Oil prices have been moving again, and Canadians are feeling it at the pump. But while changes in gas prices are easy to spot, the forces behind them can be much harder to untangle.

In this episode, Jennifer Stevenson, Vice President and Portfolio Manager with Scotia Global Asset Management, explains what is driving oil and gas prices right now, why events far beyond Canada's borders can still shape what Canadians pay, and how refining, shipping routes, global demand, and geopolitical risk all feed into the price of fuel.

She also breaks down:

Why the Strait of Hormuz matters so much to global energy markets

Why Canada is not facing shortages, but is still exposed to global price swings

How refining capacity, transportation and financial markets affect prices at the pump

What could keep volatility elevated even if the immediate disruption eases

For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures

Key moments this episode:

1:30 - Jennifer Stevenson’s background in oil and gas
2:04 - What’s happening with oil prices right now
2:44 - Why the Strait of Hormuz is so important to global energy markets
4:04 - Whether there are alternate routes for oil and gas supplies
5:03 - How a global energy disruption can affect prices at the pump
6:04 - Why Canada is not fully insulated from global oil prices
6:24 - Why producing oil does not automatically mean cheaper gasoline
7:38 - How higher oil prices can affect Canada as an energy exporter
8:47 - How quickly global events can show up in gas prices
9:54 - Why gas station margins are thinner than many people think
10:43 - How today’s gas prices compare historically
11:50 - Why demand for gasoline does not fall much when prices rise
13:22 - What could happen if the Strait of Hormuz disruption continues
14:48 - What reopening the Strait could mean for oil and gas prices
16:55 - Whether extremely high oil prices are possible
17:58 - How consumers and businesses can plan for price volatility
20:08 - What can be done to reduce vulnerability to oil price swings
21:20 - Main takeaways for Canadians from the current energy situation