Vancouver’s gas prices have now set a new North American record.
On Monday morning, gas prices throughout the Lower Mainland are sitting at an average of $1.619.
LISTEN: A new record right here in Vancouver!
Some gas stations are still lower, however.
This new milestone has beat a North American record, which was set in Los Angeles in 2008.
“The $1.619 is, of course, the highest price we’ve ever seen for any major city anywhere in North America in history, so you are seeing eye-popping prices,” says gas analyst from GasBuddy.com, Dan McTeague.
He says prices could come down a penny or two by mid-week and another penny or two by the end of the week.
However, he says prices could reach this high again and higher as summer begins.
McTeague says the gas prices here are being affected by two refineries in Washington State, which are going through springtime maintenance and therefore not producing as much product as usual.
“I think people have to recognize that you are price-takers and you are supply-takers,” he adds. “And your supply constraint here is made no easier by the fact that you have only one pipeline that brings you the majority of your gasoline — the Trans Mountain Pipeline.”
“The proposal isn’t just about building a second line for crude, it’s also about expanding the existing line, which would add about 50,000 barrels of product, like light oil, like gasoline, like diesel, like jet fuel.”
“What that would do, in fact, given that it’s about 50,000 barrels that being proposed and approved by the NDP, that would add another Parkland refinery right in your own backyard,” McTeague adds.
“So it would definitely have the effect of driving down prices, not just for us in Vancouver, but think of course of the Pacific Northwest market.”
The gas prices in Vancouver and the surrounding region have driven some people to cross the border and fill up in Washington State. Many cars with Canadian plates were lined up at the Costco gas station in Bellingham on Sunday with many people also filling up gas cans.
At that station, gas is currently sitting at about C$1 a litre.