A significant blaze erupted at an American oil refinery on Thursday night, leading experts to warn that residents in British Columbia may see a sharp increase in gas prices.
The fire, which occurred at a Chevron refinery near Los Angeles, California, was brought under control early Friday without spreading beyond the facility’s boundaries.
Matt McClain, an analyst at GasBuddy.com, highlighted that the full extent of the damage remains uncertain. He anticipates a potential surge in pump prices ranging from 9 to 25 cents per liter until further information is available.
While the refinery is situated in Los Angeles, McClain emphasized that the impact of the incident will be felt throughout Western Canada, affecting not just Vancouver but the entire region.
Operating since 1911, the refinery has the capacity to process up to 290,000 barrels of crude oil daily, producing gasoline, jet fuel, and diesel, according to the company’s website.
McClain noted that the facility accounts for 20% of motor vehicle fuel supply and 40% of jet fuel supply in the Los Angeles region.
He cautioned drivers against panic-buying fuel in response to potential price hikes, advising them to maintain their normal refueling routines to prevent sudden spikes in demand.
In the event of prolonged refinery shutdown, McClain suggested that Asian suppliers would bridge the gap, although there might be delays due to logistics.
As of Friday morning, regular gas prices in Vancouver started at $1.48 per liter.