If you think you noticed some gas price increases this morning, you’re not imaging things. Gas in Vancouver shot up four cents a litre overnight from an average of $1.17 a litre to $1.21 a litre, where it will remain for the duration of the weekend.
Dan McTeague with GasBuddy.com tells Vancity Buzz the spike in prices is largely due to trader speculation south of the border.
“That can be attributed to a sense among speculators and traders that there was a disappointing draw in gasoline inventories across the United States,” he says. “Right now Americans are taking back to their cars and driving like never before – in fact, they are year-over-year breaking records and increasing fuel demand by three to four per cent.”
McTeague says the United States is a heavy influencer on Vancouver gas prices, since much of our gasoline comes from Washington State.
“What happens down there really does matter to us in terms of the price we pay at the pumps.”
McTeague adds he doesn’t expect anymore increases in the foreseeable future, but he’ll have a clearer picture by Wednesday or Thursday.
For the record, the cheapest gas in the Metro area is available at the Costco at 2370 Ottawa Street in Port Coquitlam – their gasoline is priced at $1.09 per litre.