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
Trump confronts repeated boos during raucous Libertarian convention speech
Donald Trump was booed repeatedly while addressing Saturday night’s Libertarian Party National Convention.
This type of screen time has the worst effect on kids: experts
According to some experts, there is one type of screen time that is continuously excessive, and it's having a severe effect on our children.
Family of toddler found dead at small-town Ont. daycare no closer to answers after year of investigation
A year has passed since two-year-old Vienna Irwin was found on the property of a home-based daycare in small-town Ontario, but her family says they are no closer to answers of what happened that day.
Grayson Murray, two-time PGA Tour winner, dead at 30
Two-time PGA Tour winner Grayson Murray died Saturday morning at age 30, one day after he withdrew from the Charles Schwab Cup Challenge at Colonial.
Humboldt Broncos crash victims and families react to decision to deport truck driver
The family of one of the victims of the Humboldt Broncos bus crash in 2018 says they are 'thankful' for a decision by a Calgary immigration board to deport the driver of the truck involved.
Fatal plane crash reported near Squamish, B.C.
The Transportation Safety Board of Canada has confirmed it is working with local Mounties and the BC Coroners Service after a plane crash near Squamish, B.C. Friday night.
'God forgives but we don’t': Loud outburst from stabbing victim’s family during sentencing hearing
An emotional outburst in a London, Ont. courtroom Friday disrupted the sentencing hearing of a woman who pleaded guilty for her part in the death of 29-year-old Mohammed Abdallah.
Three dead after vehicle plunged down a 100-foot embankment in Shediac, N.B.
Three people have died after a vehicle veered off the road in Shediac N.B., Friday morning.
Appeal denied for Edmonton soldier accused of trying to kill her 3 children
An Edmonton woman found guilty of trying to kill her three children has been denied an appeal.