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Gasoline Prices to Rise in Summer 2024
By Shubhendra Anand , 19 April, 2024
The oil and gas industry has witnessed various changes since the beginning of 2024. The countries worldwide are experiencing oil shortages due to geopolitical crises between major oil-producing nations. However, gasoline prices are expected to increase in the spring of 2024.
According to surveys, the oil industry experienced low gasoline prices during winter. The price of gasoline is anticipated to rise in the upcoming summer of 2024. This is because gasoline blends are expensive to carry out in the summer of 2024. The reason for the price rise is lower Reid Vapor Pressure (RVP). The increase in electric vehicle demand has cooled down conventional vehicle sales for some instant. However, it is challenging to meet the industrial market for transportation with electric vehicles. This is due to the high prices of electric cars and the lack of infrastructure. Therefore, the automotive industry shows demand for conventional vehicles to continue. Due to the market's equal demand for traditional cars, there is a surge in oil demand. Therefore, an increase in gasoline prices can be another reason. Another reason behind the rise in gasoline prices can be the inefficiency of Butane when mixed with gasoline in the summer. It is due to RVP rules that limit the Butane's ability to blend with gasoline components.
Therefore, the Environmental Protection Agency (EPA) facilitates gasoline mixing in different seasons. It helps to reduce the emissions level in the environment. However, clean energy transitions are at their peak, with countries worldwide focusing more on green energy transitions. Therefore, a rise in gasoline prices may not affect consumers as the green energy transition targets zero emissions of harmful gases.
Gas Prices to Surge in Spring and Summer of 2024
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Shubhendra Anand
Head Research
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