Minister’s statement on BC Utilities Commission’s gas prices investigation

Prices for the three grades of gasoline light up the pump at a Shell station Friday, May 25, 018, in southeast Denver. Memorial Day vacationers are facing the highest prices at the pumps since 2014 as the average cost of a gallon of regular unleaded is just under $3 but at almost $3.50 a gallon, for super unleaded. (AP Photo/David Zalubowski)
Today, the BC Utilities Commission found that the wholesale gasoline market is not truly competitive, which results in unexplained higher gas prices for consumers, and potentially higher profits for oil and gas companies.

Bruce Ralston, Minister of Jobs, Trade and Technology, has issued the following statement on the BC Utilities Commission’s investigation into gas prices:

“People feel like they’re being ripped off when they fill up at the gas station. And they’re right.

“Today, the BC Utilities Commission found that the wholesale gasoline market is not truly competitive, which results in unexplained higher gas prices for consumers, and potentially higher profits for oil and gas companies.

“This means that British Columbians pay $490 million a year more than they otherwise would.

“I want to thank the BC Utilities Commission and the experts who participated in this investigation for their hard work and professional conduct.

“Our government is concerned with the allocation of refined gasoline flowing into B.C., as well as the lack of transparency around how the price of gas is set.

“We are committed to bringing fairness and transparency to B.C.”