"According to McClain, the surge in petroleum prices is due to U.S.-Israel war in Iran preventing oil tankers access to the Strait of Hormuz, where 20 per cent of the world's supply of oil gets transported through. McClain says 'every country, everywhere is paying more in crude oil prices as a result of this conflict.'"
"McClain adds that the price of gasoline won't go down anytime soon, and that 'the reality is that we can rise another 10 to 25 cents per litre in the coming week.' He also says that diesel could rise as high as 35 to 37 cents this week."
"McClain advises drivers to change their vehicle's air filter and to regularly get oil changes to make the most out of their fuel. McClain says that going the proper speed limit makes a big difference in a vehicle's fuel efficiency. 'It could save you as much as 25 to 35 per cent on your fuel ef'"
Gas prices in Toronto are surging due to geopolitical tensions in the Middle East. The U.S.-Israel conflict with Iran has restricted oil tanker access to the Strait of Hormuz, through which 20 percent of the world's oil supply travels. An eight-cent increase per litre is expected Wednesday, with potential further rises of 10-25 cents for gasoline and 35-37 cents for diesel. Residents report significant financial strain, with commuters spending hundreds weekly on fuel. Petroleum analyst Matt McClain warns prices won't decline soon. He recommends maintaining vehicle air filters, regular oil changes, and adhering to speed limits to improve fuel efficiency by 25-35 percent.
Read at www.cbc.ca
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