Pain at the pumps: $1.70 a litre gas predicted this summer in Metro Vancouver
VANCOUVER -- Prices at the pumps have crept up to an average of $1.40 a litre at stations all over Metro Vancouver, and experts believe they will nudge up another three cents by Thursday.
As far as low gasoline prices go, the good times may be over.
Saudi Arabia's decision to cut its oil production by a million barrels a day and the severe winter weather in the U.S. are contributing factors, according to experts.
"The unprecedented cold snap in the United States has left refineries as well as oil production, even natural gas production, vulnerable," said Dan McTeague, president of Canadians for Affordable Energy.
He also figured the American vaccine rollout and stimulus package are being well-received, which is driving up confidence, and in turn, driving up the price of gas.
British Columbians are also driving a lot more.
But the biggest spike may come this summer. McTeague predicts drivers in the Vancouver area will face prices as high as $1.65 to $1.70 a litre for gas.
"I don't see oil producers getting back online. In fact I see a lot of refineries not being able to pick up as they were pre-pandemic," he said.