Image Credit: CFJC News

By Amandalina Letterio

GASSING UP

Impact of Ukraine conflict keeping Kamloops gas prices high: expert

Jan 27, 2022 | 4:39 PM

KAMLOOPS — In the past four months, regular gasoline prices in Kamloops have reached their highest levels in the last six years. One University of British Columbia professor says the increase is because of a spike in crude oil prices as a result of political tensions between Ukraine and Russia.

“These global factors could get worse because if there is conflict in Ukraine, that will have some spill-away effects on international energy markets,” said Werner Antweiler, UBC Professor of Economics.

Antweiler says conditions in Europe are also affecting the cost of fuel. Right now, the continent is in an energy crisis which is putting a strain on alternative options.

“That is also spilling over into other fuels because these fuels are, to some extent, substitutes. We do see an increased demand for oil. Also because the economy is recovering coming out of the pandemic,” he explained.

One Man's Opinion

COLLINS: North Shore BIA working hard to develop a 'happening place'

2h ago

1000 Ways to Heal

1000 Ways to Heal: Moons

Dec 10, 2024

Question of the Week

Should Mayor Reid Hamer-Jackson apologize or resign after it was found he breached a section of council's code of conduct for allowing false or misleading information to be communicated?

Dec 09, 2024

The British Columbia Utilities Commission is responsible for collecting fuel price data across the province. According to its Fuel Prices graph, the cost of gas in the city reached a peak on October 13 at $1.57 per litre.

Since January, it has dropped and fluctuates around the $1.49 per litre mark. On Thursday (Jan. 27), Kamloops residents at a local gas station told CFJC News they are feeling the pressure.

“It’s definitely more expensive because I do have a family here, so I need to travel a lot. Definitely, it’s one of the more expensive things now a days,” said one man.

“If it’s possible to go down I think everyone would be more happy,” explained another.

“I have to travel for work and stuff,” said a third man after he put gas in his car. “Plus everybody needs to travel today, you know. The world is set up that way so… gouging!” he exclaimed.

As for when prices will go down — Antweiler says not to get your hopes up because the cost of gas tends to rise in the spring and summer.

“I think we can expect prices to remain high for the forseeable future,” he said.