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
BREAKING Slovak interior minister says 'lone wolf' has been charged with shooting prime minister
The Slovak interior minister said Thursday that a 'lone wolf' has been charged in the shooting that seriously wounded Prime Minister Robert Fico.
There's a new workers' rights treaty in Canada, but will it actually protect you?
Although a global workers' treaty has been in force in Canada since January, an employment lawyer believes it won't do anything more to protect employees from violence and harassment.
Kidnapped by her father and kept in a crawl space: Court documents reveal Montreal horror story
A Montreal father who kidnapped his daughter who has autism and lied to police when they asked where she was should serve three years in prison, a Crown prosecutor said.
Protecting your car from the growing risk of keyless vehicle thefts
Auto technology has evolved and many newer cars use wireless key fobs and push-button starters instead of traditional metal keys. But that technology also makes things easier for thieves.
Shifting winds mean smokier skies in some parts of Canada, snow in other areas
Air quality warnings are still in place for some areas of Western Canada, according to the latest forecasts.
The Saskatchewan RCMP says it's safe to use your points at the McDonald's drive-thru
The Saskatchewan RCMP wants you to know it’s not targeting drive-thrus to ticket people for using their fast food reward apps.
DEVELOPING Latest updates on the major wildfires currently burning in Canada
Thousands of Canadians have been displaced as fires burn in Alberta, B.C. and Manitoba. Here are the latest updates.
Will jurors believe Michael Cohen? Defense keys on witness' credibility at Trump's hush money trial
With prosecutors' hush money case against Donald Trump barreling toward its end, their star witness will be back in the hot seat Thursday as defense lawyers try to chip away at Michael Cohen's crucial testimony implicating the former president.
U.S. intelligence officials wanted to meet with Transport Canada's UFO 'lead'
Canada's transportation department had a UFO 'lead' who tried to 'quell' media interest and planned to meet with U.S. intelligence officials.