Gas prices in Metro Vancouver are now the highest in North America and are likely to rise again over the weekend.
According to GasBuddy.com, the cost of fuel reached as high as 145.9 cents per litre Friday in parts of the region. The current average is $1.44.
“We could actually see a penny drop on Sunday, after a two-cent increase (on Saturday),” said GasBuddy analyst Dan McTeague.
That means prices could hit nearly $1.48 before the end of the weekend. The region hasn’t seen gas prices above $1.47 since July 2014.
“It may be a sign that things have finally hit their crest and they will start to recede, perhaps pushing us down towards below the $1.40 mark over the next several days,” he said.
McTeague blames the uptick on a shortage of gasoline in the Pacific Northwest combined with increased demand from a booming American economy.
The analyst said that even though prices in Metro Vancouver are expected to drop on Sunday, gas prices are generally following “an upward trajectory.”
“Oil over-production is now becoming a bit of a thing of the past as oil supplies are starting to tighten,” he said. “That could mean higher prices down the road, especially given that we, here in Metro Vancouver, are North America’s most expensive jurisdiction for gasoline.”
According to McTeague, matters are made worse north of the border by the fact that Canada doesn’t produce enough gasoline to meet its own needs. That means the country will have to keep buying from foreign markets that might be setting prices based on a very different set of financial circumstances.
Meanwhile, some Metro Vancouver residents resorted to crossing the border into towns such as Sumas, Wash. to fill up.
“With all the taxes on the gas and everything, it adds up, so it’s one way of saving a bit,” said a driver who made the trip.
On average, a $74 fill up costs about $50 just south of the border.
Other drivers are simply driving less as a result of the sky-high prices.
“Between real estate and our gas prices, it’s getting harder for people to live here,” said Don Robinson.
For those looking for savings closer to home, prices as low as 126.9 cents could be found at gas stations just outside Metro Vancouver.
Gas prices in the region reached an all-time high of 155.9 cents per litre in 2012.
With files from CTV Vancouver’s Michele Brunoro