Gas prices are touching on the 140/litre mark this afternoon around Kelowna.
Shell and Petro-Canada stations in Rutland are selling gas at 139.9/litre, while other gas outlets around central Kelowna were still at 125.9/litre.
The website GasBuddy.com still has many local listed gas stations in Kelowna at 125.9/litre.
Dan McTeague, a senior petroleum analyst with GasBuddy.com, said earlier this week that gas prices were going up quickly.
“Everyone needs to fasten their seat belts as it’s going to be a rough ride at the gas pumps for awhile,” McTeague said.
“I don’t see a downward trend in gas prices for at least the next two weeks.”
McTeague said there are several factors causing the gas price bump—the weak Canadian dollar, a major pipeline that delivers gas from Gulf Coast refineries to the US mid-west currently shut down for maintenance, reduction in the glut of oil on the world market and a booming American economy.
“The American economy is on fire right now. People are working, wages are up and the demand for fuel has shot up,” he said.
“Most of the fuel delivered to the B.C. Interior comes from Edmonton and Edmonton fuel pricing is based on U.S. mid-west gas price futures set on the Chicago Mercantile Exchange. And the pipeline disruption is very sensitive to US mid-west pricing, so that’s a key factor behind what’s going on right now.”
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