Gas Prices

[MalcolmTucker]

Plus the pipeline was shut down for a day, which delayed product delivery, and reduces next month's capacity by ~3% or so (a transfer of month day this month to next month).

[bluefox]

Originally Posted by Klazu

Anyone know why our gas prices are back to $1.30 level? Price of oil is still down from 6 months ago and rest of Canada is still enjoying sub-$1 prices. What's the excuse this time?

The daily price swing seems even crazier than normal too. I am still finding some stations selling for $1.15 in the evening, and that's including some stations in Vancouver.

[MIPS]

Originally Posted by chowhou

Western Canada Select has rebounded to almost exactly the price it was 6 months ago.

Oh, you know. We accidentally misjudged the market demand again and ended up not keeping up with our oversupply brought on by the COVID thing. Now we seem to of accidentally spurred a demand with low reserves again. Oh, well it's alright I guess. We just have to notch up the price a little to help keep the lights on.
[garbage_smile.jpg]

[MalcolmTucker]

They can’t supply gas at all (long term) if they aren’t making money.

[milomilo]

Originally Posted by MIPS

Oh, you know. We accidentally misjudged the market demand again and ended up not keeping up with our oversupply brought on by the COVID thing. Now we seem to of accidentally spurred a demand with low reserves again. Oh, well it's alright I guess. We just have to notch up the price a little to help keep the lights on.
[garbage_smile.jpg]

Don't buy it then. If this is the minimum price the producers can keep production running at, then this is the price you shall pay. Perhaps you could lobby the BC government for some oil import terminals and more refining capacity?

[VancouverOfTheFuture]

Originally Posted by milomilo

If this is the minimum price the producers can keep production running at, then this is the price you shall pay.

the thing is, it isn't. price gouging is alive and well in BC

[Trainguy]

Originally Posted by VancouverOfTheFuture

the thing is, it isn't. price gouging is alive and well in BC

Edmonton is still $76.9. Price hasn't changed much there at all. Was just 20 cents cheaper in April. BC has been the open your wallet province on gas prices for quite some time but actually used to be cheaper than Edmonton back in the day. Thanks gas taxes!!!

[MalcolmTucker]

Oil from tankers used to be cheaper than oil in the centre of the continent before the mid 2000s or so.

[milomilo]

Originally Posted by VancouverOfTheFuture

the thing is, it isn't. price gouging is alive and well in BC

There's no such thing as price gouging, just supply and demand. There's plenty of logical reason gas would be more expensive in BC.

[s211]

Originally Posted by Trainguy

Edmonton is still $76.9. Price hasn't changed much there at all. Was just 20 cents cheaper in April. BC has been the open your wallet province on gas prices for quite some time but actually used to be cheaper than Edmonton back in the day. Thanks gas taxes!!!

From experience, my general rule of thumb is that regular octane fuel is usually about 50% more in Vancouver than Edmonton. Give or take, of course.

[whatnext]

CTV reported on how hard-hit Blaine businesses were with the border shutdown. The Chevon station usually had a tanker come and refill them every three days but they haven't required a single tanker refuel since the pandemic.

https://bc.ctvnews.ca/canadians-desperately-missed-south-of-the-b-c-border-in-blaine-1.5044464

[moosejaw]

Just drove through the USA where Gas in Beverly Hills is $4.78/gal for 87. Got down to 3.39 in Las Vegas. $2.59 in Utah and the best deal was in Kansas City Missouri for $1.69/gallon before hitting $2.12/gallon in Florida

[VancouverOfTheFuture]

Originally Posted by moosejaw

Just drove through the USA where Gas in Beverly Hills is $4.78/gal for 87. Got down to 3.39 in Las Vegas. $2.59 in Utah and the best deal was in Kansas City Missouri for $1.69/gallon before hitting $2.12/gallon in Florida

that works out to, including exchange rate, $0.60/L. wow.

[Sheba]

New B.C. rules forcing fuel companies to reveal how prices set take effect

New regulations aimed at “pulling back the curtain” on B.C.’s gasoline market took effect Friday.

Under the new rules, companies that import, buy, store or distribute gas or diesel products to retailers will need to collect and begin reporting data to the B.C. Utilities Commission (BCUC) in October.

The data includes “detailed information on fuel imports, storage capacity, bulk sales and wholesale prices,” according to the energy ministry.

B.C.’s NDP government passed legislation to make the reports mandatory last fall, after a BCUC report found an unexplained 13 cent per litre premium on the price of fuel in southern B.C.

The report suggested the higher prices was due to a lack of competition in the market, and were costing British Columbians close to half a billion dollars per year.

“All of these steps are taken as we pull back the curtain on secrecy and keep companies publicly accountable for unfair markups and cost increases that cannot be explained,” said Energy Minister Bruce Ralston, Friday.

“This will help us to bring fairness and transparency to the price B.C. drivers pay at the gas pump.”

But critics aren’t so sure.

The opposition BC Liberals said the regulation will do nothing to bring gas prices down, calling instead for the government to cut fuel taxes.

Gas price analyst Dan McTeague had a similar critique.

“We may be cheering today and saying, ‘Let’s go after those folks and they’re doing us in,'” he said.

“What happens, though, if it does reveal (that) for the better part of the past few years, it’s your own government policies that are contributing mightily to that mystery 13 cents? It’s going to be a massive and colossal disappointment for the government.”

The BCUC will publish the data and information on the factors that influence gas prices at a new website, gaspricesbc.ca.

[bluefox]

Originally Posted by Sheba

Gas price analyst Dan McTeague had a similar critique.

“We may be cheering today and saying, ‘Let’s go after those folks and they’re doing us in,'” he said.

“What happens, though, if it does reveal (that) for the better part of the past few years, it’s your own government policies that are contributing mightily to that mystery 13 cents? It’s going to be a massive and colossal disappointment for the government.

There he goes again.

Does the media not realize or care he is no longer an analyst but a lobbyist?

[MalcolmTucker]

The data will be useful. I'd guess it will show that surprise surprise, that the apportionment of Trans-Mountain increases costs for consumers, as wholesale prices rise to meet the marginal cost of supply to the region by other means. Which will show the market is efficient, and the only way to narrow that gap is to either: decrease gasoline consumption so that the marginal supply is no longer the higher cost alternative; or increase lower cost supply.

[jollyburger]

They should make a crown corporation to sell gas and eliminate the gap. Mystery solved.

[milomilo]

Originally Posted by jollyburger

They should make a crown corporation to sell gas and eliminate the gap. Mystery solved.

If you want to pay more (at the pump or via taxes), sure. Communism doesn't work.

[MalcolmTucker]

Originally Posted by jollyburger

They should make a crown corporation to sell gas and eliminate the gap. Mystery solved.

If the gap is due to efficient markets, to eliminate the gap without increasing lower cost supply you’d either have supply shortages or the corporation would lose money on marginal supply.

[GeeCee]

Originally Posted by milomilo

If you want to pay more (at the pump or via taxes), sure. Communism doesn't work.

Crown corporations aren't even remotely close to communism. Try your troll again.