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
NDP motion regarding Palestinian statehood passes after major Liberal alterations
A motion from the federal New Democrats initially calling on Canada to recognize the 'State of Palestine' passed amid widespread acrimony on Monday, after the Liberals drastically altered its wording to see the government simply work towards that aim as part of a two-state solution.
'He didn't want to die': Family of Calgary man killed in standoff speaks out
Family of a Calgary man killed after a 30-hour standoff with police last week are speaking out, sharing details of the tense and heart-wrenching experience.
Toronto family doctor who called patient's body 'perfect' suspended for 3 months: tribunal
A family doctor in Toronto has been suspended for three months after a disciplinary tribunal found that he failed to follow proper protocols while examining a patient's breasts and made inappropriate comments about her body.
Ohio mom who left toddler alone 10 days when she went on vacation pleads guilty to aggravated murder
An Ohio mother whose 16-month-old daughter died after being left home alone in a playpen for 10 days last summer while she went on vacation was sentenced Monday to life in prison with no chance of parole.
Retired teacher pleads guilty to paying for sex with 15-year-old in Collingwood, Ont.
In a Barrie courtroom on Monday, a retired high school teacher from the Niagara Region pleaded guilty to sexual touching and obtaining sexual services from a 15-year-old boy in Collingwood in 2021.
Hertz CEO out following electric car 'horror show'
The company, which announced in January it was selling 20,000 of the electric vehicles in its fleet, or about a third of the EVs it owned, is now replacing the CEO who helped build up that fleet, giving it the company’s fifth boss in just four years.
5 charged in Calgary kidnappings that targeted women
Calgary police have charged five men in a pair of kidnappings last year that targeted innocent victims.
Demand soars for solar eclipse glasses in Canada. Are they worth buying?
The demand for total solar eclipse glasses used to safely view the rare celestial event has been ramping up as sellers, along with astronomy and eye-care experts in Canada, warn that viewing the eclipse with the naked eye is dangerous.
Canadian commander of volunteer fighter group dies in Ukraine
A Canadian-born commander of the so-called Norman Brigade, a volunteer fighting group in Ukraine, has died.