Drivers in Metro Vancouver are back to feeling the pain at the pump.
Many areas saw record hikes of up to 17 cents per litre over the weekend, something not seen since 2008.
WATCH: What’s behind the recent spike in gas prices in Metro Vancouver?
Petroleum analyst Dan McTeague said the surge in prices is due to the temporary shutdown of the Olympic pipeline in Washington state, which he describes as “the proverbial aortic artery of all gasoline supplies in the Pacific Northwest.”
“It was to go through some maintenance on Tuesday to Wednesday,” McTeague said. “They discovered a far bigger problem and shut the entire system down.”
“This is not a speculation move, this is a physical move. Traders are short of gasoline, and that’s why prices shot up an average of 17 cents a litre on the wholesale side since Thursday.”
WATCH: (Dec. 15, 2018) Gas prices begin to soar in Metro Vancouver
McTeague said prices are expected to dip in the near future, but price volatility could become more common moving forward.
“My sense is that by this time next week — in other words, Christmas Eve — we could be looking at prices tiptoeing back down below $1.40,” he said.
“But 148.9 (cents per litre) really underscores the vulnerability of the Lower Mainland. We rely on the U.S. and external sources for much of our supply of fuel, and this is likely to happen more frequently going forward.”
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