'We got a head fake this week': Gas prices in B.C.'s Lower Mainland take unexpected leap
The yo-yoing gas prices in B.C.'s Lower mainland continues with fuel jumping nine cents Thursday morning.
Many stations across the region now have gas sitting at around 211.9 with an additional six cent increase expected on Friday.
Dan McTeague, gas analyst and the president of Canadians for Affordable Energy, tells CTV News that refineries on both sides of the border discounted their winter inventory which dropped prices earlier in the week to around the $2 mark but now markets are reacting to demand.
"We got a head fake this week," said McTeague.
He went on to explain that the Pacific Northwest is not alone: the higher prices are an issue for the entire West Coast from California to B.C., due to area refineries having troubles producing gas. A trickle-down effect is creating a volatile market that McTeague says is difficult to forecast.
"This market is extremely volatile and it could drop but the likelihood is that there will be a continuation of upward pressure," said McTeague.
"Supply could be affected in the next couple weeks by the anticipated shutdown of the BP Olympic pipeline we could see a spike of another five or 10 cents."
McTeague went on to say that this time last year, fuel prices in Metro Vancouver were around 30 cents less per litre.
CTVNews.ca Top Stories
Mystik Dan wins the 150th Kentucky Derby at Churchill Downs in a three-horse photo finish
Mystik Dan won the 150th Kentucky Derby in a photo finish, edging out Forever Young and Sierra Leone for the upset victory.
Bodies recovered in Mexico likely 2 Australians, 1 American who went missing: officials
Three bodies recovered in an area of Baja California are likely to be those of the two Australians and an American who went missing last weekend during a camping and surfing trip, the state prosecutor’s office said Saturday.
No proof man lied to brother about number of kittens born in litter, B.C. tribunal rules
A man was denied a $5,000 payout from his brother after a B.C. tribunal dismissed his claim disputing how many kittens were born in a litter.
Princess Anne lays wreath at B.C. veteran's cemetery; receives 21-gun salute
Princess Anne paid tribute to veterans buried at a cemetery in British Columbia today, laying a wreath to honour the more than 2,500 military personnel and family members buried there.
Auston Matthews returns for Game 7, but Leafs minus injured goaltender Joseph Woll
Maple Leafs centre Auston Matthews returned to the lineup for Game 7 against the Boston Bruins on Saturday night.
'I just can't believe that it took so long': Body found in wreckage 3 months after deadly fire
A man accused of arson in a January Old Strathcona apartment fire is expected to be charged with manslaughter after a body was discovered in the burned building late last month.
Quebec police hand out hundreds of tickets to Hells Angels and other bikers before 'first run' meeting
Quebec provincial police handed out hundreds of fines to Hells Angels members and other supporting motorcycle clubs who met for their 'first run' in a small town near Sherbrooke, Que.
Work stoppage possible as WestJet issues lockout notice to maintenance engineers' union
A lockout notice issued by WestJet to a union representing aircraft maintenance engineers could result in a work stoppage next week.
London Drugs begins 'gradual reopening' on 7th day after cyberattack
Almost a week after all London Drugs stores across Western Canada abruptly closed amid a cyberattack, they began a "gradual reopening" on Saturday.