Vancouver gas prices on verge of shattering all-time record

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      Metro Vancouver motorists are probably going to have to fork out a little more cash to fill their tanks later this week.

      The senior petroleum analyst at the consulting firm Gas Buddy, Dan McTeague, has tweeted that a new record will likely be hit on Friday (April 5): $1.649 per litre.

      "Gasbars hiked their retail margin by an extra 2 ctgs and BC's 1.16 ct rise in carbon taxes Monday made a bad situation worse," he stated on Twitter.

      This morning, the price of West Texas Intermediate crude oil is just over US$62.

      Western Canadian Select crude oil prices have more than doubled since the Alberta government limited production late last year, though they still remain well below WTI.

      In January 2019, the price differential between WTI and WCS was US$17.08, according to the Alberta government.

      In a review of global crude prices released this morning, McTeague stated that "shale producers are facing headwinds in terms of financing since many are producing oil at or below breakeven prices, which could spell trouble for the longer-term viability of some players."

      "Still, with summer demand season looming and a more positive economic outlook pending a trade agreement with China, oil and petroleum prices may only be in a temporary holding pattern," McTeague added.