E.G. Gas Prices Are Falling But Will It Last Bc News

Gasoline prices continued to drop across much of British Columbia during the final travel weekend of the summer. In Kelowna, gas stations saw a liter of gas drop to 175.9 at some stations, according to the website GasBuddy. Gasoline price forecasting website Gas Wizard predicts average prices will drop again on Friday. This may be good news for the bank account in the short term. But the price drop also signals an impending economic downturn, says University of British Columbia energy economist Werner Antweiler. “There are clear signs that we are no longer looking at an economic boom,” he said. “We may even be looking at a recession.” Global fuel prices have soared around the world since Russia’s invasion of Ukraine in late February, driving up record inflation rates not seen in decades. Raise the cost of energy and you raise the cost of almost everything. Get food at the grocery store. The journey from a farm to your refrigerator requires an often vast network of ships and trucks — almost all of which require gasoline, diesel or oil to move. In June, the average price for a liter of gasoline in Vancouver topped 225.4, according to Statistics Canada. That month, inflation jumped to 8.1%. EV sales are growing more slowly than expected As gas prices rose earlier this year, sales of new electric vehicles — while still growing — have been constrained by a global lack of demand. In the first quarter of 2022, zero-emission vehicles (mostly electric) made up 17 percent of all new vehicle sales in BC, making it the per capita leader in North America. However, by the end of the second quarter, EV sales growth leveled off, accounting for 16.4 percent of the market share in the first half of 2022, according to a recent S&P Global Mobility market report. The trend toward softer-than-expected EV sales extends across Canada and into the United States. Meanwhile, a Glacier Media analysis showed that a huge surge in new vehicle registrations in 2021 threatened to wipe out many of the gains made by getting people around on public and active transport. Because people who buy a car typically stay in it for several years, emissions from these new car purchases can be expected to be locked in for at least a decade. Lower gas costs could affect the short-term purchasing habits of BC drivers. Antweiler says he wouldn’t be surprised if a growing number of car buyers look for a middle ground: plug-in hybrid vehicles that offer the flexibility of gas engines but the price savings of short trips on a battery. In B.C., the electricity used to drive one kilometer costs about a quarter of the price to do it with natural gas, the economist estimates. “Electrification is coming one way or another because electricity is much cheaper than gasoline,” he said. Not there yet In recent weeks, the average cost of a liter of natural gas in Metro Vancouver has hovered below $2. Elsewhere in the province, the price of natural gas remains significantly lower. In Kelowna, prices were at 173.9 Thursday morning and on Vancouver Island, a gas station in Langford saw prices drop to 179.9. Drivers in Salmon Arm found some of the cheapest gas in the province over the weekend, with the price of a liter of gas reaching 167.9, according to GasBuddy. Antweiler says the drop in gas prices is partly due to markets readjusting to the reality of the war in Ukraine. The cost of crude oil has also fallen on signs that Iran could soon start adding more supply to the global market, the economist said. All of this could be good news for inflation rates, which had already eased slightly to 7.6% in July after the Bank of Canada raised interest rates – part of a global push by central banks to tame rising prices . As the summer driving season draws to a close, the cost of fuel and the inflation that drives it contributes to the decline. “That doesn’t mean you can’t see high prices again,” Antweiler cautioned. “I think there’s a sense that as European sanctions start to kick in at the end of the year, we could see another spike in oil prices.”

title: “E.G. Gas Prices Are Falling But Will It Last Bc News Klmat” ShowToc: true date: “2022-10-27” author: “Sandra Dycus”

Gasoline prices continued to drop across much of British Columbia during the final travel weekend of the summer. In Kelowna, gas stations saw a liter of gas drop to 175.9 at some stations, according to the website GasBuddy. Gasoline price forecasting website Gas Wizard predicts average prices will drop again on Friday. This may be good news for the bank account in the short term. But the price drop also signals an impending economic downturn, says University of British Columbia energy economist Werner Antweiler. “There are clear signs that we are no longer looking at an economic boom,” he said. “We may even be looking at a recession.” Global fuel prices have soared around the world since Russia’s invasion of Ukraine in late February, driving up record inflation rates not seen in decades. Raise the cost of energy and you raise the cost of almost everything. Get food at the grocery store. The journey from a farm to your refrigerator requires an often vast network of ships and trucks — almost all of which require gasoline, diesel or oil to move. In June, the average price for a liter of gasoline in Vancouver topped 225.4, according to Statistics Canada. That month, inflation jumped to 8.1%. EV sales are growing more slowly than expected As gas prices rose earlier this year, sales of new electric vehicles — while still growing — have been constrained by a global lack of demand. In the first quarter of 2022, zero-emission vehicles (mostly electric) made up 17 percent of all new vehicle sales in BC, making it the per capita leader in North America. However, by the end of the second quarter, EV sales growth leveled off, accounting for 16.4 percent of the market share in the first half of 2022, according to a recent S&P Global Mobility market report. The trend toward softer-than-expected EV sales extends across Canada and into the United States. Meanwhile, a Glacier Media analysis showed that a huge surge in new vehicle registrations in 2021 threatened to wipe out many of the gains made by getting people around on public and active transport. Because people who buy a car typically stay in it for several years, emissions from these new car purchases can be expected to be locked in for at least a decade. Lower gas costs could affect the short-term purchasing habits of BC drivers. Antweiler says he wouldn’t be surprised if a growing number of car buyers look for a middle ground: plug-in hybrid vehicles that offer the flexibility of gas engines but the price savings of short trips on a battery. In B.C., the electricity used to drive one kilometer costs about a quarter of the price to do it with natural gas, the economist estimates. “Electrification is coming one way or another because electricity is much cheaper than gasoline,” he said. Not there yet In recent weeks, the average cost of a liter of natural gas in Metro Vancouver has hovered below $2. Elsewhere in the province, the price of natural gas remains significantly lower. In Kelowna, prices were at 173.9 Thursday morning and on Vancouver Island, a gas station in Langford saw prices drop to 179.9. Drivers in Salmon Arm found some of the cheapest gas in the province over the weekend, with the price of a liter of gas reaching 167.9, according to GasBuddy. Antweiler says the drop in gas prices is partly due to markets readjusting to the reality of the war in Ukraine. The cost of crude oil has also fallen on signs that Iran could soon start adding more supply to the global market, the economist said. All of this could be good news for inflation rates, which had already eased slightly to 7.6% in July after the Bank of Canada raised interest rates – part of a global push by central banks to tame rising prices . As the summer driving season draws to a close, the cost of fuel and the inflation that drives it contributes to the decline. “That doesn’t mean you can’t see high prices again,” Antweiler cautioned. “I think there’s a sense that as European sanctions start to kick in at the end of the year, we could see another spike in oil prices.”

title: “E.G. Gas Prices Are Falling But Will It Last Bc News Klmat” ShowToc: true date: “2022-12-05” author: “Margaret Mcguire”

Gasoline prices continued to drop across much of British Columbia during the final travel weekend of the summer. In Kelowna, gas stations saw a liter of gas drop to 175.9 at some stations, according to the website GasBuddy. Gasoline price forecasting website Gas Wizard predicts average prices will drop again on Friday. This may be good news for the bank account in the short term. But the price drop also signals an impending economic downturn, says University of British Columbia energy economist Werner Antweiler. “There are clear signs that we are no longer looking at an economic boom,” he said. “We may even be looking at a recession.” Global fuel prices have soared around the world since Russia’s invasion of Ukraine in late February, driving up record inflation rates not seen in decades. Raise the cost of energy and you raise the cost of almost everything. Get food at the grocery store. The journey from a farm to your refrigerator requires an often vast network of ships and trucks — almost all of which require gasoline, diesel or oil to move. In June, the average price for a liter of gasoline in Vancouver topped 225.4, according to Statistics Canada. That month, inflation jumped to 8.1%. EV sales are growing more slowly than expected As gas prices rose earlier this year, sales of new electric vehicles — while still growing — have been constrained by a global lack of demand. In the first quarter of 2022, zero-emission vehicles (mostly electric) made up 17 percent of all new vehicle sales in BC, making it the per capita leader in North America. However, by the end of the second quarter, EV sales growth leveled off, accounting for 16.4 percent of the market share in the first half of 2022, according to a recent S&P Global Mobility market report. The trend toward softer-than-expected EV sales extends across Canada and into the United States. Meanwhile, a Glacier Media analysis showed that a huge surge in new vehicle registrations in 2021 threatened to wipe out many of the gains made by getting people around on public and active transport. Because people who buy a car typically stay in it for several years, emissions from these new car purchases can be expected to be locked in for at least a decade. Lower gas costs could affect the short-term purchasing habits of BC drivers. Antweiler says he wouldn’t be surprised if a growing number of car buyers look for a middle ground: plug-in hybrid vehicles that offer the flexibility of gas engines but the price savings of short trips on a battery. In B.C., the electricity used to drive one kilometer costs about a quarter of the price to do it with natural gas, the economist estimates. “Electrification is coming one way or another because electricity is much cheaper than gasoline,” he said. Not there yet In recent weeks, the average cost of a liter of natural gas in Metro Vancouver has hovered below $2. Elsewhere in the province, the price of natural gas remains significantly lower. In Kelowna, prices were at 173.9 Thursday morning and on Vancouver Island, a gas station in Langford saw prices drop to 179.9. Drivers in Salmon Arm found some of the cheapest gas in the province over the weekend, with the price of a liter of gas reaching 167.9, according to GasBuddy. Antweiler says the drop in gas prices is partly due to markets readjusting to the reality of the war in Ukraine. The cost of crude oil has also fallen on signs that Iran could soon start adding more supply to the global market, the economist said. All of this could be good news for inflation rates, which had already eased slightly to 7.6% in July after the Bank of Canada raised interest rates – part of a global push by central banks to tame rising prices . As the summer driving season draws to a close, the cost of fuel and the inflation that drives it contributes to the decline. “That doesn’t mean you can’t see high prices again,” Antweiler cautioned. “I think there’s a sense that as European sanctions start to kick in at the end of the year, we could see another spike in oil prices.”

title: “E.G. Gas Prices Are Falling But Will It Last Bc News Klmat” ShowToc: true date: “2022-11-28” author: “Linda Strong”

Gasoline prices continued to drop across much of British Columbia during the final travel weekend of the summer. In Kelowna, gas stations saw a liter of gas drop to 175.9 at some stations, according to the website GasBuddy. Gasoline price forecasting website Gas Wizard predicts average prices will drop again on Friday. This may be good news for the bank account in the short term. But the price drop also signals an impending economic downturn, says University of British Columbia energy economist Werner Antweiler. “There are clear signs that we are no longer looking at an economic boom,” he said. “We may even be looking at a recession.” Global fuel prices have soared around the world since Russia’s invasion of Ukraine in late February, driving up record inflation rates not seen in decades. Raise the cost of energy and you raise the cost of almost everything. Get food at the grocery store. The journey from a farm to your refrigerator requires an often vast network of ships and trucks — almost all of which require gasoline, diesel or oil to move. In June, the average price for a liter of gasoline in Vancouver topped 225.4, according to Statistics Canada. That month, inflation jumped to 8.1%. EV sales are growing more slowly than expected As gas prices rose earlier this year, sales of new electric vehicles — while still growing — have been constrained by a global lack of demand. In the first quarter of 2022, zero-emission vehicles (mostly electric) made up 17 percent of all new vehicle sales in BC, making it the per capita leader in North America. However, by the end of the second quarter, EV sales growth leveled off, accounting for 16.4 percent of the market share in the first half of 2022, according to a recent S&P Global Mobility market report. The trend toward softer-than-expected EV sales extends across Canada and into the United States. Meanwhile, a Glacier Media analysis showed that a huge surge in new vehicle registrations in 2021 threatened to wipe out many of the gains made by getting people around on public and active transport. Because people who buy a car typically stay in it for several years, emissions from these new car purchases can be expected to be locked in for at least a decade. Lower gas costs could affect the short-term purchasing habits of BC drivers. Antweiler says he wouldn’t be surprised if a growing number of car buyers look for a middle ground: plug-in hybrid vehicles that offer the flexibility of gas engines but the price savings of short trips on a battery. In B.C., the electricity used to drive one kilometer costs about a quarter of the price to do it with natural gas, the economist estimates. “Electrification is coming one way or another because electricity is much cheaper than gasoline,” he said. Not there yet In recent weeks, the average cost of a liter of natural gas in Metro Vancouver has hovered below $2. Elsewhere in the province, the price of natural gas remains significantly lower. In Kelowna, prices were at 173.9 Thursday morning and on Vancouver Island, a gas station in Langford saw prices drop to 179.9. Drivers in Salmon Arm found some of the cheapest gas in the province over the weekend, with the price of a liter of gas reaching 167.9, according to GasBuddy. Antweiler says the drop in gas prices is partly due to markets readjusting to the reality of the war in Ukraine. The cost of crude oil has also fallen on signs that Iran could soon start adding more supply to the global market, the economist said. All of this could be good news for inflation rates, which had already eased slightly to 7.6% in July after the Bank of Canada raised interest rates – part of a global push by central banks to tame rising prices . As the summer driving season draws to a close, the cost of fuel and the inflation that drives it contributes to the decline. “That doesn’t mean you can’t see high prices again,” Antweiler cautioned. “I think there’s a sense that as European sanctions start to kick in at the end of the year, we could see another spike in oil prices.”