Metro Vancouver could see 8-cent gas price hike after pipeline explosion: analyst
Metro Vancouver motorists could see prices at the pump hit a record high by Saturday, according to one industry analyst.
Dan McTeague with Gasbuddy.com said the anticipated soaring fuel prices are yet another byproduct of a natural gas pipeline explosion near Prince George.
That’s because three out of four Washington State refineries have been forced to curtail production, he said.
“All of them use natural gas from Canada to co-generate and use as feedstock to run the refineries, in other words, to turn crude into gasoline,” said McTeague.
According to McTeague, a four-cent-per-litre price hike will arrive on Friday, and a second four-cent hike could happen on Saturday.
WATCH: Investigation continues into pipeline explosion near Prince George
“We could see potentially $1.659 here in Vancouver,” McTeague said. “[It] could be a new record if it comes to pass.”
McTeague said the second hike is not a certainty, and that it will depend on the supply of natural gas available to refineries.
Ironically, McTeague said gas prices for Metro Vancouver had actually been trending downward before the explosion, with wholesale fuel prices dipping across North America.
McTeague said how long the price at the pump stays elevated will depend on how long it takes for natural gas pipeline operations to resume.
WATCH: Fuel frustration builds in Calgary as prices go up, but it’s nothing compared to BC prices.
© 2018 Global News, a division of Corus Entertainment Inc.