Effects of COVID-19 on Gas Prices

aerial view of one car on highwayHow has COVID-19 affected fuel prices? The beginning of the pandemic saw gas prices go way down as demand dropped. This made sense because motorists and businesses were stuck in lockdown with nowhere to go.

However, demand has been going up as more states lift restrictions and open. Many people who were isolated over the past year might end up indulging their urge to travel. The belief is that Americans will start feeling more comfortable traveling as COVID-19 cases decrease and vaccinations increase. This means more road trips.

While it’s hard to predict, gas prices should go up this summer from optimism from not only oil producers but also consumers and businesses. More demand means a spike in the price of crude oil. Of course, gas price fluctuation also depends on local supply and demand along with local taxes.

Effects of COVID-19 on Diesel Delivery Services

During the pandemic, it was difficult for fuel companies to service local clients due to drivers getting sick. However, demand remained steady for generator refueling and temporary heating for outside tents, including COVID testing sites. Luckily, the rest of the fuel business remained at the status quo as businesses that rely on keeping their heavy equipment and vehicles fueled continued to work.

Now that the nation is beginning to open back up again, just in time for summer, we can expect fuel prices to fluctuate. High driving seasons like Memorial Day and July 4 are anticipated to skyrocket prices. Not to mention, businesses that rely on fuel contracts are ramping up and don’t want any further delays.

Contact Hart to schedule one of our fueling services so you can stay ahead of summer demand and price increases!

 


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