When will it end?
Today, the price of a litre of regular gas in Kelowna surged to as much as $2.08 after a one-day reprieve to $1.75.
Mid-last week the price shot up from $1.56 to $2, a shocking escalation of 43 cents, or 28%, in just 36 hours.
In February, in Kelowna, gas was going for $1.07.
We didn't know how lucky we had it until the US and Isreal started a war on Iran on Feb. 28 causing troubled in the Strait of Hormuz, through which 20% of the world's oil passes.
Prices at the pump immediately went up in reaction to the Strait of Hormuz constriction.
This latest jump seems to be a combination of the Strait of Hormuz effect with a power loss last week at the largest refinery in the US Midwest that spooked the market and caused the wholesale price of gas to skyrocket.
Of course, any increase in the supply chain is ultimately passed onto the consumer.
With all of this at play, the Tire and Rubber Association of Canada did a survey and found out that British Columbian motorists are rightly freaked out.
69% of respondents believe high gas prices are the 'new normal'.
65% of British Columbians plan to cancel or limit road trips this summer because gas prices are so high and they can't afford it.
Yet, 84% plan to still take at least one day or overnight trip this summer that requires driving some distance.
Cross-border driving trips to the US seem to be all but off for British Columbians.
Only 10% plan to do that this summer.
"With gas prices continuing to impact travel plans, many Canadians are looking for practical ways to save at the pump," said Carol Hochu, president of the Tire and Rubber Associaiton of Canada.
"Proper tire inflation is one of the simplest ways to improve fuel economy and vehicle safety. Regular tire pressure checks, reducing idling, maintaining a steady speed, accelerating gently and coasting to decelerate all contribute to better fuel economy and meaningful savings at the pump."
At $2.08 a litre, a fill up for a car with a typical 60-litre tank will put you back $124.
Before the US and Israel war on Iran started, that same fill up at $1.07 a litre was only $64.20.
Which means, today, you're paying a staggering 93% more for gas.
A quick look at the Gas Buddy price tracking website shows the most expensive regular gas in the area is $2.08 a litre at the Shell in Lake Country.
Not far behind is the Chevron in Lake Country at $2.07, then $2.05 at the Canco stations on Ethel Street in Kelowna and Highway 33 in Rutland, the Coop at 3491 Sexsmith Rd, and the PetroCanada and Chevron in West Kelowna.
The cheapest listed were Costco Kelowna at $1.83 (you have to be a member to buy gas there) and $1.90 at Shell at 2189 Springfield Rd.
According to Statistics Canada, in 2024, Canadians purchased 43.8 billion litres of gas.
It will be interesting to see how that might drop as we cut back because of of the price gas.
The Tire and Rubber Association of Canada is the trade group that represents tire makers, rubber product manufactures and importers, suppliers of goods and services to the industry as well as rubber recyclers.
