The recent spike in fuel prices is increasing the pressure on an already moribund local economy - but could there be a silver lining in high prices at the pump for merchants in smaller communities?
The average price of a gallon of regular gas has risen 37 cents in the U.S. since February 22 - the second fastest price increase in industry history.
The statistics are similar here in B.C., where prices have risen along a similar scale. Reports that people intend to travel less as a result are indicators that the “staycation” might be how many locals will be spending their vacation time this year.
This might also present an opportunity for merchants of smaller communities in the region to win over local residents, and gain some market share.
The convenience of driving to larger centres is being compromised by the price of gasoline, and now might be a good time to let residents know what they can be supplied with locally. Who knows? There might even be opportunities for small town merchants to add to their inventory.
It’s very possible that many residents haven’t considered shopping locally for certain items because it wasn’t an issue driving to another centre. That mentality is changing, it seems, and now is an ideal time to get the word out of the many products available in Okanagan Falls or Keremeos - all of which are within a few kilometres, rather than twenty, sixty, or more.