Gas prices in Metro Vancouver jumped overnight Tuesday, with prices now hovering around $1.98 and $1.99 a litre.
Experts say that the price is jumping anywhere between five and 10 cents a litre, and that’s mostly the result of rising oil prices amid the ongoing war between Iran and the United States.
Attacks on Russia are also causing oil prices to rise.
Petroleum analyst Dan McTeague told Global News that he anticipates that prices could reach $2.15 a litre by mid-summer when strategic petroleum reserves reach the supply limit they can provide amid the global shortage.
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Unfortunately for drivers, the constant fluctuation in gas won’t be going away anytime soon.
“It looks like this thing could go on for much longer than expected with the Strait of Hormuz closed,” McTeague said.
“It’s finally becoming apparent, I think, even to the most optimistic oil trader that there is a shortage of oil.”
U.S. President Donald Trump on Tuesday dropped the idea of charging a 20 per cent fee on all cargo shipped through the Strait of Hormuz, and said he would instead take trade and investment deals with the Gulf states.
The change of plan comes a day after Trump proposed charging a 20 per cent fee to guard the waterway.
–with files from Reuters
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