Gas Prices Hit $2/L in B.C.: Oil Reaches Wartime High

Gas prices are soaring on the West Coast, with British Columbia now seeing costs exceed $2 per liter. This spike comes as Brent crude oil prices hit over $126 a barrel, significantly up from about $70 before the war began. The rise in oil prices is linked to stalled negotiations between the U.S. and Iran, with both countries blocking the Strait of Hormuz, a vital shipping route for global oil supply. In Canada, the average price for gasoline is now $1.78 per liter, up nearly four cents from yesterday. Alberta has the lowest prices at $1.77, while B.C. leads at $2.02 per liter. What's interesting is that despite Canada being a major oil producer, local prices follow international trends. Economist Moshe Lander explains that oil is a global commodity, affecting domestic prices regardless of local production levels. As tensions continue, drivers in Toronto could face even higher prices soon, with predictions of an additional eight-cent increase on Friday. This matters because rising gas prices affect everyone, from your commute to the cost of goods.