If you think the price of fuel is high now, just wait another four or five weeks, says one analyst.
The conflict in the Middle East has pushed the price of gas and other fuels well above the norm, but they would be even higher were it not for countries being able to tap into oil reserves.
Dan McTeague
About one-fifth of the world’s oil supply moves through the Strait of Hormuz, but that route has been all but closed for the past three months.
Dan McTeague, President of Canadians for Affordable Energy, says the reserves are getting low.
Simply put, he says the best time to fuel up is now, as the cost is going to start creeping up.
“I think the price is likely to go up well over $2.00 a litre here in Newfoundland over the next ten days; I also believe that diesel will move right back up to the $2.40 range, something we are very uncomfortable with,” says McTeague.
“The only silver lining is that it’s not winter…yet.”
