BUSINESS

Gas Prices Take Sharp Increase With More Coming Say Industry Watchers

03/01/2015 04:11 EST | Updated 05/02/2015 05:59 EDT
Gas prices have taken a sharp increase and will continue to rise according to industry watchers.

"Bottom line, the party is over," said Dan McTeague a former member of parliament who now speaks for GasBuddy.com

After dipping below a $1 per litre earlier this year, gas prices in Vancouver are now edging close to $1.30 per litre.

Despite an over-abundance of crude, gasoline reserves are ebbing. Abnormal cold weather has slowed production at three refineries, 15 other American refineries are dealing with labour disruptions and a recent explosion at an Exxon Mobil facility in California.  

McTeague told CBC News there are also disruptions in the market as U.S. refineries start working on their summer blend of gas.

And the slumping Canadian dollar is having an impact.

GasBuddy.com forecasts gas prices will continue to rise and "not just a penny or two, double digits," according to Patrick Dehaan with the online forecaster.

Dehaan recommends people use the following tips to conserve fuel:

- Avoid high speeds

- Do not accelerate or brake hard

- Keep tires properly inflated

- Use A/C sparingly

- Keep windows closed

- Service vehicle regularly

- Use cruise control

- Avoid heavy loads

- Avoid long idles 

- Purchase a fuel efficient vehicle

Gas prices for March 2, 2015:

Gas Prices For Fri. Dec. 15