The cost of gas is jumping even faster than analysts predicted, hitting what they thought would be B.C.’s near peak summer price in Metro Vancouver on Sunday (May 8).
According to GasBuddy.com, gas stations in some parts of the region were charging $2.229 per litre for regular gas on Mother’s Day. A few were still charging $2.049, but the majority were well into the teens.
“My wildest guesses are now being exceeded,” analyst Dan McTeague said.
Speaking with Black Press Media May 4, he predicted gas would go as high as $2.20 or $2.30 per litre at some points during the summer.
He said sanctions against Russian oil, China’s COVID-19 lock down, increased vacation travel and the weak Canadian dollar were all playing into the price at the pump.
Sunday, McTeague said an overall global shortage of oil is to blame. He added that he thought when gas hit two dollars a litre in Vancouver at the start of March it would be enough to slow things down, but that people and countries keep on buying.
Now, he’s guessing gas could jump another 10 cents before the May long weekend and possibly increase even further from there. McTeague said people should expect to see the price of food and goods climb further too.
Other parts of B.C. won’t be quite as hard hit as Metro Vancouver. Sunday, Victoria stations were charging a peak of $2.179 per litre, and Kelowna and Kamloops stations were topping out at $1.949, according to GasBuddy.