Drivers in Metro Vancouver should avoid filling their tanks today.
Petroleum analyst Dan McTeague told Black Press Media gas prices were up 7 cents Wednesday as a result of the recent attack on oil facilities in Saudi Arabia.
“On Monday markets indicated an $8 increase in a barrel of oil,” McTeague said.
READ MORE: Attack on Saudi plant could raise gas prices between five and 12 cents per litre — analyst
However, the oil benchmark was falling by Tuesday, and McTeague predicted a corresponding decrease of six cents at the pumps by Thursday.
“What goes up will come down,” he said.
The falling prices, he added, are based on Saudi Arabia’s assessment that the damage to it’s oil infrastructure wasn’t as bad as originally thought, “likely to be repaired in a matter of weeks, not months.”
“What this really means is there is no major effect on global oil supplies,” he said.
McTeague also predicted another small decrease Friday, “maybe a penny … with some stations offering as low as $1.38, $1.39.”
â›½ï¸ Price 🚨: AVOID FILING UP ON WEDNESDAY AS GAS PRICES WILL FALL BACK BY THURSDAY EX: #Toronto #GTHA #KW #Ottawa up 4 cts/l Wednesday, but DOWN 3 cents Thursday. #Vancouver, up 7 cents Wed, BUT down 6 cts Thurs. #Edm #Calgary up 8 cts Wed, BUT down 5 cts/l Thursday
— Dan McTeague (@GasPriceWizard) September 17, 2019
