Industry watchdogs say the price of gas could hit a record high this weekend because of instability in Iraq.

The average price in Metro Vancouver has jumped almost two cents in the past day, hitting a high of $1.529 per liter in Vancouver, Burnaby, Richmond and Surrey.

On his website Tomorrow’s Gas Prices Today, “Gas Guru” and former Member of Parliament Dan McTeague says prices this weekend could be the highest since September 2008.

“I don’t really want to say that’s the high water mark, no one really knows,” he said. “But there’s a lot of speculative bets going on right now that prices are going to remain very high, at least through the foreseeable future.”

McTeague blames an unstable political situation in Iraq as a partial contributor. Insurgents have fought their way through the country's north, capturing several large cities including Mosul and Tikrit.

Iraq is the second-highest exporter of crude oil in the Organization of the Petroleum Exporting Countries. OPEC controls 81 per cent of the world’s oil reserves, according to their estimates.

Unlike the popular belief that oil companies deliberately gauge motorists on the weekend, one analyst blames the spike on the financial section being nervous about Middle East tensions.

Roger McKnight, a senior petroleum analyst at En-Pro International, told The Canadian Press that the spike in price is wholly unrelated to North American supply and demand.

For people living in Metro Vancouver, deals can still be found by getting outside of the carbon tax zone. There’s a gas war going on in Aldergrove, where Co-op stations are posting $1.42 a liter.

Financial stress

It appears the rising gas isn’t just hurting our wallets.

A new survey by Insights West found that two-thirds of British Columbians – 68 per cent -- say gas prices are causing financial stress.

A whopping 91 per cent said oil companies are gouging consumers by hiking prices on weekends.

As a result of the higher prices, 27 per cent of people surveyed said they’re walking to their destination more, and 19 per cent said they’re taking more public transit.

“Higher gas prices are definitely affecting the behavior of British Columbians,” said pollster Mario Canseco.

“The situation is particularly tough for motorists aged 18-to-34, who are already walking and taking public transit more often than usual to save some money.”