This morning in Greater Victoria, gas prices soared to record highs, sky-rocketing to 216.9 a litre at a gas station in Sooke.
Gas prices spiking because of turmoil with the global oil supply, a tenth of which is Russian.
Lindsay Meredith, professor at SFU’s Beedie School of Business, said the price of crude is now in the hundreds of dollars.
“It’s a double whammy. Not only do you have inflation on the loose, you have gas prices, and fuel going crazy,” Meredith said. “They are a major portion of the inflationary spiral.”
U.S. President Joe Biden coming out with his harshest response yet, hammering down on the Russian economy.
“Today I am announcing the United States is targeting the main artery of Russia’s economy, we’re banning all imports of Russian oil and gas and energy,” Biden said. “We will not be part of subsidizing Putin’s war.”
In December, motorists in Victoria paid 152.6 a litre.
In 2022, the price jumped to 164.9 in January, and to 179.9 in February.
And now some gas stations are at 216.8 a litre, which is a hike of more than 62-cents a litre in four months.
According to Statistic Canada, the country’s most popular compact car is the Honda Civic. At 208.9 a litre that’s $94 for a fill-up.
For a Toyota RAV4, Canada’s most popular SUV, filling up will set you back about $150.
The only question now is how high could it go?
Meredith says much more, three to four dollars a litre.
“Look around the world,” he said. “Lots of other people have been happily paying that for quite a long time.”
Spring and summer travel season are around the corner, jet fuel costs are rising, those rising prices are hitting businesses, and consumers in the pocketbook.
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Mary Griffin
