Gasoline prices have climbed with the rise in crude oil and the fall in the value of the loonie against the U.S. dollar.

Gas prices to approach $1.50 record in Metro Vancouver

Resistance expected to 'psychological barrier' as pain at the pumps worsens

The onset of spring has pushed up both tulips and gasoline prices.

And industry watchers expect Metro Vancouver pump prices to close in on their all-time record of about $1.50 per litre of regular gas in the weeks ahead.

Average prices were around $1.44 per litre Tuesday, up more than 15 per cent from the mid-December low of around $1.24.

Jason Toews, founder of the gasbuddy.com website, expects prices will rise further – up to a point.

“I don’t think we’re going to see record level prices,” Toews said.

“I think there’s going to be a lot of resistance at $1.50. It’s a psychological barrier. People really start changing their driving habits and it starts having an impact on demand.”

Metro Vancouver average pump prices approached but essentially bounced off $1.50 twice last year, in mid-May and mid-July.

Toews said Abbotsford gas prices, which were just under $1.30 Tuesday, could hit $1.40 a litre this spring or summer before lower prices return in the fall.

Better spring weather always brings more driving, increased demand and therefore higher prices.

But Toews noted gas prices are somewhat higher now than they were at the same time last year.

Crude oil accounts for 70 per cent of the cost of gasoline and it’s almost 10 per cent higher than in early spring of 2013.

But the bigger factor is the Canadian dollar, which has slid nearly a dime against the U.S. greenback.

Since oil is priced in U.S. dollars, the loonie’s weakness means the price Canadian refiners actually pay for crude is about 20 per cent higher now than a year ago, Toews said.

“The Canadian dollar is definitely having an impact.”

Toews said his prediction of no new record is contingent on no major international crisis that sends crude prices soaring, or a production problem similar to the fire at Washington’s Cherry Point refinery in 2012.

“If there’s some sort of supply disruption then all bets are off.”

Vancouver Historical Gas Price Charts Provided by GasBuddy.com

Just Posted

Road to the World Juniors leads through Langley

Finland plays Denmark on Wednesday, United States takes on Czech Republic on Saturday

How the Grinch stole a Langley senior’s Christmas

Mary Kydd said her car was broken into at her apartment’s underground parking garage last week.

Langley family lights up the holidays

“Christmas at the Carlsons” is a light display with music

Last-minute gift giving can help Langley charities, too

Calendar, bears, and ornament sales all help local charities and causes abroad

New Langley biker club has links to Hells Angels: police

The Street Reapers were formed late last year and have been seen in Fort Langley.

‘Are we going to play?’ Alberta boy with rare illness no big deal for classmates

Porter Stanley is one of 30 people in the world to be diagnosed with Beare-Stevenson syndrome, a craniofacial disorder.

Publication ban on name of girl killed in Abbotsford school lifted

Reimer’s family had supported an application by Black Press to lift ban

B.C. securities regulator probes ‘most expansive’ alleged trading scheme in its history

Liht Cannabis Corp states it’s doing internal investigation, welcomes BC Securities Commission probe

Air passenger rights: 6 things about what the Liberals are offering

For 3- to 6-hour delays, compensation is $400. Between 6 and 9 hours, $700. Over 9 hours is $1,000

RCMP, civilian vehicles rammed in North Okanagan incident

Police attempt to stop truck near Enderby, thought to be tied to alleged Salmon Arm armed robbery

Watchdog called after man says Coquitlam cop shut car door on his leg

The Independent Investigations Office is probing an incident that occurred in Coquitlam last weekend

10-lane George Massey bridge too big, B.C. study says

Consultants say replacement tunnel cost similar to new bridge

Couple caught up in B.C. Legislature bomb plot to learn their fate

John Nuttall and Amanda Korody were arrested as part of an undercover RCMP sting on Canada Day 2013

Ryan Reynolds to narrate movie about B.C.’s Great Bear Rainforest

Vancouver-born actor known for Deadpool movies will voice film to be released Feb. 15, 2019

Most Read