Economy

Regina gas prices jump to highs not seen since June 2016

McTeague adds we haven't seen prices this high in Metro Vancouver since July 2014 and to add insult to injury, BC drivers pay some of the highest gas taxes across the entire country.

He thinks there may be another $0.02 increase late tonight that would push prices to $147.9/L for regular at many stations across Metro Vancouver.

While prices went up $0.01 overnight, GasBuddy.com Senior Analyst Dan McTeague says the pain at the pump isn't over just yet. Third, it's simple demand in the U.S.

While most of the gas in Regina stations comes from the city's Co-op Refinery Complex, all of Canada uses global pricing benchmarks to determine the price of gas.

In Prince George, prices are as high as $126.9, even though Costco is still at $1.10.

But while the price of fuel should drop soon, McTeague says we have been spoiled over recent winters and shouldn't expect to see prices at the levels they have been during recent cold-weather months (in January 2016, for example, gas was less than 70 cents/L).

"What's driven all this price upwards is there's been nearly a 60 cent a gallon increase in the Chicago mid-west spot prices for gasoline. It was up almost 60 cents a gallon in over a week and a half and now it's dropped back about 20 cents, so we could start to see some of those wholesale price pressures drop", said McTeague.



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