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 Israeli forces seize Rafah border crossing in Gaza, putting ceasefire talks on knife's edge
Israeli tanks seized control of Gaza’s vital Rafah border crossing on Tuesday as Israel brushed off urgent warnings from close allies and moved into the southern city even as ceasefire negotiations with Hamas remained on a knife’s edge.
There's actually no such thing as vegetables. Here's why you should eat them anyway
The rumours are true: Vegetables aren't real — that is, in botany, anyway. While the term fruit is recognized botanically as anything that contains a seed or seeds, vegetable is actually a broad umbrella term.
The Met Gala was in full bloom with Zendaya, Jennifer Lopez, Mindy Kaling among the standout stars
The Met Gala and its fashionista A-listers on Monday included Jennifer Lopez, Zendaya and a parade of others in a swirl of flora and fauna looks on a green-tinged carpet lined by live foliage.
Mediterranean staple may lower your risk of death from dementia, study finds
A daily spoonful of olive oil could lower your risk of dying from dementia, according to a new study by Harvard scientists.
Noelia Voigt resigns as Miss USA, citing her mental health
Noelia Voigt, who was crowned Miss USA in November 2023, has announced she is resigning from her role, saying the decision is in the best interest of her mental health.
An El Nino-less summer is coming. Here's what that could mean for Canada
As Canadians brace themselves for summer temperatures, forecasters say a weakening El Nino cycle doesn’t mean relief from the heat.
Winnipeg man admits to killing four women, argues he's not criminally responsible
Defence lawyers of Jeremy Skibicki have admitted in court the accused killed four Indigenous women, but argues he is not criminally responsible for the deaths by way of mental disorder – this latest development has triggered a judge-alone trial rather than a jury trial.
Man banned from owning animals after fatal Calgary dog attack
The owner of three Calgary dogs that got loose and mauled a woman to death in 2022 has been ordered to pay a $15,000 fine within one year and banned from owning any animal for 15 years.
Have you been removed from your family doctor’s patient list for visiting an Ontario walk-in clinic?
Some Ontarians are expressing frustration after they said that they were removed from their family doctor’s patient list for visiting a walk-in clinic in a process being called “de-rostering.”