It’s been a painful and morbidly expensive week at the pumps, as drivers in Vancouver have seen gas prices reach record highs on three separate occasions.
After hitting 158.9 cents/litre early last week, the prices of gas only continued to climb, topping off at 160.9 cents/litre before the weekend was over.
The last time gas prices in Vancouver climbed anywhere near this high was back in June of 2014 when the all-time record for gas sat at 155.7 cents/litre. Gas prices have taken that amount and pushed it ceiling-high in a matter of days.
— Dan McTeague (@GasBuddyDan) April 27, 2018
Gas Prices moved up 2 cents a litre to $161.9 cents a litre for regular in #Vancouver this morning, while #Victoria shot up 9 cents a litre as predicted to $1.55 a litre. That’s a record for both having risen 25 cts/l compared to this day in 2017
— Dan McTeague (@GasBuddyDan) April 29, 2018
The new numbers are unlike anything that Vancouver has ever seen before, let alone the rest of North America. According to Dan McTeague, Senior Gas Analyst at GasBuddy, the record highs set Vancouver up for the highest gas prices in North America.
These are the highest price ever seen in any North American city https://t.co/7toFHbYcPl
— Dan McTeague (@GasBuddyDan) April 30, 2018
McTeague explains that the high prices come largely from a “supply limitation in Washington State” that has “two refineries in runaround.” Another contributing factor is the increase in price for a barrel of oil, currently sitting at $68.41 a barrel, according to Market Insider.
A rise in the cost of oil, combined with a dwindling Canadian dollar has been more than enough to prompt a spike in price.