Fuel rates around the world are expected to rise overnight due to sudden violent instability in Iraq that could slide the country into a full-blown civil war.
According to industry analysts at Tomorrow’s Gas Prices, the hike will have little to do with supply and demand in North America but rather speculation over oil supplies after Al Qaeda factions captured major cities and much of the country.
Iraq is OPEC’s second largest oil producer, and the international cartel is the provider of 40 per cent of the world’s oil supplies.
Gas prices by Saturday morning could reach a new record. Prices have steadily increased over the last few days after the first news of the outbreak in violence. Within the city of Vancouver, prices today have been as high as $1.526 per litre.
Featured Image: Gas pump via Shutterstock