A warning about soaring gas prices has come true, with pain at the pump being the worst it’s been since the summer of 2015.
If you’re filling up at the pump this weekend, prices in Vancouver and area are as high as $1.42 a litre for regular, according to price-tracking website www.gasbuddy.com.
Just a week ago prices were hovering around $1.29 per litre in Vancouver.
Fuel expert Dan McTeague says the increase can be pointed to a supply crunch south of the border in Washington.
BP’s Cherry Point refinery is closing for nearly a week, while a refinery in Ferndale has been down for nearly two weeks.
McTeague says Burnaby’s Chevron refinery and the TransMountain pipeline can’t supply enough gas for the region meaning we’re vulnerable to supply issues south of the Border.
And he says with wholesale prices up, costs are being tacked on all along the chain.
“At the same time we see a little bit more profit taking by suppliers here in the Lower Mainland, who’ve picked up an extra couple of cents and retailers who are adding another two cents to it as well. So it’s really a scenario that sees a lot of people making a lot of money at a time when there is concern about supply shortage, as temporary as it may be.”
McTeague says Metro Vancouver’s gas taxes are also a part of the formula, contributing up to 50 cents of the price.
He adds prices will stick until mid-next week.