Oil and gas prices fell sharply on Tuesday after U.S. President Donald Trump said the war in Iran was "very complete, pretty much".
Here at home, that could mean a pleasant surprise on Thursday.
"If you can hold off and avoid going to a gas station for at least the next day, you're bound to save a bit of money when it comes down to the full price we pay at the pumps," according to Dan McTeague, President of Canadians for Affordable Energy, who spoke to Barrie 360 on Tuesday.
McTeague is predicting the pump price could drop about eight cents per litre at 12:01 a.m. Thursday, while diesel fuel will slide about 12 cents per litre.
On Tuesday, the International Energy Agency (IEA) held a second meeting with G7 nations to discuss options for stabilizing the global oil market, including releasing millions of barrels of crude from countries' stocks.
McTeague tells Barrie 360 the markets are responding to Trump's comments and the possibility that G7 countries and others might release oil from various reserves
As of Tuesday afternoon, the price of a barrel of Brent crude, the international benchmark, was just under $90 US, a far cry from the $120 US per barrel on Monday afternoon, before crashing to just below $85 US.
The Strait of Hormuz, a shipping route crucial to global energy supplies, remains blocked.
On Monday, Trump warned Iran not to threaten the shipping route.
"If Iran does anything that tops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far,” the U.S. president wrote on Truth Social.
Asked what reassurances McTeague could provide consumers that the sticker shock at the pumps is over, he said Iran could always do something foolish.
"But, it's pretty clear that the upper hand is very much in the possession of both Israel and the United States."
with files from The Associated Press
