We could see record-high gas prices this week

VANCOUVER (NEWS 1130) – It’s not often our crazy real estate market gets trumped in the headlines, but the price at the pump is doing it!

There are predictions a litre of regular gasoline in the Vancouver region could surpass the record high of $1.557 later this week.

“That high water mark goes back to June 22, 2014,” says senior analyst Dan McTeague at GasBuddy.com.

“At that time, oil was trading for well over $100 per barrel and other circumstances had pushed the price of gas much higher,” he tells NEWS 1130.

“This time around, a weaker Canadian dollar, a lack of supply, and the shutdown of refineries for spring maintenance are all contributing to much higher prices. And we can’t exclude the high North American-leading taxes which we pay in the Lower Mainland which tend to drive prices much higher than anywhere else, bar none, on the continent.”

That upward pressure could result in the price of a litre of regular gas in Vancouver setting a new record heading into the weekend.

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“We often see a phenomenon where gas prices stabilize — we won’t see any price increase or decrease except for gas bar shenanigans for Monday and Tuesday. What happens is that toward the end of the week, the market, traders and a lot of those involved in the exchange of gasoline and diesel products throughout the Pacific Northwest tend to use Thursday and Fridays as their best days of ‘exuberance’ and we tend to see prices move higher,” McTeague explains.

“We saw prices pop three cents per litre on Sunday, and that could happen again. If that’s the case, then by Thursday, Friday or into the weekend, we will break the all time record and likely move toward the $1.56 to $1.57 range.”

Average retail gasoline prices in Vancouver are about 22 cents higher per litre than they were this time last year.

“To put that in perspective, should these prices remain for 2018, most families will have to reach into their pockets for an extra $700 for transportation alone,” says McTeague.

Don’t forget, BC’s carbon tax is set to increase April 1st and more expensive summer gas blends are on the way. McTeague predicts prices could reach $1.60 per litre in the coming months, with no significant decreases until October or November.

The national average for retail gasoline has increased 2.9 cent per litre over the past week to $1.204 per litre, according to GasBuddy.com.

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