Gas prices have long been a concern for consumers. Once the first gasoline and diesel engines hit the market in various countries, the cost of the fuel required to power them came into play. Back in 1929, gas prices in America hovered around 0.25 USD per gallon. Considering that the world was on the brink of entering the Great Depression, that was quite a lofty expense at the time. These days, though, people would be lining up at the pumps and brawling for a prime spot to get fuel for such a minimal amount of money.
Forging into the Fuel-Driven Future
No doubt, the world will probably never see fuel prices like those again. Getting back to that point would take a revolutionary new development in the energy realm resulting in an unprecedented drop in the demand for fuel. While anything is possible, it's not very probable. Analysts predict a much more costly future for those on the paying end of the fuel spectrum. This applies to fuel for vehicles as well as heating and other essentials.
Those costs can add up to monumental expenses for anyone, but the impact on businesses is particularly substantial. From companies powering a few gas heaters to those fueling fleets of 18-wheelers and beyond, knowing what to expect at the pump and being able to shop around for the best business gas prices with Utility Bidder can make a significant difference. In the meantime, take a look at some predictions for 2021 gas prices around the world.
Fuel Price Predictions for 2021
Most industries saw unexpected plot twists last year due to the COVID-19 pandemic. For many of them, the effects were negative, and the fuel industry certainly falls into this category. With shelter-in-place ordinances keeping so many people at home, the demand for fuel for everything from passenger cars and public transportation to airplanes and cruise ships dropped drastically. That led to a downturn in fuel prices that could've provided a great deal of relief for businesses and individuals alike under different circumstances.
With the world slowly returning to normal, experts predict fuel prices to follow suit during the coming months. In fact, analysts expect them to surge to new heights in comparison to prices over the last few years. People are traveling once again, and a continually growing number of vehicles are taking to various countries' roadways. On top of that, oil companies are looking to recoup some of the losses they experienced last year.
Increasing demand is one of the factors expected to drive up fuel costs during 2021. Of course, that's only one variable in the equation. Certain additional developments that came about during the early months of this year are going to make a major impression on how much it costs to fill up vehicles, heat homes, and carry out other tasks as the coming months play out.
Onward and Upward
Gas prices vary right now. In some areas, they're as low as 2.59 USD. Other portions of the world are seeing highs comparable to those of the recession earlier this millennium. Demand is expected to continue on an upward trend in North America, Europe, Asia, and the Middle East as well as other countries. As it does, and other situations factor into the equation, prices will inevitably creep ever higher. Some analysts are saying the price of gas could surpass 4.00 USD by the end of the year. Whether it will, no one can say for sure. Only time itself will tell.