Market watchers are predicting gas prices in Metro Vancouver could set yet another all-time record, amid the fallout of the Russian invasion of Ukraine.
It comes just weeks after prices in the region soared to new heights, topping $1.80 earlier this month.
Petroleum analyst Dan McTeague, president of Canadians for Affordable Energy, forecast the price at Lower Mainland pumps would climb another three cents Saturday, to a new record of $1.83.9.
McTeague said prices were expected to stabilize or fall at that point amid current international conditions.
“It looks like the threat of $100 (per barrel) oil has receded, unfortunately the reason for it has much to do with the fact we are not applying effective sanctions against Russia,” McTeague said.
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McTeague called for the suspension of B.C.’s carbon tax and Low Carbon Fuel Standard, which he said constitute about 27 cents to the price of gasoline.
It’s a position the Canadian Taxpayers Federation also endorsed, arguing that while international markets are out of the government’s control, taxes are not.
B.C. director Kris Sims said carbon-related taxes added about $20 to the cost to fill up an average minivan, money she said already squeezed Lower Mainland residents can’t afford.
“(That) $20, times every time you fill up, is not nothing. (With) $20, you could make a roast chicken family dinner, and have soup left over. That’s real money.”
“Life is really unaffordable, housing-wise, for so many people that they have to live down the valley. This is a huge cost of living increase for a lot of people and they just can’t afford it.”
Asked about whether British Columbia could alter taxes, or take the more significant step of regulating or capping gas prices, Premier John Horgan appeared cool to the idea.
Horgan said “everything is on the table when a crisis emerges,” but touted steps the province had already taken — lowering car insurance rates and giving the B.C. Utilities Commission powers to examine how fuel companies come up with their prices.
“We’re going to look at whatever tool we can to make life more affordable, but I think British Columbians also understand that we have, in our urban centres, a sophisticated public transit system that (gives) options if prices become too unaffordable in the short term.”
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