Forget $2 a litre: Metro Vancouver gas prices jump to $2.10 and more Sunday
Drivers in Metro Vancouver didn’t have long to fret over $2-a-litre gas before they were seeing still more record highs.
Many gas stations across Vancouver, Richmond, Surrey, Burnaby and beyond were tipping $2.10 a litre Sunday, with the cheapest stations charging about $2 and a few even soaring upwards of $2.20.
Werner Antweiler, a business professor at the University of B.C. who specializes in international trade, gas prices and energy systems, said that because oil producers sell their products competitively on global markets, local prices are affected by worldwide events.
“We are at the mercy of international markets,” he said. “Crude oil is traded in monthly futures contracts and not in low-term contracts. If international prices are up, they will gain that benefit in all their markets.”
Companies that make a profit by bringing in oil from anywhere — often from Alberta — for cheaper and selling it at the higher price, taking into consideration the cost of transportation, currency exchange, inflation and fuel standards, have begun to look elsewhere.