June 8, 2023

A sudden in a single day spike in fuel costs in Vancouver had drivers on the Vancouver metro Thursday morning holding on to their wallets.

In response to the GasBuddy map, fuel costs are approaching the dreaded $2 a liter mark within the Decrease Mainland and as excessive as 194.9 cents a liter at a Richmond fuel station.

Fuel knowledgeable Dan McTeague mentioned this isn’t a Vancouver metro downside, however a continental downside for all North Individuals.

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“We’re seeing markets rise throughout North America, believing that with the lengthy weekend arising in the USA and the official begin of the summer time racing season, power markets are lastly specializing in the basics of provide and demand, and so we’ve got seen costs rise,” McTeague informed International Information.

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It isn’t over but. We will see a 4 cent improve in a single day (Thursday).

Present political points in the USA, specifically the US debt ceiling, McTeague says, may imply the uptick skilled by British Columbia drivers can be short-lived.

Fitch, one in every of many ranking businesses, has issued a warning in regards to the worth of US credit score. As political wrangling continues, it’s possible that (Fitch) understands that there can be a debt default, during which case markets of any nature will plummet.

“We’re more likely to see a four-cent decline, and it could possibly be increased on Saturday.”

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McTeague mentioned no matter in the end occurs with the US debt ceiling situation could have a big effect on fuel costs in British Columbia as early as subsequent week.

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He mentioned that if US policymakers attain an settlement and don’t default on the debt ceiling, gasoline costs in British Columbia may rise by 10 to fifteen cents per liter in “a really quick time frame.”

McTeague mentioned if the US fails to satisfy its debt ceiling, costs may fall 10 to fifteen cents a liter in a single day.

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