About the Industry

Petroleum Markets

The petroleum industry is comprised of three sectors:

• Crude oil and natural gas production
• Petroleum refining
• Product marketing (including wholesale and retail)

The price consumers pay at the pump is affected by four major factors:

• Municipal, provincial and federal taxes
• The price of crude oil which reflects an international market for crude oil and exploration
• The wholesale price of refined products which reflects a continental market for refined petroleum products 
• Local retail gasoline market dynamics