Gas prices: Record-breaking levels expected in Metro Vancouver this weekend
Gas analysts say fuel prices in Metro Vancouver could reach record levels this weekend.
Drivers are expected to pay about $167.9 Thursday, but that could jump to as high as $1.75 by the weekend.
“We're seeing unprecedented highs. We haven't seen prices like this, going back to May 19, 2019,” said Dan McTeague, president of Canadians for Affordable Energy.
That’s when prices reached an all time high of $172.9.
Now, problems at a refinery in Ferndale, Wash. have caused a drop in supply.
“This isn't about just Vancouver and the usual garden variety gouging that we all like to think this is. It has a lot to do with supply drop shock. And of course, with added taxes here in our city, being the highest tax jurisdiction in North America with the highest prices, nothing is surprising,” explained McTeague.
He expects prices will remain high for the rest of the summer.
“Retail margins in Vancouver are skinny, seven cents, seven and a half cents a litre,” McTeague told CTV News.
In comparison, it’s about 13 to 15 cents in Calgary and Edmonton.
“Don't blame the retailer if this has a lot to do with the market,” he said.
McTeague says Metro Vancouver has the highest gas prices in the country because of a myriad of taxes.
“If your destination takes you anywhere, as long as you're outside of the area served by TransLink, gasoline prices drop substantially,” said the analyst.
For example, drivers in B.C.’s Interior pay about 20 cents per litre less.
With the U.S.-Canada border remaining shut due to the pandemic, drivers don’t have the option of heading to the United States to fill up either, where they would pay about $1.30 a litre.
McTeague is advising drivers to be mindful when taking a road trip this summer.
“Ensure your vehicles are maintained, the tires are pumped up and inflated properly, make sure that you use air conditioning sparingly," he said.
Driving is becoming increasingly unaffordable in Metro Vancouver, McTeague, who spent many years as a member of Parliament, says it may be time for the province to step in.
“What is being done now is really harming the economy, harming the finances of ordinary hardworking people,” he said.
“I think politicians in Victoria should be spending a bit more time paying attention to bread and butter issues. Things at a time in which we need to get the economy up and running, again, not burden people with, with higher costs to do the things they need to do, get to work, and go from point A to point B efficiently.”
The rising gas prices are expected to cause a ripple effect, with higher transportation costs raising the prices of groceries and other goods.
CTVNews.ca Top Stories
B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
Mountain guide dies after falling into a crevasse in Banff National Park
A man who fell into a crevasse while leading a backcountry ski group deep in the Canadian Rockies has died.
Expert warns of food consumption habits amid rising prices
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
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 which has been banned at Queen’s Park.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Ex-tabloid publisher testifies he scooped up possibly damaging tales to shield his old friend Trump
As Donald Trump was running for president in 2016, his old friend at the National Enquirer was scooping up potentially damaging stories about the candidate and paying out tens of thousands of dollars to keep them from the public eye.
Here's why provinces aren't following Saskatchewan's lead on the carbon tax home heating fight
After Prime Minister Justin Trudeau said the federal government would still send Canada Carbon Rebate cheques to Saskatchewan residents, despite Saskatchewan Premier Scott Moe's decision to stop collecting the carbon tax on natural gas or home heating, questions were raised about whether other provinces would follow suit. CTV News reached out across the country and here's what we found out.
Montreal actress calls Weinstein ruling 'discouraging' but not surprising
A Montreal actress, who has previously detailed incidents she had with disgraced Hollywood producer Harvey Weinstein, says a New York Court of Appeals decision overturning his 2020 rape conviction is 'discouraging' but not surprising.
Caleb Williams, Jayden Daniels and Drake Maye make it four NFL drafts with quarterbacks going 1-3
Caleb Williams is heading to the Windy City, aiming to become the franchise quarterback Chicago has sought for decades.