Is your gas tank looking empty? Well, you might want to fill it up – and fast, as the pipeline explosion in Price George is set to push gas prices up to a record-breaking 165.9 cents a litre in Metro Vancouver by Saturday.
But while you should head to the pumps, there’s no need to panic, according to Gas Buddy senior analyst Dan McTeague.
The spike in gas prices is entirely linked to the Enbridge pipeline explosion up near Prince George Tuesday evening, he said, and is expected to calm down by early next week.
“It’s not some doomsday scenario… but we do have to endure a bit of pain,” McTeague told Black Press Media by phone Thursday.
“But people should brace for impact with a four cent increase tomorrow and probably another four cents on Saturday.”
The increase comes because refineries are largely powered by natural gas, McTeague said, as they work to separate raw products in gasoline, diesel and jet fuel.
Gas prices coming back down, he said, is “completely dependent on this pipeline resuming operations.”
The smaller of the two pipelines that Enbridge shut down is already back up and running, and McTeague expects the second one to come online by Monday or Tuesday next week.
“There’s no need to panic and or don’t overstate what this is.”