Vancouver was struck by a sudden leap in gas prices last Thursday, and industry specialists project that this price volatility will continue for at least another month. On the night of Wednesday, fuel prices surged by ten cents, reaching 184.9 per litre. This increase follows a period of decrease over the Thanksgiving long weekend, when the price dipped to 173.9 per litre.
Expert gas analyst, Dan McTeague, considers this abrupt surge a testament to the current market’s instability. “Energy traders lack reliable information on which to base their decisions,” McTeague commented, suggesting the possibility of an eight-cent decline the following day.
McTeague also predicted a continuous whipsaw movement at the pumps over the weekend, where gas prices could either escalate or recede by an additional three to four cents. Such price fluctuations, he believes, echo broader economic uncertainties—fears of a looming recession and the expectation of more interest rate hikes.
Addressing the broader global context, the gas expert emphasized that the ongoing war in the Middle East isn’t influencing current oil prices. “The war made its impact on Monday when the oil price increased by three and a half dollars per barrel. However, it has since descended, relinquishing most of its gains,” McTeague explained, noting that the oil price is currently stable in the low $80 per barrel range but might revert to its preceding value by Friday.
McTeague warns that the highs and lows experienced by Vancouver’s fuel markets could potentially persist for a minimum of another month. Meanwhile, GasWizard.ca reports no overnight changes in the gas prices in Kelowna, Kamloops, and Prince George.
