Vancouver residents react to high gas prices, Report

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Vancouver residents react to high gas prices, Report
Vancouver residents react to high gas prices, Report

Vancouver has the highest gas prices in North America, said president of Canadians for Affordable Energy.

As the cost of gas hit $1.70 per litre across much of Metro Vancouver this weekend, a marketing expert says prices could get even worse over the summer.

Simon Fraser University professor emeritus Lindsay Meredith says the pandemic is partly to blame for British Columbia’s high fuel prices, as well as supply issues and provincial and federal taxes.

“In B.C., we’re not going to dodge that kind of a high-priced bullet coming our way,” Meredith said.

Currently, there is less oil being produced both overseas and south of the border. B.C. produces very little oil and relies on external markets. According to Meredith, COVID-19 seems to have resulted in less oil inventory in the United States, which, in turn, has made oil less available for Canadian use.

The recent spike in price is also because of the closure of a vital Washington State refinery according to an energy industry analyst.

Over the last month, prices have jumped from $60 to $74 a barrel.

Vancouver is currently experiencing the highest gas prices in North America, said president of Canadians for Affordable Energy Dan McTeague.

Experts like McTeague say taxation is also playing a role in high prices. The federal government taxes gas based on value, not just the number of litres. That means that more expensive gas is taxed more than lower priced gas.

Across the Lower Mainland a transit tax is also part of gasoline prices.

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