Gas prices to go up but only temporarily: analyst
Posted May 22, 2017 11:44 am.
Last Updated May 22, 2017 11:45 am.
This article is more than 5 years old.
VANCOUVER (NEWS 1130) – A senior gas analyst expects prices to go up – but only temporarily- now we’ve hit the unofficial start of summer.
The Victoria Day Long weekend is typically known as the start of the warm weather, and this weekend’s temperatures haven’t disappointed. The weather also means more people are hitting the road.
Senior Gas Analyst at GasBuddy.com Dan McTeague thinks gas prices will go up to start with, but he predicts what you pay at the pump will likely drop off in June and July.
“Short of any refinery problems it should remain relatively constant. I think the high end in Vancouver (will be) $1.36 – $1.37 which is where we are now, potentially going below $1.30 throughout the summer.”
He adds demand in the US for gas is going down. He feels that could push our prices further south.
“I think we’ve hit a saturation point and vehicle efficiency is really starting to dig in, vehicles can go further. Americans may travel further but their vehicles are far more fuel efficient than they were say, three, four or five years ago.”
McTeague feels the weakening demand in the US could push BC gas prices down, because the province gets most of its gas supply from the States.
That said, BC most of our gas comes from a few refineries in Washington State and in the past when one or more has been down for maintenance — prices here have spiked.
On the Lower Mainland, we pay some of the highest prices in the country, partly because of gas taxes.
