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
Appeals court overturns Harvey Weinstein's 2020 rape conviction from landmark trial
New York’s highest court on Thursday overturned Harvey Weinstein’s 2020 rape conviction, finding the judge at the landmark #MeToo trial prejudiced the ex-movie mogul with improper rulings, including a decision to let women testify about allegations that weren’t part of the case.
BREAKING Honda to get up to $5B in govt help for EV battery, assembly plants
Honda is set to build an electric vehicle battery plant next to its Alliston, Ont., assembly plant, which it is retooling to produce fully electric vehicles, all part of a $15-billion project that is expected to include up to $5 billion in public money.
MPP Sarah Jama asked to leave Ontario legislature for wearing keffiyeh
MPP Sarah Jama was asked to leave the Legislative Assembly of Ontario by House Speaker Ted Arnott on Thursday for wearing a keffiyeh, a garment that is banned at Queen’s Park.
CTE: Researchers believe widespread brain injury may contribute to veteran suicide rate
Researchers are working to better understand if some Canadian military veterans may be suffering from Chronic Traumatic Encephalopathy, also known as CTE -- a disorder previously found in the brains of professional football and hockey players after their death.
1 arrested in northern Alberta during public shelter order
Residents of John D'Or Prairie, a community on the Little Red River Cree Nation in northern Alberta, were told to take shelter Thursday morning during a police operation.
Secret $70M Lotto Max winners break their silence
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
Remains from a mother-daughter cold case were found nearly 24 years later, after a deathbed confession from the suspect
A West Virginia father is getting some sense of closure after authorities found the remains of his young daughter and her mother following a deathbed confession from the man believed to have fatally shot them nearly two decades ago.
New deep-water channel allows first ship to pass Key bridge wreckage in Baltimore
The first cargo ship passed through a newly opened deep-water channel in Baltimore on Thursday after being stuck in the harbor since the Francis Scott Key Bridge collapsed four weeks ago, halting most maritime traffic through the city's port.
First in Canada procedure performed at London, Ont. hospital
A London man has become the first person in Canada to receive a robotic assisted surgery on his spine. Dave Myeh suffered from debilitating, chronic back pain that led to sciatica in his right now and extreme pain in his lower back.