Gas prices take momentary dip as Trump delays attacks on Iran

Drivers can expect some relief at the gas pumps Wednesday, but some analysts say the drop in price will be short lived.

A lot of people were likely holding out the night before, before refilling their tanks, as prices were sitting at about $1.79 at some gas stations, easing into around $1.65 in places like Grimsby as the sun rose.

Wednesday morning, drivers may see it closer to $1.67, so if you were lucky enough to wait until today, you’ll save about $6 to fill up a full 50 L tank of gas.

The slight relief comes after U.S. President Donald Trump delayed a self-imposed deadline until this Friday for Iran to open the Strait of Hormuz.

The president also paused striking Iranian power plants and energy grids for five days, giving Iran until Friday to reopen the strait.

20 per cent of the world’s oil is transported there so the conflict has been sharply restricting global supply.

Iran told the United Nations that “non-hostile” ships may pass through — defined as vessels which “neither participate in nor support acts of aggression against Iran” or belong to the United States or Israel.

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Tanker operators have stopped sending their ships into the strait for fear of being attacked by Iran.

It’s not clear whether this latest move by Iran will translate into increased shipping through the Strait of Hormuz.

Gas price watcher and president of Canadians for Affordable Energy Dan McTeague says the relief at the pumps won’t last long: prices are expected to go back up tomorrow with uncertainty continuing in the Middle East.

He says the possibility of gas hitting $2 a litre would only happen if the conflict in the Middle East continues up to April 15.

That’s when gas stations switch from their winter to a summer blend of gas, which would add around another 10 cents at the pump.

McTeague says that anyone looking to fill up today should always wait until after 6 p.m. because that is when gas stations typically drop their prices.

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