Gas prices plummet in B.C.'s Lower Mainland
Gas prices are once again on the move in B.C.’s Lower Mainland but this time in the other direction.
The sticker price at many pumps sit at 203.9 cents per litre which is a 10 cent drop from last week with prices potentially falling an additional three or four cents this week.
President of Canadians for Affordable Energy and gas analyst, Dan Mcteague, told CTV News on Monday morning that the relief is being felt across North America with oil prices dropping from $86 per barrel to around $81.
He says this was a response to a risk premium that was put on oil as a result of escalating tension in the Middle East last week. Although, this week, McTeague believes markets feel more comfortable with oil prices being lower while local factors are also driving down the price.
“In the Pacific Northwest, the four refineries we have, seem to be doing well including our own in our own backyard here at Parkland,” said McTeague. “Everyone seems to be back up and running.”
He went on to say that the utilization rate has increased during a time of the year when refineries are finishing their spring maintenance while switching to summer fuel blends.
Gas prices in the Vancouver area are some of the highest in Canada and McTeague believes that won’t change. The instability of the market will continue over the coming month as the kickoff to the summer driving season begins in the United States.
“Anything can happen over the next four weeks and we could see a resumption of prices should something unforeseen or unforetold take place,” said McTeague.
Correction
An earlier version of this story said Vancouver is home to the highest gas prices in the country. However, prices in Powell River and, at times, parts of northern Vancouver Island can be higher than in the Lower Mainland.
CTVNews.ca Top Stories
Spectacular aurora light show to be seen across Canada Friday night
A rare and severe solar storm is expected to bring spectacular displays of the northern lights, also known as aurora borealis, across much of Canada and parts of the United States on Friday night.
Town of Fort Nelson, B.C., ordered to evacuate due to wildfire
The entire town of Fort Nelson, B.C., as well as the nearby Fort Nelson First Nation, has been ordered to evacuate due to an out-of-control wildfire.
Bouchard lifts Edmonton Oilers to 4-3 overtime win over Canucks in Game 2
Evan Bouchard scored 5:38 into overtime and the Edmonton Oilers bounced back for a 4-3 win over the Vancouver Canucks in the second round of the Stanley Cup playoffs on Friday.
McGill University seeks emergency injunction to dismantle pro-Palestinian encampment
McGill University has filed a request for an injunction to have the pro-Palestinian encampment removed from its campus.
Which Canadian cities have the highest and lowest grocery prices?
Where you live plays a big factor in what you pay at the grocery store. And while it's no secret the same item may have a different price depending on the store, city or province, we wanted to see just how big the differences are, and why.
Swarm of 20,000 bees gather around woman’s car west of Toronto
A swarm of roughly 20,000 bees gathered around a woman’s car in the parking lot of Burlington Centre.
Video shows naked raccoon catching B.C. family by surprise
When Marvin Henschel spotted a strange and hairless creature wandering through a front lawn in B.C.'s Lower Mainland, he could barely believe his eyes.
Barron Trump declines to serve as an RNC delegate
Former U.S. President Donald Trump's youngest son, Barron Trump, has declined to serve as a delegate at this summer’s Republican National Convention, according to a senior Trump campaign adviser and a statement from Melania Trump's office.
Out-of-control wildfire prompts evacuation alert for Fort McMurray, Saprae Creek Estates Friday night
An evacuation alert was issued for two Wood Buffalo communities Friday night, as crews battled an out-of-control wildfire near Fort McMurray.