Metro Vancouver gas prices set another record, but analyst says it’s not Alberta’s fault
It’s happened again — Metro Vancouver has broken its all-time gas price record.
The most recent jump was to $1.719 at Fraser Highway and 152nd Street in Surrey early Wednesday morning.
The region topped the all-time North American record of $1.699 earlier this week.
And while Jason Kenney was elected premier of Alberta Tuesday, in part on a pledge to “turn off the taps” of gasoline to B.C., one analyst says the events aren’t connected.
Dan McTeague, petroleum analyst with Gasbuddy.com, said the latest high is, once again, a factor of tight supply across the west coast.
“The market continues to show higher prices and that’s why we saw the one-cent increase,” he said.
“I did predict this two days ago. [Thursday] we’ll see a one-cent decrease so into the weekend around the $1.70 mark but I expect in the next couple of weeks we should start to see a little bit of relief as prices taper off south of the border in Washington state and, more importantly, California.”
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The price bump also lines up with the coming long weekend.
McTeague said if drivers do need to tank up while prices are at their peak, they should wait until the end of the day if they can when gas stations take a lower margin on fuel.
“What’s happening is that gas stations are averaging out. High prices in the morning where they get 12 cents, in the evening they lose six cents — at the end of the day as long as they come out even. So, always purchase in the evenings, especially after six o’clock all the way to midnight.”
McTeague said if Kenney does successfully follow through on his pledge to “turn off the taps,” it could result in a 20- to 30-cent spike in prices.
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