Gas prices may reach 185 cents per litre in Vancouver this summer: analyst
Vancouver-area drivers are being warned to prepare to pay more at the pumps this summer.
Last week, prices at some stations reached an all-time high of 173.9 cents per litre in Metro Vancouver, but that record may be broken again in the coming weeks.
One expert suggests drivers may end up paying as much as 185 cents.
A refinery outage in Washington state and the heat of last week are a couple of factors contributing to skyrocketing oil prices, said Dan McTeague of Canadians for Affordable Energy.
McTeague also noted a pipeline being offline as a factor in what's caused a drop in production, and subsequently higher prices.
And there's an increase in demand for fuel in B.C. as well, as restrictions put in place to prevent the spread of COVID-19 are lifted, including those limiting travel.
Last month, a consultant with fuel analytics company Kalibrate told CTV News the increase in oil prices this year has been "astronomical."
Vijay Muralidharan, based in Calgary, listed similar factors as McTeague, and said data from Kalibrate suggests for every dollar added to the price of crude oil, half a cent is added to the price of gasoline in Canada.
Muralidharan said it's unlikely to see much of a drop in prices until August or September.