Vancouver sets record for highest gas prices in North America... ever

May 1 2018, 2:33 am

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.

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.

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.

With gas prices pushing $1.60/litre before the start of May, it’s only expected that prices will continue to rise as the summer months creep closer. McTeague shares that “the sky is the limit” and there’s no way to “know how high it could go.”
The next major price spike in gas is expected to come by May long weekend at the latest. No significant decreases are expected until this coming fall.
with files from Eric Zimmer 
Vincent PlanaVincent Plana

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