VANCOUVER — Residents in Metro Vancouver are facing another blow to their cost of living as gasoline prices are set to spike yet again. According to petroleum analyst Matt McClain, prices at the pump are expected to jump by five to seven cents per litre by Monday, driven by the escalating conflict in the Middle East and the resulting damage to global oil infrastructure.
McClain warned that this upward trend is unlikely to reverse anytime soon. “Until the missiles stop flying and long-term solutions are reached, we expect the volatility in petrol and diesel prices to continue,” he stated, highlighting the direct link between overseas instability and local energy costs.
In response to the multi-week price hike, Premier David Eby has indicated that the province may explore the possibility of building a new oil refinery. Eby suggested that increasing domestic refining capacity could be essential to ensuring a stable fuel supply and reducing Canada’s reliance on foreign markets. He argued that if billions of dollars are to be invested in the energy sector, a refinery might offer more long-term value than a new pipeline.
However, the proposal has sparked a debate over its feasibility. Critics and industry observers are questioning who would invest in a multi-billion dollar oil refinery under an NDP government that is simultaneously pushing its CleanBC strategy—a plan specifically designed to reduce carbon emissions and transition away from fossil fuels. While the Premier looks for ways to provide immediate relief to drivers, the contradiction between building new oil infrastructure and meeting climate targets remains a significant political hurdle.
