Pain at B.C. pumps continues as gas companies rake in record profits
Posted October 31, 2022 7:02 am.
Last Updated October 31, 2022 9:28 am.
While gas companies are making more money than ever before, B.C. drivers are still paying the steepest gas prices across Canada.
ExxonMobile and Chevron, the two latest gas companies to post their quarterly numbers, show they’re raking in record profits.
Exxon posted a $19.66 billion profit for the quarter, while Chevron posted an $11.2 billion profit.
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The almost $20b profit from Exxon is the second largest quarterly profit by a company, ever.
Meanwhile, for drivers in B.C., the price at the pump doesn’t seem to be letting up.
GasBuddy head analyst Patrick De Haan says the tight supply that’s been helping drive up prices isn’t going anywhere.
“We’ve seen gasoline prices in Canada jump in the last week due to tight supply, and the challenges may be far from over,” he said. “Add in diesel prices that remain high amidst extremely tight supply, and it could be a very bumpy ride for Canadians, especially those that heat their homes with heating oil or propane.”
The average retail gas price in Metro Vancouver rose 13.9 cents per litre last week, averaging 200.02 cents for a litre of regular gas on Sunday.
The national average rose just 7.2 cents in comparison, for an average of 174.06 cents per litre Sunday.
The provincial average was 192.33 cents, with Abbotsford averaging 185.20 cents per litre and Victoria posting an average of 193.61 cents per a litre of regular gas.
