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

Is the public protected from Chilliwack halfway house criminals?

Increase in parole officers’ workload raises concern from union

Chilliwack emergency responders collect 21,000 items in food drive

Annual door-to-door food drive event a success for 2019

Chilliwack artist adds winter wonderland scenes and warm welcomes to windows

Festive window paintings add a bit of Christmas and warm winter feel to chilly holiday season

University of the Fraser Valley union demands free menstrual products for staff, students

Petition calls it a human rights issue, asks for products at Chilliwack/Abbotsford campus washrooms

Chilliwack author launches second book in Wonder Pup series

Breathe Up, Wonder Pup is the next children’s book in Angela Murphy’s self-regulation series

VIDEO: A brief history of bumps in the Trudeau-Trump relationship

Remember Peter Navarro saying ‘there’s a special place in hell’ for a foreign leader who aims to cheat?

Man killed in crash due to ‘absolutely treacherous’ conditions on Coquihalla

Winter means icy roads are dangerous and drivers should be careful, RCMP say

Bag of cocaine left in B.C. grocery store aisle

RCMP: ‘We sure would like to talk to’ person who left drugs behind

Former Burns Lake mayor gets two years for sexual assaults against minors

The Crown is seeking four to six years federal time; the defence wants 18 months in provincial jail

RCMP officer was justified using hose in rooftop standoff: B.C. watchdog

Police watchdog finds officers actions reasonable when man injured in 2018 incident

Cannabis ice cream? Province prepares for B.C. Bud edibles

Mike Farnworth’s special police unit takes down dispensaries

Surrey fugitive captured in California was motivated by revenge, $160,000: court documents

Brandon Teixeira, charged with murder, wants to return to Canada ‘as soon as possible,’ says lawyer

Nearly 40% of Canadians want creationism taught in schools: poll

23% of Canadians believe God created humans in the past 10,000 years

Canadian lacrosse becomes latest sport to nix ‘midget’ from division names

The association said it plans to implement the new division names for the 2020 box lacrosse season

Most Read