As the stalemate between Iran and the U.S. over the Gulf of Hormuz blockade continues, the price of a barrel of oil keeps climbing.
B.C. drivers can expect to see near-record prices at the pump, which are expected to rise even higher in the coming weeks.
Gas prices are set to surge again on Friday, despite the temporary suspension of the 10 cents per litre federal fuel tax that was implemented just 10 days ago.
“It’s a supply gap, it’s a supply shock, it’s an energy crisis on a scale we’ve never seen,” Dan McTeague with Canadians for Affordable Energy said.
“The damage that’s been done physically to the region makes it so it may be six months to a year to recover back to what is considered normal.”
Petroleum analyst McTeague says if fuel climbs about five cents a litre to 221.9 on Friday, that will be the highest price since the record of 241.9 in October 2022.
“Unlike what we saw in October of 2022, it’s not a one-day or two or three-day event,” he said.
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“This is likely the beginning of a much higher price escalation and despite the federal government dropping the excise tax 10 cents plus GST, and the year before the carbon tax of 20 cents a litre, we’re likely to break records sometime in the month of May.”
The B.C. Taxi Association is just one organization keeping a close eye on the gas prices.
“We are just watching, watching very closely, due to the economy reasons,” Mohan Kang with the association said.
“We are much more careful how far we can go with the rising costs to customers or clients.”
U.S. peace talks with Iran are currently stalled and the ongoing closure of the Strait of Hormuz is cutting drastically into the oil supply, causing prices to steadily creep up.
McTeague said there might be a small dip in price over the weekend, but the trajectory will continue to climb.
“The reality is oil is not dropping any time soon,” McTeague said.
“There is a serious lag and a gap that will not be resolved by a peace deal. Countries are now scrambling day by day for supplies they can’t get.”
McTeague added that many Asian and African countries, along with Australia and New Zealand, could be facing crucial shortages very soon, forcing them to consider fuel rationing and possible limitations on the usage of personal vehicles.
We are all being played by the Liberal government, and then blame everything to Trump! Classic crooked politics!
To think of all my cynical friends when I webt EV 10 years ago…zero regrets.
The first report out from Imperial Oil for the Quarter. $940 million dollars in profit. This has nothing to do with any war anywhere. This all Trump and manipulation of the markets using whatever he can. GREED! GREED GREED GREED! Nothing more! A MEDIA ENABLES IT BY NOT TELLING THE TRUTH!
What I would like to know is exactly WHO are the CROOKS that are getting all this extra money ??? They need to be thrown in jail
Oil companies are gouging us
skid mark is burning up more jet fuel for a photo op in mapleridge this weekend
All thanks to Ped0 Trump
thanks to israel and the USA
Cheap price for a safe world .. My great grandfather paid the ultimate one for mine .. I’m good
We have more oil than most every country on the planet yet somehow we’re affected by foreign bullcrap. Total stupidity by all our governments for this.
ANY EXCUSE ! EVEN WITHOUT WARS !!! SAME F/ G BULL S H I T OVER and OVER !!! SOMEONE FARTS IN MIDDLE EAST, PRICES GO UP. STOP THE B/ S PLEASE !!!
The reality is that BC continues to block energy development or movement at every opportunity. Stop crying, you got your wish.
As usual, global focusing our attention on outside influences.
Tell me, we as Canadians, aren’t getting screwed by our own governments. Provincial and Federal.
Remember when media at least gave the illusion it was non bias.
kindergarten at it again
Of course gas prices are going up and with it so will the taxes that are percentages of the price of gas. Anyone notice how Eby isn’t reducing the taxes on gas to help the people of BC the government is making too much money
and the Eby government trash, 1.70 average in the other provinces, Global states nothing about what others are paying.