The once insatiable global demand for gasoline is unlikely to return to pre-pandemic levels, according to a relationship of the International Energy Agency.
Gasoline consumption literally plummeted during the pandemic. Cities have been closed and many people have started working from home, a trend that is likely to continue even as the COVID-19 crisis subsides. Many governments have also pushed for low-carbon alternatives, the UK one above all.
What about oil?
The demand for oil always says the IEA, should continue to grow (for me not even that) driven by developing countries and their growing populations. However, it is not expected to return to pre-pandemic levels until 2023.
Demand for gasoline is unlikely to recover. Very unlikely. The increased demand in developing countries will be offset by the shift of consumers to electric vehicles, manufacturers improving fuel efficiency and companies increasing smartworking.
Meanwhile, prices are rising everywhere
Meanwhile, i gasoline prices are increased. Italians pay about 5% more per liter than in February and 20% more than in February a year ago, source the newborn MITE, Ministry of Ecological Transition.
A mini peak that explains a few things for the present, and many more for the future. It was caused in part by storms in Texas that cut power to millions of residents and cut off several oil refineries. The price of gasoline, as a result, was also pushed by oil prices which increased along with expectations of economic recovery with the distribution of coronavirus vaccines.
