33.2% gas price spike from Strait of Hormuz exposes fossil fuel dependency risks
The Iran-driven Strait of Hormuz closure sent Canadian gas prices soaring 33.2% in May, exposing once again how geopolitical events in oil-producing regions can destabilize economies reliant on fossil fuels. As inflation hits 3.2% and energy costs ripple through transportation, the episode strengthens the economic case for accelerated energy transition investments. June's price retreat offers only temporary relief — the systemic vulnerability remains.