Gas prices in Kamloops on the rise
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KAMLOOPS — Gas prices across the city are on the rise today, after dropping below 80 cents per litre this past week. It was the first time in over a decade prices at the pump had been that low.
Dan McTeague, Senior Petroleum Analyst with GasBuddy.com says the last time prices were as low as 78.9 cents per litre was back in 2004. “[There is] a lot of supply, not a lot of demand. Gasoline has started to follow [the price of] crude,” said McTeague, in a phone interview this morning.
Throughout the morning, many stations across Kamloops had increased their prices by 8 cents per litre, to 86.9. McTeague said the jump in price was a result of decreased production by some U.S. refineries. “They just aren’t making any money, turning crude into gasoline, so they’re cutting back production,” said McTeague. “Those are signals that our refineries in Edmonton usually like to take, as a means of driving up wholesale prices for gasoline.”
