Local gas prices will continue to surge well into the summer, but a recent cyberattack on a critical U.S. pipeline won’t be the reason why.
Gas prices have been surging to nearly $1.60 in recent days in Burnaby and the rest of the Lower Mainland. Experts say they will likely hit $1.70 a litre.
The Colonial Pipeline, which delivers about 45 per cent of the fuel used along the Eastern seaboard, shut down Friday after a ransomware attack, reportedly causing gasoline prices in some places in the U.S. to climb. But GasBuddy oil and gasoline prices analyst Patrick De Haan says this should have a negligible impact on prices throughout Canada and most of the U.S.
De Haan says the hack has caused a delivery issue, not a gasoline production issue, and will not have much material impact on prices.
In a tweet, GasBuddy warns against panic-buying, saying that people don't need to fill up on gas if they don't immediately need it.
It says a sudden surge in demand will only drive prices up and make the situation worse.
But that doesn’t mean prices will go down anytime soon.
While Metro Vancouver gas stations were offering gas for well under a buck a litre in 2020, prices in 2021 have returned to pre-pandemic levels.
According to Dan McTeague, president of Canadians for Affordable Energy, formerly of GasBuddy.com, gas prices in Metro Vancouver will continue to rise into the spring and summer months.
In a Tweet, the petroleum analyst remarks that prices as high as $1.70 a litre may return to local gas stations this year.
De Haan told Glacier Media recently that with the Organization of the Petroleum Exporting Countries (OPEC) decision recently to not yet raise output, "I would expect prices to continue trending higher over the coming weeks, and perhaps by the start of May, be 7-15 [cents per litre] higher than today, or potentially more, should demand for gasoline continue to rebound as the COVID-19 pandemic improves."
- With additional reporting by Elana Shepert, Vancouver is Awesome and files from the Canadian Press
