Canada’s business leaders are increasingly concerned about the impact of record high oil prices on the economy. Since April 2002, COMPAS has been asking the CEO/business leader panel about the impact of surging oil prices on consumer spending and economic recovery. According to respondents, oil prices are having a greater impact on economic recovery this month than a month ago and two years ago. Today’s oil prices are not yet as great a cause for concern as they have been. Business leaders say the current situation is better than the oil crisis that occurred in the mid to late ‘70s. Government, nonetheless, must take action to help. Respondents favour reducing taxes on fuel efficient cars and ceasing to apply tax above a certain price per gallon, for example above 85 cents a litre.

These are the key findings from this week’s National Post/COMPAS survey sponsored by BDO Dunwoody and the Canadian Chamber of Commerce.

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