Metro Vancouver drivers may want to avoid filling their tanks on Wed., Sept. 18. Petroleum analyst Dan McTeague predicts gas prices will fall by six cents Thursday. (chrismetcalfTV/Flickr photo)

‘What goes up will come down’: Gas prices spike in Metro Vancouver

Petroleum analyst Dan McTeague says prices will fall Thursday

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.”

Just Posted

Bear goes out on a limb for Thanksgiving feast

Maple Ridge Bears group rallies to save animal

Flames drop two games on weekend

Ridge Meadows hosts Pilots on Friday

Pitt Meadows police review nearing recommendations

Report to council expected as soon as November

First two days of advance voting up 25 per cent

Polls busy including Pitt Meadows-Maple Ridge

Council wants more details on Maple Ridge transport plan

Wants clarification from TransLink on roads, mass transit

ELECTION 2019: Climate strikes push environment to top of mind for federal leaders

Black Press Media presents a three-part series on three big election issues

Sentencing date set for Vancouver Island father convicted of killing his two daughters

Andrew Berry was found guilty of two counts of second-degree murder last month

B.C. woman finds mysterious coin among Grandma’s collection

Grandmother died when she was very young and her past is not well known to her mother

TransLink Mayors’ voters guide singles out Conservatives on transit funding

The guide outlines the pledges major parties have made on transit funding

Overnight closures on Pattullo Bridge as earthquake warning system installed

Northbound closures are planned from 10 p.m. to 5 a.m. on certain nights through to Nov. 4

Advanced polls saw 4.7 million Canadians cast their ballots in the 2019 federal election

That’s a 29 per cent increase from advance polling in 2015

Pot use admission at U.S. border snagging Canadian boomers, says lawyer

A waiver to enter the U.S. can cost $2,000 and isn’t a guarantee

Health concerns over vaping cast haze over Canadian cannabis market expansion

More than 1,000 people in the United States, and a handful in Canada, have developed a lung ailment

After losing two baby boys, B.C. parents hope to cut through the taboo of infant death

Oct. 15 is Pregnancy and Infant Loss Awareness Day in B.C.

Most Read