Petro-Canada gas price on Feb. 14, 2022 in Lethbridge. (Lethbridge News Now)

By Josh Hall / David Opinko

Lethbridge gas prices now highest in GasBuddy’s records, dating back to 2008

Feb 14, 2022 | 11:49 AM

LETHBRIDGE, AB – Drivers have likely noticed much higher prices at the pumps lately.

GasBuddy reports that regular unleaded gas prices in Lethbridge on Monday average $1.47.9 c/L.

This marks an increase of eight cents per litre from the same time last month and 34 cents compared to the same period in 2021.

GasBuddy’s records for Lethbridge date back to 2008. This is the highest price for fuel in the city during that entire time.

The provincial average is not much better. Albertans as a whole are now paying $1.44.1 c/L, rising by the same amounts monthly and annually as in Lethbridge.

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Head of Petroleum Analysis with GasBuddy, Patrick De Haan, says there are a number of factors, a big one being uncertainty in Europe.

“The price of oil today jumped four per cent, a lot of which is due to rising tensions among Russia and Ukraine. The concerns there are that oil shipments could be interrupted if Russia chooses to invade,” explains De Haan.

“The market is assessing the risk there, and of course with COVID cases declining and the summer driving season just a couple months ahead, oil prices are reacting to the possibility that oil could be further disrupted at a time when demand typically goes up.”

De Haan warns also that the higher price for gas could be sustained.

“Starting in late February or early March, as gasoline demand starts to launch with spring breakers hitting the road, at a time when we transition to more expensive summer gasolines, and refineries are doing maintenance ahead of the summer driving season, those seasonal factors will start to come into play,” he says.

“Plus, with the geopolitical tensions, we could see more increases, as much as 15 to 30 cents more by the time May and June roll around.”

One possible ‘light at the end of the tunnel,’ says De Haan, is a new nuclear deal with Iran.

If world powers, Canada and the U.S. included, it would be good news, at least as far as gas prices go.

“Iran’s oil has been sanctioned for a few years under President Trump, but if we see that oil return to the market, that could help alleviate price increases,” he says. “But a nuclear deal has been elusive thus far, so that’s not something that’s guaranteed at all, but it could bring oil prices down long-term if it does happen.”

You can check current gas prices on GasBuddy here.