This weekend, it became a lot more expensive to fill up the tank in the Lower Mainland.

Prices shot up 11 cents per litre in some locations this week, reaching $1.429 per litre.

The jump was predicted by gasbuddy.com senior analyst Dan McTeague.

Part of the reason is a supply shortage, which could intensify with a temporary shutdown of two refineries in Washington state.

According gasbuddy.com, there are still some stations selling gas in the $1.369 per litre range.

https://twitter.com/GasBuddyDan/status/848217194018340864

McTeague, a former Liberal MP, wrote a blog post last week pointing out that that the future of crude oil prices is "uncertain".

"After a few weeks that have seen oil’s value decline about $5 a barrel for both WTI (West Texas Intermediate) and Brent oil, a resurgence in U.S hydraulic drilling and Wednesday’s record U.S. petroleum build to over 530 million barrels, some are now advancing the notion that the crude market is indeed balancing," McTeague wrote. 

He noted that Barclay's Bank retains this opinion even though there's been an "upsurge in U.S shale output".

However, McTeague explained that the majority of analysts are still focusing on whether OPEC members are going to be able to extend an agreement to curtail supply. And without this occurring, McTeague stated that the "consensus" is for oil prices to fall below $40 per barrel.

"For end users like motorists, oil’s fate only partially impacts pump prices," McTeague pointed out. "As seen in both Canada and the U.S., prices have more to do with market factors surrounding refinery output and consumer demand than the crude needed to distill our fuels."