Global airline fuel spending is set to reach a record $291 billion in 2024, fueled by rising prices despite fuel consumption nearing pre-pandemic levels. The surge is attributed to ongoing conflicts in Russia, Ukraine, Israel, and Palestine, and is expected to continue into next year. However, record passenger numbers and revenue are projected to offset the increased costs.
A Chevron gas station in Menlo Park, California, drew attention for charging $7.29 per gallon for regular unleaded, but this price is an outlier. Other gas stations in the area were averaging around $5.50 per gallon. California is the only state with an average gas price above $5 per gallon, with a current average of $5.41 per gallon. Nationally, the average gas price has increased by 13 cents in the past month, due to factors such as the war in Ukraine and the Middle East. However, AAA expects price fluctuations in the coming weeks due to seasonal changes in gasoline demand.
Purchasing an electric vehicle (EV) involves careful consideration, but significant savings can be realized compared to gas-powered vehicles. Maintenance and fuel costs are considerably lower, and the used EV market offers additional savings. Government rebate programs, such as Oregon Clean Vehicle Rebates, provide incentives for leasing or buying qualifying EVs. With over 114 makes and models available, including sedans, SUVs, and pickup trucks, there are options for most buyers.
Petrol and diesel costs have been on a steady upward trajectory since the beginning of 2024, with RAC Fuel Watch reporting an increase of 9p per liter. The relentless rise in fuel prices, reaching their highest point since November 2023, is placing a significant burden on households, businesses, and the economy. RAC fuel spokesman Simon Williams warns that the situation is unlikely to improve, with wholesale oil prices expected to rise further. Moreover, a staggering 63 percent of road users have noticed an increase in their motoring costs, prompting 18 percent to consider selling their cars amidst the financial strain.
