In Metro Vancouver, gas prices are expected to drop further over the Labour Day weekend, but one expert warns that trend could signal an economic downturn and could spike again by the end of the year.
Gasoline prices continued to fall across much of British Columbia going into the last travel weekend of the summer.
That may be good news for the bank account in the short term. But the price drop also signals a looming economic downturn, says University of British Columbia energy economist Werner Antweiler. In June, the average price for a litre of gasoline in Vancouver topped out at over 225.4, according to Statistics Canada. That month, inflation soared to 8.1 per cent.
But by the end of the second quarter, the growth in electric vehicle sales levelled off, accounting for 16.4 per cent of market share in the first half of 2022, according to a recent S&P Global Mobility market report.Meanwhile, a Glacier Media analysis showed a huge spike in new vehicle registrations in 2021 threatened to wipe out many of the gains made in moving people to public and active transportation.
“Electrification is coming one way or the other because electricity is much cheaper than gasoline,” he said. Drivers in Salmon Arm found some of the cheapest gas in the province going into the long weekend, with the price for a litre of gas hitting 167.9, according to GasBuddy.
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