Any driver who has filled up their gas tank in Metro Vancouver recently, has also likely noticed the steadily increasing cost of doing so.
And with prices at the pump predicted to hit $1.45/litre by this Friday, one industry expert is warning that motorists should be prepared to potentially pay even more this summer to keep their tanks topped up.
According to Dan McTeague, president of Canadians for Affordable Energy, the run-up in pump prices this week is “directly related to the deep freeze in Texas, Oklahoma and even oil plays in the Dakotas, which is shutting in the nation’s oil and refinery production hub.”
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McTeague told Daily Hive that as a result, drivers could see these already-higher prices “move up an additional three to five cents a litre before the supply crunch is lifted with better weather, and inevitable repairs to the region’s vital energy infrastructure.”
Even still, however, “energy fundamentals appear bullish” this summer, he furthered.
Combine that with Vancouver “being home to North America’s highest-taxed jurisdiction, and $1.70/litre this summer can’t be ruled out.”