Gas prices are expected to tank by 10 to 11 cents on Wednesday, according to an early outlook from price specialists at En-Pro.
“Things can change at the last minute, but so far that’s what it looks like,” Roger McKnight, En-Pro’s chief petroleum analyst told CityNews.
Prices at the pump are expected to fall to $1.69 per litre in the Greater Toronto Area following weeks of steady increases after the United States and Israel’s joint attack on Iran.
McKnight says the prospect of gas hitting $2.00 per litre is “a distinct probability, not a mere possibility.”
“There is nothing to stop it unless there is an end to this war and that doesn’t look like [that’s] happening anytime soon,” he added.
Over the weekend, the United States and Iran threatened to target critical infrastructure as the war in the Middle East, now in its fourth week, puts lives and livelihoods at risk throughout the region.
Iran said the Strait of Hormuz, crucial to oil and other exports, would be “completely closed” immediately if the U.S. follows up on President Donald Trump’s threat to attack its power plants.
Trump initially set a 48-hour deadline for Iran to open the strait.
On Monday, Trump said U.S. envoys have been holding talks with a “respected” Iranian leader, and Iran wants “to make a deal” and extended the deadline for five more days. However, Iranian officials denied any such negotiations, and declared that the American leader had backed down “following Iran’s firm warning.”
Relief ripped through financial markets Monday as oil prices eased following severe losses prior to Trump’s announcement. Financial markets have had vicious swings, both up and down, since the war began because of uncertainty about how long it may last.
Trump also said the U.S. would seek to retrieve Iran’s enriched uranium and end its nuclear program as part of a deal, telling reporters: “We want to see no nuclear bomb, no nuclear weapon. Not even close to it.”
The death toll has risen to more than 1,500 people in Iran, more than 1,000 in Lebanon, 15 in Israel and 13 U.S. military members, as well as a number of civilians on land and sea in the Gulf region. Millions of people in Lebanon and Iran have been displaced.
Click here to see the latest gas prices.
With files from the Associated Press.
Gas prices are expected to tank by 10 to 11 cents on Wednesday, according to an early outlook from price specialists at En-Pro. “Things can change at the last minute, but so far that’s what it looks like,” Roger McKnight, En-Pro’s chief petroleum analyst told CityNews. Prices at the pump are expected to fall to Local
Gas prices are expected to tank by 10 to 11 cents on Wednesday, according to an early outlook from price specialists at En-Pro.
“Things can change at the last minute, but so far that’s what it looks like,” Roger McKnight, En-Pro’s chief petroleum analyst told CityNews.
Prices at the pump are expected to fall to $1.69 per litre in the Greater Toronto Area following weeks of steady increases after the United States and Israel’s joint attack on Iran.
McKnight says the prospect of gas hitting $2.00 per litre is “a distinct probability, not a mere possibility.”
“There is nothing to stop it unless there is an end to this war and that doesn’t look like [that’s] happening anytime soon,” he added.
Over the weekend, the United States and Iran threatened to target critical infrastructure as the war in the Middle East, now in its fourth week, puts lives and livelihoods at risk throughout the region.
Iran said the Strait of Hormuz, crucial to oil and other exports, would be “completely closed” immediately if the U.S. follows up on President Donald Trump’s threat to attack its power plants.
Trump initially set a 48-hour deadline for Iran to open the strait.
On Monday, Trump said U.S. envoys have been holding talks with a “respected” Iranian leader, and Iran wants “to make a deal” and extended the deadline for five more days. However, Iranian officials denied any such negotiations, and declared that the American leader had backed down “following Iran’s firm warning.”
Relief ripped through financial markets Monday as oil prices eased following severe losses prior to Trump’s announcement. Financial markets have had vicious swings, both up and down, since the war began because of uncertainty about how long it may last.
Trump also said the U.S. would seek to retrieve Iran’s enriched uranium and end its nuclear program as part of a deal, telling reporters: “We want to see no nuclear bomb, no nuclear weapon. Not even close to it.”
The death toll has risen to more than 1,500 people in Iran, more than 1,000 in Lebanon, 15 in Israel and 13 U.S. military members, as well as a number of civilians on land and sea in the Gulf region. Millions of people in Lebanon and Iran have been displaced.
Click here to see the latest gas prices.
With files from the Associated Press.