Gas prices soar to record highs in Lethbridge, averaging $1.42.9/litre

“The provincial average peaked in 2008 at about a dollar-35. We are now just slightly above that. Alberta provincially [is] at about $1.35.7 today, so we are above the all-time high. It wouldn’t surprise me that many areas, Lethbridge included, since prices are at $1.42.9, we are at all-time highs in Lethbridge.”

On April 17, 2020, you would have only had to pay 69.9 cents per litre in Lethbridge, meaning the prices today are more than double that.

Gas Buddy’s records go back to 2008.

De Haan says the price of oil continues to rise as does both supply and demand.

“Unfortunately, because of the pandemic, oil production took a big hit last year when demand plummeted and oil prices went negative, oil producers greatly scaled back – that set up the situation that we are now in. Demand has soared, but production of crude oil has not, and that’s what’s behind much of the increase we are seeing across Canada.”

As for why Lethbridge’s average gas price is about seven cents a litre above the provincial average, De Haan could not point to any one concrete answer.

He says, however, that issues at the northwest U.S. refineries could certainly be one factor. Another is the larger geographical distance that oil needs to travel to get to places like Lethbridge.

In the days and weeks ahead, gas prices could come down a few cents.

West Texas Intermediate Crude Oil, which is a global benchmark, fell by six per cent on Monday to $65 per barrel, although it did rebound a bit since then.

By September or October, De Haan expects pumps to charge a little less.

Either way, his advice is to shop around as Costco’s price is currently at $1.29.9 and other stations are slightly below the city’s average.

You can compare fuel prices on Gas Buddy’s website.

by David Opinko

Gas prices soar to record highs in Lethbridge, averaging $1.42.9/litre

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