Just as Metro Vancouverites were looking forward to a break in gas prices, turmoil has once again erupted in the Middle East.
Thursday’s US strike against a Syrian government airbase has once again shocked the oil market, jolting the price of a barrel of oil by about a dollar in the immediate aftermath.
First, the good news: Fuel analyst Dan McTeague with Gasbuddy.com says a seven cent drop in gas prices is still locked in by Saturday.
But following the escalation of military action, McTeague says it’s anyone’s guess what’s in store at the pumps from Sunday onwards.
“All bets are off until we have a clear idea of what has happened and the repercussions. I would not expect a decrease. I was looking perhaps on Sunday or next Wednesday or Thursday, a potential for another three or four cent drop. That is likely not to happen.”
McTeague says he expects gas prices will either hover around the $1.35 mark or increase next week, though isn’t ruling out prices rising once again.
“Oil could go up by three or four dollars a barrel. It’s already gone up a dollar the last time I checked. If that is the case then all bets are off for Sunday, we could start to see until things settle down, prices moving up, or remaining where they are.”
Currently, some areas in Metro Vancouver are seeing prices topping out at about $1.42 a litre.