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Gas prices expected to ‘climb dramatically’ by midweek

If your gas tank is getting low, you’ll want to fill it up in the next 24-48 hours.

According to GasBuddy’s senior petroleum analyst, Dan McTeague, prices will “climb dramatically” by the end of the week and it could start as soon as Wednesday.

McTeague tweeted that there are three factors playing into the anticipated price hikes.

The first is a U.S. oil embargo that will take effect on all Iranian oil starting next week, while another factor is Organization of the Petroleum Exporting Countries cutbacks.

Output issues in Libya and Venezuela are also contributing to the cause, said McTeague.

The average price of gas in British Columbia right now is 155.1 cents per litre, but a number of stations in Vancouver have hit a record-breaking 172.9 cents per litre.

It’s widely believed that Vancouver gas stations could hit the $2 per litre mark at some point this summer.



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