NEW YORK (AP) – Gasoline demand, once satiated in the world, is unlikely to return to pre-pandemic levels, according to a Wednesday report by the International Energy Agency.
Gasoline use increased during the pandemic, as cities closed and many people started working from home, a trend that is likely to continue as the COVID-19 crisis eases. Many governments have also lobbied for low-carbon alternatives.
Meanwhile, demand for oil is expected to continue to rise as developing countries with growing populations use more fuel. But it is not expected to return to pre-pandemic levels until 2023, according to the Paris intergovernmental agency.
Gasoline demand is unlikely to fully recover, as increased demand in the developing world will be offset by the shift of consumers to electric vehicles, with manufacturers improving fuel efficiency and businesses increasing teleworking as travel decreases. report.
Meanwhile, gasoline prices have risen. Americans pay 14 percent more for a regular gallon than in February and 29 percent more than a year ago, according to AAA.
That increase was partly caused by storms in Texas that destroyed the power of millions of people and took several oil refineries offline. Gasoline prices have also risen from rising oil prices as expectations of economic recovery as coronavirus vaccines are distributed.