Gasoline
The pandemic might have caused a decline in gasoline demand, as people spent more time at home and drove less, but when Americans will hit the road again, gasoline prices are expected to rise. Presently, Americans are paying around $2.16 per gallon, 50 cents less than the same time in 2019.
Throughout the entire fall, oil price was kept somewhere under $40 per barrel but in December it escalated to 47 dollars, according to a Kiplinger report. Experts estimate that the prices will continue to grow to at least $50 per barrel in 2021. We’ll just have to wait and see, I guess.
Air travel
The air travel industry has taken a huge blow in 2020, with airlines losing millions of dollars. This means they will want to make it up for all their losses in 2020. According to Travel Noir, if we were to follow the patterns after 9/11 and the economic downturn in 2008, airlines will maintain their low prices and deals in order to get their customers back. If things get better and people start traveling again, they should expect to pay more for their trips to various parts of the world.
Industry experts believe ticket prices might increase by as much as 27% by 2025, with price growths in terms of baggage fees, cancellation fees and change fees in 2021.
Check out these 6 Things You Absolutely Shouldn’t Do If You Have to Fly Right Now!
