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call for windfall profit tax

New record for gas prices set in B.C.

Sep 29, 2022 | 10:15 AM

Gas prices jumped overnight in some Canadian cities by as much as 20 cents with refinery issues being cited as the reason.

The price at the pump hit 239.9 cents per litre in Metro Vancouver, breaking a North American record.

According to Gas-Buddy-dot-com, the average price of gas in B.C. is up to 212 cents per litre, the highest in Canada.

In Vernon, a number of stations are up to 199 cents per litre, although there are still some selling for about 20 cents less.

Kelowna’s average price is 179.9 cents per litre.

University of B.C. economic professor Werner Antweiler, told CBC News, unlike past spikes, this one is not related to global markets where prices have been falling.

“What we’re seeing right now is a very unusual spike in the refinery margins and that is driven by refineries being offline unexpectedly and, in some cases, due to maintenance, actually in multiple locations, so this is really a very unusual situation,” Antweiler explained.

As prices soar at the pump and cost of living continues to rise, the BC Green Caucus is calling on the province to work with the federal government to introduce a windfall profits tax on the oil and gas industry that is rebated back to British Columbians.

“This problem is systemic. British Columbians are paying obscene prices for fuel and lack affordable alternatives, such as free and consistent public transit,” said Sonia Furstenau, leader of the BC Greens. “British Columbians are also paying with their homes and their lives as climate emergencies intensify. Meanwhile, oil and gas companies are profiting to the tune of billions of dollars, while our government subsidizes their activities.

Furstenau said in June, the BC Greens, along with the New Brunswick Greens, the PEI Greens, and the Ontario Greens, called on the prime minister and premiers for a national tax on the windfall profits of oil and gas companies.

“With prices expected to jump even higher, we reiterate this call and urge the BC NDP to work with the federal government to bring in this measure, and ensure the money goes to address the rising costs of living for people,” Furstenau said.

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