FORT ST. JOHN, B.C. — There is no evidence of it yet being a problem for local drivers, but across the province and the country, many of their counterparts began a new month yesterday, facing new challenges at the gasoline pumps.
According to GasBuddy.com, the B.C. average has jumped by three cents in one week to a 110.6 a litre, nearly nine cents higher than the Fort St. John common posted price of a 101.9 cents.
In fact, at 97.7 cents a litre, the lowest price in the province yesterday was in the Peace Region at the Legacy Car & Truck Wash in Dawson Creek. But this morning the Prince George Costco reclaimed that ranking at 95.9.
These local area prices are also below the new national average which on a week-over-week basis is up about three and half cents to a dollar three point one.
However, with 125.9 in Fort Nelson, the northeast Region has also scored the highest price in the province according to GasBuddy.com.
So there’s now a maximum differential of 24 cents a litre between Fort Nelson and Fort St. John, and you can push it up to about 28 cents between Fort Nelson and Dawson Creek.
All this comes at a time when the price of crude oil has climbed above US$45 per barrel for the first time since November. A recent two day gain of nearly six per cent was seen, but there’s concern about the strength of the rebound.
Bill Baruch, senior market strategist at I-I Trader, spoke to Bloomberg at the end of last week.
Another noteworthy factor at the end of the week came out of a Reuters’ survey which noted OPEC oil output.
Having surged since 2014, when the cartel abandoned its historic role of cutting supply to prop up prices, it’s now being pushed by Iranian and Iraqi production increases to close to its highest level in recent history.