Gas prices across Metro Vancouver dip to new 2022 low
A new gas price low has been set in Metro Vancouver for 2022, as numbers at the pumps dip below 155.9 cents per litre.
Drivers in Surrey report seeing numbers as low as 149.9 at the Husky gas station on Fraser Highway, according to the fuel-price tracking company Gas Buddy.
That marks a 40 per cent drop from the last low record, which was set one week prior, and follows a downward trend that’s happening nationwide.
Werner Antweiler, a professor of economics at UBC’s Sauder School of Business, said there are three main factors driving down prices.
"It's driven to a large extent by the global oil markets and by the situation in Europe, but it's also driven by particular problems coming out of COVID that created volatility out of the local level,” he said.
Prices are down dramatically from September, when Metro Vancouver gas prices climbed to a record high at 241.9.
"We see actually a drop in international oil prices to levels just below US$73 a barrel and it hasn't been that low in quite a while, maybe last year," said Antweiler.
A dramatic drop came in the middle of October when prices went from 227.9 to 192.9 overnight, which analysts say was due to a West Coast pipeline and a refinery coming back online after undergoing maintenance.
While fuel costs are falling across B.C., drivers on the other side of the country are paying even less.
Fuel analyst Dan McTeague took to Twitter Wednesday to alert Ontarians that gas prices will hit a one-year low Thursday at 138.9 cents per litre.
On Thursday, GasWizard.ca predicts prices in Metro Vancouver will rise slightly to 156.9.
Antweiler says Canadians should get used to the extreme flux in prices heading in to the new year.
"Be prepared for abrupt sudden price changes," he said.
He expects 2023 to be a rollercoaster at the gas pump.
CTVNews.ca Top Stories
BREAKING King Charles' cancer treatment progressing well, says Buckingham Palace
King Charles III’s doctors are 'sufficiently pleased' with his cancer treatment and he is expected to return to public-facing duties, Buckingham Palace announced on Friday.
Orca calf that was trapped in B.C. lagoon for weeks swims free
An orca whale calf that has been stranded in a B.C. lagoon for weeks after her pregnant mother died swam out on her own early Friday morning.
'Unacceptable': Trudeau reacts after AFN chief says headdress taken from plane cabin
After the Assembly of First Nations' national chief said her headdress was taken from an airplane cabin this week, Prime Minister Justin Trudeau called the incident 'unacceptable' and a 'mistake' on the part of Air Canada.
Regina police officer injured after being accidentally shot by fellow officer's gun
An investigation is underway after a Regina police officer was accidentally shot by a fellow officer’s gun during the search of a house early Friday morning.
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
DEVELOPING Bird flu outbreaks: WHO weighs in on public health risk
The current overall public health risk posed by the H5N1 bird flu virus is low, the World Health Organization said on Friday, but urged countries to stay alert for cases of animal-to-human transmission.
Taylor Swift dons Montreal designer's dress in 'Fortnight' video
A pair of Montreal designers' work has now been viewed over 41 million times. Taylor Swift dons a Victorian throwback black gown in her latest music video, 'Fortnight', designed by UNTTLD due Simon Belanger and Jose Manuel Saint-Jacques.
From faulty kids' cribs to flammable kids' bathrobes, here are the recalls of the week
Health Canada issued recalls for various items this week, including kids’ bathrobes, cribs and henna cones.
Island near Mull of Kintyre for sale for US$3.1 million
An idyllic 453-acre private island is up for sale off the west coast of Scotland and it comes with sandy beaches, puffins galore, seven houses, a pub, a helipad and a flock of black-faced sheep.