Gasoline?
Nope. I agree it looks like some kind of natural gas or public works logo (for water). The logo is specific to Toronto, Ontario, but the problem is its target audience is probably not going to recognize its meaning. (There a hint there.)
ETA: This was a part of a major branding initiative: " . . .culmination of a 13-month process with over 4,500 local survey responses and 230-plus in-depth interviews and roundtable discussions with key brand stakeholders . . . In addition, 14 focus groups were conducted in Canada, the U.S. and the U.K. . . . A total of $4 million was invested in the project to cover consumer research, brand development and the launch of marketing efforts."
Some sort of rail or metro system?
No, but that would actually make a lot of sense, you have the T of “train” and a loop!
Here are some of the ads that use it: Example 1 and Example 2
I have fuzzed out the text to keep it a mystery!
Something to do with promoting downtown/shopping district?
DIng ding ding! Winnah! ::dons shoes with bells::
You’re, very, very close. It is a tourism logo. The problem is this 4 million dollar logo assumes that foreigners visiting the country also happen to know what it means when someone from Orillia says: “My boss is sending me to TO on business.” People who live here had a tough time figuring out what the logo was meant to be.
TO is a nickname for Toronto, Ontario. Like calling the city “Hogtown”.
It was the second set of pictures that gave it away. They look very much like signs I’ve seen in downtown areas to indicate what’s where. Didn’t think of the tourism aspect though.
The Mitsubishi company was first established as a shipping firm by Yataro Iwasaki (1834–1885) in 1870. In 1873, its name was changed to Mitsubishi Shokai (三菱商会). The name Mitsubishi (三菱) consists of two parts: “mitsu” meaning “three” and “hishi” (which becomes “bishi” under rendaku) meaning “water caltrop” (also called “water chestnut”), and hence “rhombus”, which is reflected in the company’s famous logo. It is also translated as “three diamonds”.
That’s a seal?
I like it. It demonstrates they don’t take themselves too seriously. Nor should they, with a name like “Mighty Ducks.”
If ya gotta explain the joke, it ain’t clever. 
All turns from right lane? (a/k/a The Jughandle)
Mermaids were often depicted with two tails. The Starbucks logo was actually cribbed from a 15th century Norse woodcut.
I’m pretty sure that’s an igloo in the Nordiques logo.
EDIT: What Leaffan said
There’s a substantial difference between a mermaid and a siren, but yes, I see that. I still say it looks like they are selling a far more personal service.
Toronto Natural Gas?
Toronto municipal water?
Edit: ah, guess it after seeing the additional photos.
Your average joe-on-the-street isn’t going to know that there’s a difference, however. And you made it sound like your complaint was that it was ridiculous to depict a fish-woman (whatever you call her) with two tails. My point was that it’s not ridiculous to do so, because it’s based on historical depictions of fish-women.
What a fish-woman has to do with coffee, I’ll grant you I don’t see the connection either. 
London’s 2010 Olympics logo, aka “Lisa Simpson giving London a blowjob.”
Mermaids are known on the island of Java. 
I prefer it in a box.
Great. I’d successfully managed to forget about that logo. I think it was done by the same people who spent $108,000 to discover what everyone in Ontario already knows: namely, that people in Ontario call The Beer Store “The Beer Store”.
I work for a company that used to be the company whose logo inspired This Dilbert strip
We’re all glad to have a new logo now… though I do miss the old one a bit.