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Priciest gas on continent

Metro Vancouver residents are paying the highest gas prices in North America.

And the cost of the liquid gold is expected to rise even more.

The current average in the Lower Mainland is $1.44, but that is expected to break the $1.47 mark this weekend.

The Okanagan is not that far behind, with the pump price coming in at $1.39 despite not having the transit taxes Lower Mainland residents pay on a litre of gas.

GasBuddy analyst Dan McTeague said prices will hopefully top out this weekend.

“It may be a sign that things have finally hit their crest and they will start to recede, perhaps pushing us down towards below the $1.40 mark over the next several days,” he said.

McTeague blames the uptick on a shortage of gasoline in the Pacific Northwest combined with increased demand from a booming American economy.

The days of oil overproduction are gone and as supplies tighten up, prices rise and McTeague said motorists should expect a general upward trend in gas prices.

According to McTeague, matters are made worse north of the border by the fact that Canada doesn’t produce enough gasoline to meet its own needs. That means the country will have to keep buying from foreign markets that might be setting prices based on a very different set of financial circumstances.



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