The pain at the pump has been a continuing theme over the past month or two both in Canada and other parts of the world as the price of gasoline continues to skyrocket along with the price of most consumer goods. But why and how has the price to fuel our vehicles gotten so expensive? As the price of gas hits a record high of $222.9 cents per litre in Metro Vancouver and other parts of the Lower Mainland this past weekend, frustration throughout the public community has started to rise. Whether it is the long lines of the late-night gas run, the second-guessing of a road trip due to the cost of gas for the trip, or just straight up not being able to afford the ridiculous price, filling up your tank has never been more of a hassle.
Experts say that the ongoing conflicts between Russia and Ukraine have ultimately “turned a bad situation worse” and the knock-on effect is being felt throughout the country, compounding the inflation toll on Canadians.
“This uptick in price also has a drastic impact on Canadians with lower incomes”, says Sohaib Shahid, an economic innovation director at the Conference Board of Canada, “they tend to spend a larger portion of their income on their basic needs such as transportation, accommodation, and food.” Living in the lower mainland is expensive enough, without raising gas prices!
The price of gas is a very tricky thing to predict. The fact that Canada depends on other countries for fuel makes the situation one that is out of our hands. Hopefully, the gas prices will be back to a certain norm where it does not break the bank to fill up your vehicle. This would be good news for the summer months when many Canadians look forward to a nice long road trip.