Canadians are paying some of highest gas prices in the world
Thursday, May 3, 2018, 6:00 AM - Gas prices are on the rise across Canada and those in the west are among the hardest hit.
According to Dan McTeague senior petroleum analyst at GasBuddy.com, Vancouver is paying some of the highest gas prices in the world. At an average of $1.619 per litre Monday morning, the Canadian city set a North American record.
"If you're in Victoria and Vancouver you've shattered all records. Not only your own, but you have shattered in the case of Vancouver, any record of any city, at any given time throughout North America," McTeague told The Weather Network.
The analyst says the price jump is the result of two refineries under maintenance in Washington State.
McTeague predicts prices could climb as high as $1.65 per litre this summer in Vancouver.
"I think it's going to put a crimp on many choosing to go to buy fuel and as a result, the discretionary spending that you would otherwise use for vacation could very much be at risk."
And there's no telling when prices will drop. Kinder Morgan Inc.’s Trans Mountain oil pipeline expansion has been put on hold following opposition from British Columbia, environmentalists and Aboriginal groups. The province's opposition to the expansion could see Alberta cutting off fuel shipments to its neighbour amid an escalating dispute.
Frustrated and fearful of missing out on the rebound in prices, drillers are increasingly relying on trucks to move oil to the market. Crude exports from Canada by road nearly tripled from 2015 to 2017, and continued to rise in the first two months of 2018, according to StatsCan data provided to Reuters.
What's the best time of day to fill up?
"Evenings are the best time to buy fuel," he said. "In fact, the best time bar none out of seven days of the week, is Saturday and Sunday nights. That's when retailers really get sort of easy with the price and they're willing to be a little bit more flexible."
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With files from Reuters