Metro Vancouver gas prices could set new all-time record Friday, analyst forecasts

Metro Vancouver gas prices could set an all-time record this week, according to a veteran Canadian petroleum analyst.

Dan McTeague, president of Canadians for Affordable Energy, forecast the price at the pump would climb to 176.9 cents per litre on Friday.

The previous record, set on July 1, 2021, was 173.9 cents per litre.

McTeague said the recent high prices are due to a combination of transportation issues and conditions at facilities in the U.S.

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“It is a reflection of the acute shortage of gasoline now south of the border in Washington state and Oregon, caused by both the shutdown of the HollyFrontier refinery and the two storage terminals NuStar and Kinder Morgan in Oregon,” McTeague said.

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“It looks like a unique shortage in the Pacific Northwest, (the) gasoline market is very much behind this and it really is a symptom of the bigger problem and that’s why we’re likely to see much higher prices sustained throughout the year.

The price hike would see the cost of premium gasoline climb north of $2 per litre, McTeague added.

Drivers may want to fill up Wednesday evening if they can, as McTeague projected prices will begin to climb on Thursday morning, reaching at at least 171.9 cents per litre.