenues, and what increased funds are being used for.
And how companies like Shell are using the 鈥渙bscene amount of earnings鈥 they鈥檝e accumulated is something the public needs to be concerned about, said Jeff Rubin, an economist and former CIBC World Markets Chief Economist.
鈥淚n the past, they would have plowed those earnings into capital expenditures, to develop new reserves, bring on new supply, which in turn, would moderate oil prices over the cycle. They鈥檙e not doing that anymore,鈥 said Rubin in an interview with CTV鈥檚 Your Morning Wednesday.
Instead, Shell is turning itself into an 鈥渋nstant teller machine鈥 through share buybacks and dividend hikes for the benefit of their shareholders, said Rubin.
Shell said on Feb. 2 that its annual profits doubled to $39.9 billion in the final three months of 2022, as natural gas prices climbed after Russia invaded Ukraine. U.K. energy company BP also posted record earnings on Feb. 7, and so did U.S. company Exxon last week.
But as other jurisdictions in places like the U.K. are taxing energy companies on surplus profits, that has not occurred yet in Canada.
For more information about whether Canadians should expect to see high gas prices for the foreseeable future, watch the full interview with Jeff Rubin in the video above.
After reaching peak intensity with wind speeds of 180 m.p.h. (285 km/h) on Monday night, Milton became the strongest storm on our planet for 2024.
Hurricane Milton is expected to leave a path of devastation across central Florida, from Tampa in the west to Daytona Beach in the east.
A seasoned American meteorologist became emotional on air as he gave an update on a major hurricane, later suggesting the reason behind his strong reaction.
The minority Liberal government is not considering proroguing Parliament, Deputy Prime Minister Chrystia Freeland said Tuesday, despite persisting uncertainty over who is willing to keep propping them up and procedural wrangling over a Conservative led-privilege debate.
A British Columbia provincial court judge says a Boston Bar man who shot a teacup Chihuahua named Bear claiming it was menacing his chickens was not justified in killing the animal.
An organization that ranks the best universities across the globe says its latest report shows a concerning trend that several of Canada鈥檚 institutions are slipping down its list.
A man who showed up at a rental car company only to be told his online reservation would not be honoured is entitled to compensation, B.C.'s small claims tribunal has ruled.
Former cabinet minister Marc Garneau, who describes himself in his new book as always-a-Liberal, 'but a decidedly blue one,' says he hopes the party still has room for someone like him.
The renewed pleas of people in Fort Chipewyan, Alta. for government to take action cleaning up contamination in their community have reached the ears of federal Transport Minister Anita Anand.
An organization that ranks the best universities across the globe says its latest report shows a concerning trend that several of Canada鈥檚 institutions are slipping down its list.
On September 11, Madeleine Gervais was the victim of a theft in Ottawa's west end. It happened in the Loblaws parking lot in College Square, when she was approached by a man and a woman who insisted to help her load her groceries into her car.
Vancouver Police say they are conducting an investigation into a pro-Palestinian protest where they say speakers expressed "solidarity with terrorist groups."
A British Columbia provincial court judge says a Boston Bar man who shot a teacup Chihuahua named Bear claiming it was menacing his chickens was not justified in killing the animal.
More than two weeks have passed since Hassan Ali walked out of a Toronto courtroom a free man, after prosecutors decided not to move forward with a first-degree murder trial against the local rapper.
As the war in Gaza escalates, Nabila Manna watches from her home with feelings of fear and helplessness. Her mother, siblings, and extended family are all in Gaza.
The Dominican Republic said Tuesday it has deported or repatriated nearly 11,000 Haitians in the past week, fulfilling a pledge to do so weekly as neighboring Haiti scrambles to handle the influx while besieged by gang violence and poverty.
Florida gas stations struggled to keep up with demand Tuesday as long lines and empty pumps compounded the stress for residents planning to hunker down or flee as Hurricane Milton approached the state's western coast.
The FBI has arrested an Afghan man who officials say was inspired by the Islamic State and was plotting an Election Day attack targeting large crowds in the U.S., the Justice Department said Tuesday.
Donald Trump has had as many as seven private phone calls with Vladimir Putin since leaving office and secretly sent the Russian president COVID-19 test machines during the height of the pandemic, Bob Woodward reported in his new book, 'War.'
A former New York City official was charged Tuesday with witness tampering and destroying evidence in a federal investigation that led to Mayor Eric Adams鈥 bribery indictment. The arrest came amid yet more high-profile departures from Adams' administration as federal prosecutors delve deeper into allegations that the mayor was involved in a coverup.
A seasoned American meteorologist became emotional on air as he gave an update on a major hurricane, later suggesting the reason behind his strong reaction.
The minority Liberal government is not considering proroguing Parliament, Deputy Prime Minister Chrystia Freeland said Tuesday, despite persisting uncertainty over who is willing to keep propping them up and procedural wrangling over a Conservative led-privilege debate.
Former cabinet minister Marc Garneau, who describes himself in his new book as always-a-Liberal, 'but a decidedly blue one,' says he hopes the party still has room for someone like him.
Conservative Leader Pierre Poilievre is not allowed to speak in the House of Commons today as his public feud with Foreign Affairs Minister M茅lanie Joly spilled into a second day.
The Ontario Ministry of Health says four people have been sickened after consuming beef tongue believed to be contaminated with listeria.
One in eight women will be diagnosed with invasive breast cancer in their lifetimes, according to the American Cancer Society. Breast cancer is the second leading cause of cancer death for women in the United States, with 42,000 women dying every year from this cancer.
A new report that looks at the sex lives of Canadian youth suggests more needs to be done to encourage safe sex, including reversing a decrease in condom use.
The Brazilian Supreme Court's Justice Alexandre de Moraes on Tuesday authorized the restoration of social media platform X麓s service in Brazil, over a month after its nationwide shutdown, according to a statement posted on the court's website.
Geoffrey Hinton, the British Canadian computer scientist whose machine learning discoveries have proved so profound he's known as the 'godfather of AI,' has won the Nobel Prize in physics.
A device used by researchers with Fisheries and Oceans Canada appears to have been the victim of an attack by a great white shark 300 metres under water off the coast of Nova Scotia.
Sum 41 lead singer Deryck Whibley alleges in his new memoir that he was pressured into a secret sexual relationship with his former manager, Treble Charger frontman Greig Nori.
The "Star Trek" star, Chris Pine, has a new children's book out, titled "When Digz the Dog Met Zurl the Squirrel: A Short Tale About a Short Tail."
An elevator mechanic mistakenly threw out a piece of artwork, made to look like empty beer cans, assuming it was litter, a Dutch museum revealed earlier this month.
A man who showed up at a rental car company only to be told his online reservation would not be honoured is entitled to compensation, B.C.'s small claims tribunal has ruled.
Statistics Canada says the country posted a merchandise trade deficit of $1.1 billion in August as lower oil prices weighed on exports.
A new report from the Canadian Chamber of Commerce is sending a stark warning ahead of the U.S. presidential election, saying protectionist policies like Donald Trump's proposed tariffs could damage economies on both sides of the border.
Have you ever seen videos of hovercrafts online or on TV and thought, 'Wow, I wish I could ride one of those.' One Alberta man did, and then built his own.
A woman in Greater Sudbury, Ont., said "It doesn't get more Canadian than this" when she spotted a black bear dumpster diving at a Tim Hortons last month.
A Winnipeg baker is hanging up his apron permanently because he won the lottery.
Saskatchewan鈥檚 Jessica Campbell has made hockey history, becoming the first ever female assistant coach in the National Hockey League (NHL).
The NFL's Tampa Bay Buccaneers and NHL's Tampa Bay Lightning have left Florida ahead of Hurricane Milton to practice the rest of the week.
RJ Barrett will miss the rest of the Toronto Raptors' pre-season with an injury.
Mercedes-Benz has partnered up with the Ontario Vehicle Innovation Network (OVIN) and the provincial government to launch a new 鈥渋ncubator program鈥. One of the first three locations is Windsor, with the other two going to Toronto and Kitchener-Waterloo.
New data from the Insurance Bureau of Canada (IBC) shows that even though claims for auto theft dropped in the first half of 2024 compared to their 2023 peak, the rates of reported theft remain well above those of years prior.
Tesla is recalling more than 27,000 Cybertrucks because the rearview camera image may not activate immediately after shifting into reverse, the fifth recall for the vehicle since it went on sale late last year.
A B.C. couple is getting desperate 鈥 and creative 鈥 in their search for their missing dog.
Videos of a meteor streaking across the skies of southern Ontario have surfaced and small bits of the outer space rock may have made it to land, one astronomy professor says.
A unique form of clouds made an appearance over the skies of Ottawa on Sunday evening.
Bernie Hicks, known as the 鈥楤atman of Amherst,鈥 always wanted to sit in a Batmobile until a kind stranger made it happen.
Bubi鈥檚 Awesome Eats, located on University Ave West took to social media to announce the closure on Friday.
Weeneebayko Area Health Authority and the Government of Ontario have awarded a $1.8 billion fixed-price contract to design, build and finance a new Far North hospital.
Manitobans are in cleanup mode after intense winds barreled through southern parts of the province this weekend.
Avry Wortman, 13, scored two touchdowns on Sunday during her team's win in the under 14 Greater Moncton Football Association.
A gargantuan gourd 鈥 affectionately named 鈥極rangina鈥 by the urban gardeners who grew it in the front yard of their Vancouver home 鈥 earned the massive honour of being named B.C.鈥檚 heaviest giant pumpkin Saturday.
A U.S. District Court judge in Montana has sentenced a 27-year-old man from Kelowna, B.C., to 18 months in prison for using fake names to buy guns with the aim of selling them in Canada.
Anyone caught setting off fireworks in Surrey could face significantly higher fines going forward.
The leaders of B.C.'s three main political parties will be facing off Tuesday evening for their first and only televised debate ahead of the Oct. 19 election. Here's what viewers can expect.
More than two weeks have passed since Hassan Ali walked out of a Toronto courtroom a free man, after prosecutors decided not to move forward with a first-degree murder trial against the local rapper.
After reaching peak intensity with wind speeds of 180 m.p.h. (285 km/h) on Monday night, Milton became the strongest storm on our planet for 2024.
An organization that ranks the best universities across the globe says its latest report shows a concerning trend that several of Canada鈥檚 institutions are slipping down its list.
A fire that led to an explosion in a northeast Calgary townhome over the weekend is believed to have been set intentionally, according to police.
Calgary police are investigating after several shots were fired by a suspect into a truck in the northeast community of Saddle Ridge.
A Calgary officer's use of force in an August police-involved shooting has been deemed appropriate following an investigation.
On September 11, Madeleine Gervais was the victim of a theft in Ottawa's west end. It happened in the Loblaws parking lot in College Square, when she was approached by a man and a woman who insisted to help her load her groceries into her car.
OC Transpo officials are satisfied with the start of a critical testing period required before opening Ottawa's new north-south train, despite some technical issues being identified on three trains on Monday.
An Ottawa man who stabbed his estranged wife to death in an attack that also injured his daughter in Ottawa's west end has been found guilty of first-degree murder and attempted murder.
A 10-year-old boy in Longueuil is recovering after his neighbour allegedly poured boiling water on him. Longueuil Police (SPAL) said the woman was arrested and could face assault charges.
An 18-year-old man has died following a collision with an STM bus on Tuesday afternoon in the Plateau-Mont-Royal borough.
At 68, Myles Charon never expected he would be a full-time caregiver. Until a few years ago, his 92-year-old mother lived on her own, but then she ended up in the hospital.
A 38-year-old Beaumont resident is dead after a crash involving a motorcycle over the weekend.
Edmonton's transit system is seeing record usage, with six million trips taken in September.
A private firefighting service provider says crews contracted to work to protect buildings in and around the town of Jasper during July's wildfire emergency were denied entry to the national park for most of a day.
Police in New Brunswick are trying to track down a man they consider 鈥渁rmed and dangerous鈥 after he allegedly crashed a vehicle, waved a weapon at police, and fled in a stolen vehicle.
International award-winning editorial cartoonist Michael de Adder has been cut from the Halifax Chronicle Herald.
After reaching peak intensity with wind speeds of 180 m.p.h. (285 km/h) on Monday night, Milton became the strongest storm on our planet for 2024.
Concerns are being raised over a questionable PC campaign expense, after an invoice for a car rental was submitted by a company advertising sex and intimacy coaching.
There鈥檚 a new starting line-up at Canada Life Centre, which hockey fans and concertgoers will notice as soon as they walk in.
Manitoba RCMP and the Winnipeg Police Service are launching Manitoba's Most Wanted website.
Erin Folk and her family are dealing with a nightmare of a situation, after their pet dogs were shot last week.
The John Howard Society of Saskatchewan (JHSS) appeared in the Supreme Court of Canada Tuesday challenging a regulation that it says lets provincial correctional workers discipline inmates without sufficient proof.
A memo from the Saskatchewan Government Employees Union (SGEU) has painted a picture of healthcare workers on the brink 鈥 with under-staffing and burnout directly impacting quality of patient care within the Saskatchewan Cancer Agency (SCA).
Fire crews were called to respond to Mohawk Plaza shortly before 2 a.m. Tuesday.
The future of a hybrid shelter in Waterloo is up for discussion.
An app developed at the University of Guelph is aimed at making accessible doors more accessible.
The province鈥檚 consumer watchdog is investigating a Saskatoon company selling luxury vacation condos in Mexico.
Saskatoon Transit workers have ratified a new five-year contract with the city.
A Saskatoon mom is desperately fighting eviction after she discovered mould in her suite and reported it to her landlord.
A crash Tuesday afternoon on Highway 144 has closed the road north of Sudbury.
After reaching peak intensity with wind speeds of 180 m.p.h. (285 km/h) on Monday night, Milton became the strongest storm on our planet for 2024.
Police in Huntsville are investigating a deadly single-vehicle collision that happened Tuesday morning.
Speaking in front of the Strategic Priorities and Policy Committee, London Police Services (LPS) Chief Thai Truong gave an update on policing Tuesday.
After reaching peak intensity with wind speeds of 180 m.p.h. (285 km/h) on Monday night, Milton became the strongest storm on our planet for 2024.
During Fire Prevention Week, fire departments across the country are trying to prevent more deaths with the proper use of smoke alarms.
A 20-year-old man who was behind the wheel of a speeding car that struck and killed an international student in Barrie last summer pleaded guilty to dangerous driving causing death on Tuesday but will not spend any time behind bars.
Police in Huntsville are investigating a deadly single-vehicle collision that happened Tuesday morning.
Police arrested a man accused of setting an animal on fire in Orillia, Ont. last month.
A Toronto couple pleaded guilty to involvement in a $13-million drug investigation that started in Windsor.
The Windsor Police Service is investigating two break-ins that took place at schools in the city last week.
The busiest international crossing in North America is about to get busier 鈥 and it鈥檚 put the City of Windsor in a position to prepare for potential worst-case scenarios.
A retrial date has been set for a man accused of fatally shooting a rival gang member and an innocent teen passerby in Vancouver in 2018.
The Sooke School District has acquired a 7.2-acre plot of land in North Langford to build a middle school, as enrollment within the district continues to grow.
Over the summer, Victoria software engineer Vedran Budimcic watched his wife spend a week trying to get a coveted BC Ferries reservation, refreshing the website hundreds of times a day hoping for a cancellation on sold out sailings.
A U.S. District Court judge in Montana has sentenced a 27-year-old man from Kelowna, B.C., to 18 months in prison for using fake names to buy guns with the aim of selling them in Canada.
Nearly two years after a man was stabbed to death in downtown Kelowna, RCMP have made an arrest in the case.
NDP Leader David Eby is promising to offer a $75-million loan forgiveness program to entice doctors, nurses and heath professionals to expand health-care services in rural British Columbia.
Charges have been laid against a 44-year-old man following a traffic stop in Brocket, Piikani Nation RCMP said Tuesday.
A metal fabrication company west of Medicine Hat has been fined by Alberta Occupational Health and Safety (OHS) following a workplace fatality in 2023.
A Lethbridge police officer involved in a scandal involving former Lethbridge New Democrat MLA Shannon Phillips has been reprimanded.
A woman in Greater Sudbury, Ont., said "It doesn't get more Canadian than this" when she spotted a black bear dumpster diving at a Tim Hortons last month.
The Federation of Northern Ontario Municipalities (FONOM) is the latest organization to call on the Doug Ford government to re-open dialogue with an airline service that transports lower-income Canadians to crucial medical care far from home.
For decades, Mississauga First Nation has known that human remains from their land were at the Canadian Museum of History.
A Conservative MP from Newfoundland and Labrador says some small towns in his rural riding are overrun with crime, but police say they haven't received reports to that effect.
As millions in federal funding flow into a Labrador group whose claims of Inuit identity have been rejected by Indigenous organizations across Canada, a national Inuit leader worries the Liberal government is putting the rights of Indigenous Peoples at risk.
He may not have logged the fastest time or even gone the full distance, but residents of a Newfoundland town agree the goat who unexpectedly joined the local weekend half marathon was the event's undisputed champion.
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