6 Ways Historic Gas Prices Might Change Life
Unless you’ve been living under a rock for the past few months, you already know that geopolitical tensions have driven oil prices up to near historic levels, making the price of gas at the pump oppressively high.
Considering the current global conditions, the weaponization of oil supply in conflicts involving major suppliers (like China and Russia), and inflationary concerns that exacerbate these issues even more, oil and gas prices may not see relief anytime soon.
The impact of all this price movement won’t be felt at just the pump–it will directly and indirectly alter many facets of our lives:
- Online shopping may see an increase, as consumers would rather use their phones to shop instead of driving to a brick and mortar location; this can add to the stress already inflicted upon smaller businesses during the pandemic
- Products and food prices can rise, as the high price of diesel fuel needed to transport goods would be passed down to the consumer
- Crowding and usership of public transportation are both directly increased in a high-gas-price environment, since it’s more cost-effective to use trains or busses than it is to drive
- EV production will ramp up, as higher fuel prices incentivize the move to electric–this may translate into more EVs on the road as well
- Airline travel is dependent on fuel prices, so the rising prices of operating may be passed down to the consumer; this can negatively affect tourism-heavy economies and potentially force the closure of airline companies, at worst
- The work from home trend started during the pandemic may also see a rise, as many employers and employees will recognize the high cost of commuting and how much salary is eaten up on a daily basis
