Gas prices will continue to increase across the B.C. Interior this week. Photo Credit: Contributed

Gas price hike will get worse

Prices across BC Interior expected to reach 125.9/litre mark

The hike in gas prices today is going to get worse.

Prices across the Okanagan Valley averaged around 119.9/litre, but it’s expected to exceed the 125.9/litre very quickly .

“If you see gas at 119 now, I would jump on it because it’s going to go up further today possibly and very likely tomorrow,” said Dan McTeague, a senior petroleum analyst with GasBuddy.com.

“Everyone needs to fasten their seat belts as it’s going to be a rough ride at the gas pumps for awhile.

“I don’t see a downward trend in gas prices for at least the next two weeks.”

McTeague said there are several factors causing the gas price bump—the weak Canadian dollar, a major pipeline that delivers gas from Gulf Coast refineries to the US mid-west currently shut down for maintenance, reduction in the glut of oil on the world market and a booming American economy.

“The American economy is on fire right now. People are working, wages are up and the demand for fuel has shot up,” he said.

“Most of the fuel delivered to the B.C. Interior comes from Edmonton and Edmonton fuel pricing is based on U.S. mid-west gas price futures set in Chicago. And the pipeline disruption is very sensitive to US mid-west pricing, so that’s a key factor behind what’s going on right now.

“We could see a 12 to 13 cent a litre increase in the B.C. Interior before things cool off.”

From a global perspective, McTeague says renewable energy source development is important, but the world appetite for fossil fuels continues to expand.

“The developed world economies are looking for ways to cutback on oil consumption, but the for the developing world countries, which is 90 per cent of the global economy, oil consumption continues to increase,” he said.

Just Posted

Arrests made outside Shaw Centre

A man and a woman were taken into custody.

Silverbacks fall 3-0 at home to visiting Grizzlies

A fast-paced show of skill on both sides

Veteran reporter to stay at Global Okanagan

Blaine Gaffney was given a layoff notice after a miscommunication

Update: Heavy snow disrupts flights at Kelowna International

Kelowna - Expect snow in the Okanagan, Southern Interior and the Kootenays

New BCFGA president well prepared for new task

Oliver orchardist Pinder Dhaliwal has been BCFGA vice-president for five years

What’s happening

Check out what is happening this weekend in the Okanagan-Shuswap.

How to keep local news visible in your Facebook feed

Facebook has changed the news feed to emphasize personal connections. You might see less news.

Canucks came out hot, beat Bruins 6-1

Loui Eriksson scores twice, catapulting Vancouver to a lopsided victory over Boston

Vancouver artist’s cartoon of Florida school shooting resonates

Cartoon shows football coach, one of the victims, meeting others killed in school shootings

Trudeau family arrives in India for state visit

Seven-day visit includes meeting with Indian Prime Minister Narendra Modi

Military seeks DNA experts to help ID missing war dead

Federal program recovers, identifies and arranges burials for Canada’s nearly 28,000 missing war dead

Ski Patrol and SAR search for missing skier

Man’s truck found in Revelstoke Mountain Resort’s parking lot covered in ‘several days’ snow’

B.C. man brings dog to court as ‘best witness’

Man is defending himself on charges of uttering threats, possessing weapon for dangerous purposes

B.C. files new legal action against TransMountain pipeline

Province tries to uphold City of Burnaby bylaws, provoking Alberta

Most Read