Pumpjacks pump crude oil near Halkirk, Alta., June 20, 2007.THE CANADIAN PRESS/Larry MacDougal

Pumpjacks pump crude oil near Halkirk, Alta., June 20, 2007.THE CANADIAN PRESS/Larry MacDougal

Gas price spike hits Vancouver Island — and experts predict prices to rise even more

“We still could be talking about record prices…”

As the price of gas in the Comox Valley jumped overnight, experts are warning drivers this may be the beginning of a slow and steady rise at the pump throughout the next few months and into the summer.

Patrick De Haan, head of petroleum analysis for GasBuddy – an online company that offers real-time fuel prices at various stations across the country – said the increase is due to a perfect storm of events.

“A lot of it has to do with the cold weather from the last couple of weeks in Texas. Twenty per cent of refinery capacity shut down, and the price of oil has surged. Also, with improving COVID numbers, more Canadians and Americans are filling up at a much brisker pace (than a year ago),” he explained.

As of Tuesday (March 2), most prices at the pumps across the Comox Valley reached 144.9¢ – up about 10 cent from the previous day.

De Hann noted within the past year, the price of oil had lowered in addition to lower demands for fuel as fewer people travelled due to the pandemic. While the Organization of the Petroleum Exporting Countries (OPEC) is meeting shortly to discuss raising production, he said the situation at the pumps may not get better anytime soon.

“We still could be talking about record prices – $1.60 or $1.70/L wouldn’t be out of the question depending on how much production increases.”

He added as summer approaches, demand will likely increase at “a breakneck pace,” with production lagging behind. Because of the low demand last year, many Canadian oil companies had to lay off thousands of employees, which will add to a production lag as it will take time to bring companies back online to full capacity.

As of Wednesday morning, GasBuddy was reporting these as the most common pump prices at the following Vancouver Island locations:

  • Port Hardy $1.39.9
  • Campbell River $1.38.9
  • Courtenay $1.44.9
  • Parksville $1.38.9
  • Port Alberni $1.44.9
  • Ucluelet $1.45.9
  • Nanaimo $1.39.9
  • Ladysmith $1.38.9
  • Duncan $1.39.9
  • Mill Bay $1.39.9
  • Saanich $1.44.6
  • Sidney $1.44.9
  • Sooke $1.44.9

For more news from Vancouver Island and beyond delivered daily into your inbox, please click here.

RELATED: Higher gas prices led to higher January consumer prices in Canada

RELATED: Gas prices in parts of B.C. could reach $1.70 per litre by summer, analyst predicts

RELATED: Greater Victoria gas prices dip to lows not seen since February 2016



photos@comoxvalleyrecord.com

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

B.C.’s public health restrictions on non-essential travel are reinforced by orders effective April 23, 2021 to stay within your own regional health authority except for essential travel such as work and medical appointmens. (B.C. government)
B.C.’s COVID-19 non-essential travel ban takes effect, $575 fines approved

Checks on highways, ferries between Lower Mainland, Vancouver Island, Interior

Bulldogs forward Stephen Castagna chases down the puck during a game against the Surrey Eagles in 2019. ELENA RARDON PHOTO
BCHL: Alberni Valley Bulldogs scoring leader commits to NCAA

Castagna is the sixth Bulldog to secure an NCAA Div. 1 scholarship this season

A B.C. Centre for Disease Control map shows new COVID-19 cases by local health area for the week of April 11-17. (BCCDC image)
BCCDC says fresh COVID-19 cases down in most Island Health areas

Nanaimo sees its fewest new COVID-19 cases since mid January

Pharmacist Barbara Violo arranges empty vials of the Oxford-AstraZeneca COVID-19 vaccine that she has provided to customers at the Junction Chemist, an independent pharmacy in Toronto, Monday, April 19, 2021. Younger Canadians in several provinces are now able to get the AstraZeneca vaccine. THE CANADIAN PRESS/Nathan Denette
AstraZeneca vaccine appointments fill up fast on Vancouver Island

More pharmacies expected to be added as supply increases

The bulk carrier ‘Port Alberni’ is berthed at CentrePort in Wellington, New Zealand on Monday, April 12, 2021. The carrier is 174 metres long by 29 metres wide, flies under a Hong Kong flag and was carrying logs. (CHARMEAD SCHELLA/Special to the News)
Logging ship a trip down memory lane for transplanted Canadian

The 174-metre ‘Port Alberni’ is registered in Hong Kong

Canadian Prime Minister Justin Trudeau and United States President Joe Biden smile as they say farewell following a virtual joint statement in Ottawa, Tuesday, February 23, 2021. THE CANADIAN PRESS/Adrian Wyld
Trudeau pledges to cut emissions by 40% to 45% by 2030, short of U.S. goal

Trudeau announced target during a virtual climate summit convened by U.S. President Joe Biden

As the snow in Manning Park melts, searchers are able to get a little farther each day. Photo submitted
B.C. family resumes search for son missing in Manning Park since October

‘This is our child, and we don’t give up on our children,’ said mom Jordan Naterer’s mother Josie

A health-care worker prepares a dose of the Pfizer-BioNTech COVID-19 vaccine at a clinic in Toronto on Thursday, January 7, 2021. THE CANADIAN PRESS/Nathan Denette
Canada buys 65M Pfizer booster shots for protection against COVID-19 variants

Prime Minister Justin Trudeau says the deal with Pfizer includes options to add 30 million doses in both 2022 and 2023, and an option for 60 million doses in 2024

An early morning fire along Cameron Street has left two cats dead and two tenants homeless. (Jane Skrypnek/News Staff)
Early morning fire guts Victoria house, leaves 2 cats dead

Victoria Fire Department called out shortly before 2 a.m.

A plan flew over the Lower Mainland with a sign expressing some Canucks fans’ discontent with the team’s general manager. (Niqhil Velji - Twitter Screenshot)
#FireBenning movement gets off the ground in Metro Vancouver

Canucks fans raise enough money to fly banner over Metro Vancouver asking for team GM to be canned

The Better Business Bureau is reminding people to do their research before starting any home improvement projects this spring. (Black Press Media file photo)
Don’t get scammed on home improvements, warns Better Business Bureau

Scams typically involve paying cash upfront for jobs that never get done, says BBB

The freed osprey keeps a wary eye on its rescuers after being deposited on its nest. (Photo credit: Greg Hiltz)
Hydro crew in Ashcroft gets osprey rescue call-out they won’t soon forget

Bird was tangled in baling wire hanging from a hydro pole, necessitating a tricky rescue

Auto thief in black balaclava trying to break into car with screwdriver. (Pixabay photo)
Island hikers and park users warned to keep valuables in vehicles out of sight

Spring weather draws more hikers out to rural parking lots, where thieves are at work

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Most Read