Victoria gas prices reach record high
A litre of gas in Greater Victoria was selling for as much as $1.769 Thursday, continuing a price spike that's been hitting the Island hard in recent days.
A litre of gas in Greater Victoria was selling for as much as $1.769 Thursday, continuing a price spike that's been hitting the Island hard in recent days.
On Wednesday, Canadians for Affordable Energy president Dan McTeague told CTV News slowdowns at refineries in Burnaby and Washington State - prompted by unseasonably cold temperatures - were to blame for the price increase.
McTeague was surprised by just how high the price went at one station in Victoria's Hillside neighbourhood, however, which marked a new record for the Island. He told CTV News on Thursday that he expected the price at most stations in the region to rise to $1.699, a full seven cents below the price spotted in the afternoon.
McTeague says as long as refineries are running at reduced capacity and demand for gasoline continues to rise, he expects the price at the pumps to continue to jump until sometime in spring.
“We’re seeing a scenario where oil production is simply not keeping pace,” said McTeague. “Whether it’s Asia, Europe or now North America, there is a shortage.”
With files from CTV News Vancouver Island's Scott Weston
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