What will gas prices be in 2019

Meanwhile, the East Coast, Midwest, and West Coast continued to rely on crude-oil imports to feed the local refineries.

Following a major explosion and the shut-down of a Philadelphia-area refinery in , the populous East Coast was left with only four remaining refineries, making it even more dependent on gasoline and diesel imports. Oil producers were left scrambling to figure out how to cope with the precipitous fall in demand.

Sellers had to pay the buyers to take the oil away. This led OPEC to enlist the help of producers from outside of the bloc to cut production in order to meet lower demand. When should they restore production and by how much? Its members now meet monthly. Worldwide, crude-oil and refined-product inventories began to draw.

Oil that had been stored was sold back into the market. Inventories were liquidated. The market took notice, and prices for crude oil and consequently gasoline have risen.

Natural-gas, coal, and electricity demand all fell with slowing economic activity. Now that prices have recovered, companies are finding it difficult to hire workers to come back to the oil patch to increase the rig count in a meaningful way. Like other parts of the economy, they need truck drivers too.

It is estimated that 60 million barrels of oil supplies will be lost. Repairs to oil-production platforms will not be completed until the end of the year. As the world exits from the pandemic, factories around the globe are having difficulty meeting pent up demand.

Inflation is rearing its head. The consumer sees it every day in higher food and gasoline prices. But part of this rise is rooted in higher energy costs other than crude oil. In September, China ordered its energy suppliers to do what was necessary and obtain energy supplies. Please create an employee account to be able to mark statistics as favorites. Then you can access your favorite statistics via the star in the header.

Profit from additional features by authenticating your Admin account. Then you will be able to mark statistics as favourites and use personal statistics alerts. Save statistic in. XLS format. PNG format. PDF format. Show details about this statistic. Exclusive Premium functionality. Register in seconds and access exclusive features. Full access: To this and over 1 million additional datasets Save Time: Downloads allow integration with your project Valid data: Access to all sources and background information.

Exclusive Corporate feature. Corporate Account. Statista Accounts: Access All Statistics. Basic Account. The ideal entry-level account for individual users. Corporate solution including all features. Statistics on " Gasoline and diesel market in the U. The most important statistics. Further related statistics. Motor fuel - retail prices in Wisconsin Motor fuel - retail prices in Wyoming Ethanol share in gasoline by Canadian province Italy: gasoline price variation , by month Monthly petrol consumption in Italy Sources of U.

Further Content: You might find this interesting as well. Statistics Motor fuel - retail prices in Wisconsin Motor fuel - retail prices in Wyoming Ethanol share in gasoline by Canadian province Italy: gasoline price variation , by month Monthly petrol consumption in Italy Sources of U.

Topics Oil and gasoline prices. But natural gas is likely to remain an important fuel for years to come. The EIA said the share of natural gas as a generation fuel will decline through next year because of the anticipated increase in renewable sources, but also coal. Skip Navigation. Key Points. Natural gas is expected to keep rising, and if there is an especially cold winter, Goldman Sachs analysts see the potential for another doubling of price.

The jump in prices will impact some consumers who use it for heat, and utilities and companies that use it in production processes. In this article. VIDEO