VANCOUVER (NEWS 1130) – As the price at the pump continues to rise, B.C.’s premier is suggesting the solution may be regulating oil companies.

John Horgan is holding firm that that is where most of the blame lies, following a big jump in prices over the past week.

Earlier this week, gas prices were as a high as $1.67 a litre.

Horgan says potential relief for drivers could come from better regulation of the industry, which he’s accused of inflating prices.

“They’re the ones that are taking this big pile of money today. These are not taxes that are leading to these big spikes. These are corporate profit-taking,” he argued.

“The challenge is supply to a greater extent and we’re going to look at regulatory measures. We’re going to look at what other measures we can take, but we’re hopeful that as the summer progresses, we see a tailing off of what I characterize as profit-taking by the companies.”

Premier says latest #CarbonTax increase on April 1st is being funneled into transit improvement projects to help people get out of their cars. He’s hinting regulation changes he’s considering won’t reward oil industry he’s accused of gouging drivers in #BC. #bcpoli #gasprices — Marcella Bernardo (@Bernardo1130) April 5, 2019

“My main concern, I think, is the same concern that British Columbians have. Why is it that gas prices went up 12 cents overnight? Why is it that that’s happening earlier and earlier in the year? We’ll leave that to the industry to respond,” he said.

When further pressed about relief he’s prepared to offer drivers who can’t afford to pay more than a $1.60 per litre for gas, Horgan says he’s not interested in reducing B.C.’s carbon tax because that money is needed to help improve transit and get people out of their cars.

“Reducing the one cent a litre that we introduced on April 1st does not answer the question about high prices for consumers,” he said. “The high prices for consumers are a direct result of the lack of connection between the commodity price for a barrel of oil and the retail price for a litre of gasoline. Those are where the money’s being taken and I don’t want to just give taxes back and allow companies to continue to jack up the price. That’s a no-win situation for British Columbians and no-win situation for the travelling public.”

Horgan says his deputy minister will monitor the situation and consider what options are available if prices don’t come down on their own over the summer.