Queues are forming at gas stations nationwide as drivers become increasingly concerned about the repercussions of the conflict in the Middle East.
Today, Rachel Reeves is scheduled to meet with executives from North Sea oil companies to address the sharp increase in energy prices, which surged by 15% in just 48 hours. Motorists have already witnessed a rise of 11p per liter in pump prices.
Iran is currently obstructing the vital oil export route of the Strait of Hormuz and has threatened to take aggressive actions against passing vessels. These developments have sparked fears of a potential oil crisis akin to the one in 1973, leading to long lines at petrol stations in the UK and globally.
Despite the escalating tensions, some industry experts caution against sensationalizing the situation, suggesting that excessive concerns about fuel shortages could become a self-fulfilling prophecy. They highlight that oil supply levels in the UK are currently stable.
Simon Williams, RAC’s head of policy, emphasized that while Middle East conflicts could influence fuel prices in the UK, it is not a certainty. Any significant impact on pump prices would require a sustained increase in oil prices over time.
Drivers have noticed fuel shortages at certain petrol stations, prompting some to fill up their tanks preemptively before a potential oil market disruption occurs.
Authorities assure that there are no widespread issues with oil supply to the UK, with any disruptions being localized in nature.
Costco petrol stations, known for their competitive pricing, often attract a high volume of customers.
In various locations like Dedworth, Windsor, South Queensferry in Scotland, and Liverpool, drivers have been seen lining up at petrol stations, with some even resorting to collecting fuel in jerry cans in places like Los Angeles.
