Russia’s invasion of Ukraine is well underway.
Missiles have fallen on several cities, including the capital of Kyiv (Keev), setting off massive explosions.
But what does this mean for gas prices in the Bulkley Valley?
Dan McTeague with Canadians for Affordable Energy told Vista Radio it will likely mean much higher prices for drivers as Russia faces sanctions from many countries.
“Brace for impact. If I had to write a book this would be the worst-case scenario and it’s likely to go much higher as we perhaps go to a dollar-eighty to two bucks per litre in many regions of Canada.”
“If Russia is rightly cut off from its ability to sell, except for China and other allies who really constitute the axis of evil and of course I am thinking of Iran as well. But, between all of those countries, it looks like the Western World will have to rely on fewer supplies of oil and gas.”
McTeague expects local fuel prices to rise by eight cents per litre over the next few days.
“And that’s really only the beginning. We haven’t heard back from the NATO response or from the US and by other players but it’s pretty clear there is going to have to be some kind of reconciliation of prices to reflect the fact that the third-largest oil producer in the world is now offline.”
As of this morning (Thursday), most Smithers stations are at 154.9 cents per litre while Petro Canada is 159.9.
In Burns Lake, the majority of stations are 155.9 while in Houston, the 7-11/Petro Canada location is the most expensive in the area at 165.9 cents per litre.