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BC Gas Prices Expected To Increase After Saudi Oil Facility Drone Attack

Saudi Oil Facility Attack

Photo: Planet Labs Inc.

Gas prices in British Columbia are expected to immediately increase after an attack on Saudi oil facilities this past weekend.

Despite Yemen’s Houthi rebels claiming responsibility for the attacks, the evidence paints a less clearer picture. The United States believes that Iran is responsible.

What is undisputed, at the moment, is that the attacks have decimated about 5% of the global oil supply.

Roger McKnight, Chief Petroleum Analyst at En-Pro International, told CBC News that gasoline prices can be expected to increase as early as this Wednesday.

“We have no idea…where this thing is going to go because it’s completely out of anyone’s control […] But the facts are facts. Five per cent of crude supply goes off the market, and prices have to go up.”

However, there’s also reason to believe that any increase won’t be drastic.

According to CTV News, every year, Canadian retailers switch from the summer blend of gasoline to the winter blend on Sept. 15th. The attack in Saudi Arabia occurred on Sept. 14th.

“With prices set to fall because of the switch to the winter blend, any increase caused by the attack in Saudi Arabia and resulting escalation in crude oil places will be somewhat offset.”

So, what does this mean for you?

This means you can expect an immediate increase in B.C. gas prices, but one less drastic than what it could’ve been.

For more local British Columbia news, stay tuned to 604 Now News.

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