Savvy investor hoards petrol ahead of US-Saudi oil tensions

Hugh Honey is gearing up for a big payday after clearing out his local hardware store of plastic barrels and filling them with the commodity he expects to skyrocket in the coming days. 

The commodity in question, petrol, is forecast to rise in price following drone attacks on a Saudi Arabian oil facility over the weekend. 

The attack is expected to halve oil production at the facility until repairs are completed by the end of September, but Honey believes now is the time to strike as an investor. 

“There’s going to be an oil crisis and whenever that happens, petrol prices go up. They have already gone up from $1.30 to $1.55 after the attack and I think they’ll keep going up,” said Honey. 

Filling 30L barrels full of petrol and sliding them into the back seat of his Holden Commodore, Honey was not concerned about the logistics of keeping 50 barrels of petrol in his 1-bedroom apartment.

“It’s a good problem to have. Just think of them like bars of gold.” 

Australian petrol prices reached an average high of $1.49 per litre in 2014 but have maintained an average price around $1.30 since.