Global Demand for Gasoline Starts to Dip
With gasoline prices so high, it was only a matter of time before we saw a drop in demand worldwide – and that’s what’s being observed now. When possible, many people are cutting back on travel.
In the United States, the national average is flirting with $5 per gallon. In the Los Angeles area in California, the $8 mark has been reached and passed. And as we reported last week, the price of gas is approaching the equivalent $3 CAD per litre in England. What’s more, consumers aren't just paying more at the pump. High energy prices impact the cost of virtually every good, including food.
A survey of what different analysts are predicting about what might happen to prices or the possibility of a recession reveals a variety of opinions. Simply put, there’s an overarching sense of uncertainty, and the continuation of the volatility of the past few months is about the only thing experts really agree on.
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