Summer gas prices continue to sizzle
Posted August 14, 2023 12:50 pm.
Gas prices in Vancouver are showing up as some of the highest levels of 2023 right now while the price of oil rises for its seventh straight week.
The theme coast to coast is upwards pressure, says Patrick De Haan, head of petroleum analysis at GasBuddy. However, Vancouver stands out as about the only place in Canada over $2 per litre, he says.
The average in Vancouver is 205.8 cents per litre, up three cents per litre from last week and 13 cents per litre from a year ago.
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De Haan says he expects to see more inflation at the pumps until at least the winter, when there’s a chance for prices to cool off.
“We are coming up to the peak of hurricane season which can cause impacts to both oil production and refineries,” he said. “So there could be some volatility, especially if there’s a hurricane that heads for an area like the Maritimes or the Gulf of Mexico.”
Until oil production increases again, De Haan said the promise of price relief remains uncertain. His advice is not to wait to fuel up.
“It’s been a tough battle as of late with prices continuing to go up,” De Haan said. “Whether they’ll continue to go up is certainly within the realm of possibility, so if you need to fill your tank I’d still say sooner is better than later.”
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