Refinery outages blamed for spike in gas prices
Reyhana Heatherington, CTV British Columbia
Published Monday, May 13, 2013 6:10PM PDT
Last Updated Monday, May 13, 2013 9:09PM PDT
Gas prices in Metro Vancouver are closing in on a record high after American refineries cut their supply last week.
The cost of gas in Vancouver was at $1.49 per litre Monday, and has only exceeded $1.50 twice before – once in July 2008 and again last May.
Keith Schaefer, oil and gas analyst, said the start of summer driving season always brings about an increase in gas prices. This time however, he said the spike was caused by refinery outages in California and Washington state.
“Whenever gas prices spike in the Lower Mainland, you can almost guarantee it’s because there's a refinery outage somewhere up and down the West Coast,” he said.
Other major cities along the West Coast also saw gas prices spikes in the last week. Los Angeles and Portland saw increases of 40 and 60 cents per gallon respectively, which Schaefer says measures up with the jump in Vancouver prices.
“When you do the litre conversion it actually works out that we're going up by the same as everybody else on the West Coast,” he said.
With this early leap in fuel prices, Schaefer predicted history will be made again this year and drivers planning road trips can be prepared for an expensive summer.
“If we’re this early in the driving season and we’re already here, yeah, we’re gonna see $1.50,” he said.
Vancouver prices are now much higher than anywhere else across Canada.
With reports from CTV British Columbia’s Shannon Paterson.