Oil Companies Enjoy Lower Fuel Price Caused By The COVID-19 Pandemic

Many events over the past several months have shaken the state of the oil industry. The first part of 2020 saw some surprising increase in oil prices due to the unstable supply, followed by the decision of OPEC countries to reduce the production of oil, thus further blowing up the price of oil in the world market. Unfortunately, there is one event that nobody ever thought would take place this year, which severely impacted the supply and demand ratio of oil and fuel. You probably know what this is: the COVID-19 pandemic.

The effect of the pandemic on the oil industry is something that we have never seen since the Second World War. However, according to the latest reports, oil buyers and refiners have found an opportunity from the pandemic-stricken industry to save the market. For one, refiners are reportedly having a small respite from oil buyers, in which hedge funds and other international oil buyers have begun buying huge amounts of fuel.

Refiners’ Respite From Cheaper Fuel Price May Not Be Enough

Over the past week, oil buyers are said to have focused on buying up to 20 million barrels of US gasoline and diesel, as well the European gasoil. This sounds like a good news to the refiners, although experts believe that this respite is not enough to make their current situation from the pandemic a little better. As the COVID-19 pandemic rages on in hundreds of countries for over 4 months, some nations have decided to lift travel bans in order to let their economies rebound. In this case, there will be a little uptick in transport demand, thus spelling trouble for the refiners.

If ever another serious wave of coronavirus infection is reported in large parts of the world, we can expect that another crippling effect in the oil industry would be felt. With the low prices of fuel in place due to the lower demand for refined oil products, this would affect the supply and demand of fuel once more. However, the effect may not be as bad as in the first part of the pandemic. It is also worth mentioning that there are also other kind of fuel that is readily available today, such as the cleaner and environment-friendly fuels.

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With Oil Prices Taking A Hit From The Pandemic, Is It Time To Create Fuel On Our Own?

Five months into this pandemic, and it’s already been proven to us that the COVID-19 is not just an issue of public health and safety. This is more than just protecting ourselves from the virus and keeping our immune systems strong. COVID-19 has also become a disease in our livelihood. Because of the crippling lockdowns in major cities, people can no longer go to work, or at least go with some difficult setbacks like increased cost of transportation or reduced income as the companies’s operations dwindled down.

One of the most important industries that really suffered a blow from the COVID-19 pandemic is the oil industry. This is an important part of our system that needs to be sustained as the oil industry makes sure that every unit in this world is functioning with enough power. Due to the lockdowns and fewer cars on the road, the demand of fuel is at an all-time. Sure, this sounds good because the fuel prices should go down with lower demand. However, this very low supply-to-demand ratio is hurting the industry so bad that the fuel price should go up as a compromise.

Yes, Making Your Own Fuel Is Possible, But You Have To Be Very Responsible In Handling This

You might not know this before, but it is indeed possible to make your own fuel. The thing that this is not being brought up before is that getting your fuel straight from the gas station, whose fuel is coming from the top oil suppliers in the world, is so much easier. But now that the oil industry still has to deal with the repercussions of the COVID-19 pandemic, it is high time for us to learn how to have our own fuel source right in our own backyard.

The energy-supplying fuel that we are talking about here is called alcohol fuel, or to be more specific, ethanol. This is actually being used in fuel-powered lamps that are displayed in the local hardware. Unlike the fuel that we get from gas stations, ethanol is much more affordable and renewable, thanks to the fact that ethanol can be products within the community, or even in your own yard.

At this point, there is no need to propose a massive-scale ethanol plant that produces this fuel for everyone’s use. What you can do is create enough volume of ethanol for the vehicles and machinery that you own. This way, you can let other people get the available reserve fuel in the market until the situation eases up.

First and foremost, you should get your permit first in your state that you are going to produce ethanol in a makeshift ethanol plant. You can go visit the nearest post office first to send a request letter. Handling this kind of fuel-processing stall comes with great responsibility, and you need to show the authorities that you can do it properly. After that, you can start looking for waste materials like leftover fruits and vegetables. Those rich in sugar are the best in yielding more ethanol during fermentation.

Countries In The World With The Cheapest And Most Expensive Fuel

Our industries today heavily relies on energy to power up all sorts of machineries and engines. One of the main sources of energy, fuel, is considered to be a country’s prized wealth, as those countries with their own depot of fuel have no problem in maintaining their industries as the price of fuel is kept at the low side. However, for those countries who still need to import fuel, their economy is vulnerable to price surges.

This does not bode well for the ordinary people, as they are the ones who suffer when the fuel price goes up. Some might even wish to be in a Middle East country so the fuel price won’t be an issue in their daily cost of living. Although, there is a chance that people living in another country are having it much worse with ridiculously expensive fuel. To give you an idea about the fuel prices around the world, here are the list of countries with the cheapest, as well as the most expensive, fuel.

Countries With Fuel So Expensive You May Choose To Walk An Entire Mile Instead Of Firing Up The Car

First in the list is is United Kingdom, with fuel priced at $1.67 per litre.  Many British people complain about the seemingly exaggerated high cost of fuel in their country, but the sad truth is that this current fuel price is actually lower compared to the previous decades. Of course, there is hope that the fuel price will become much more reasonable in the coming years, but for now, the British people will have to deal with this reality and look for ways to remedy this situation. Perhaps finding the ideal times to refuel their cars will be a good start.

Next on the list is Portugal with a stunning $1.72 per litre. Fuel prices in Portugal mostly follows the trend in other European countries, but the price is surely much higher in the Iberian Peninsula because of the ISP taxes imposed by the government, which is a levy on oil products.

The Fortunate Countries With The Cheapest Fuel Prices

If you are even jokingly deciding to move to another country to be saved from expensive fuel prices, this list could help. First in this short list is the United States in America with $0.71 per litre. All thanks to their highly modernized technology, The United States is the world’s largest oil producer, ahead of second-placed Russia. The fun fact is fuel prices in the US have actually increased over the years due to imposed taxes, but there is hope that the price will stick on the low side for the meantime.

Next is Sudan with $0.14 per litre. Amazing, isn’t it? This is no brainer since Sudan is one of the countries with known huge reserve of oil in the world, perhaps only next to Middle East countries like Bahrain and Saudi Arabia. The sad thing, though, is that Sudan’s economy has yet to improve with this large oil reserve.

And now, the country with the cheapest fuel is none other than Venezuela, with a surprising $0.01 per litre! You might think that this is just a tidbit from one of the funniest prank videos on the internet today, but this is the real deal. For some perspective in the United States, a single dollar would be enough to buy 92 fuel tankers.

Go Green With Your Fuel Consumption Without Compromising Your Vehicle’s Performance

Experts all over the world have been looking for more alternative sources of energy. Aside from the fact that the primary sources of energy that we have today are likely to be depleted someday (considering that the demand for energy increases exponentially every year), there are sources that are not Earth-friendly. For example, fuel remains as the top choice in extracting energy, especially when it comes to transportation and generation of electricity. However, as we burn fuel in our vehicles, pollutants are inadvertently created as by-products of the process. As much as we need fuel in our daily lives, the continuous usage of fuel also hurts the environment.

Thus, the only apparent answer to this problem is to switch to green fuel, or fuel that has less contribution to air pollution. Biofuel, which can be extracted from biomass such as animal and plant remains, is being heralded as the future of energy because of its potential to minimize the creation of air pollutants in the atmosphere. However, some people have doubts on this, especially when it comes to its efficiency when used in a vehicle.

Should There Be A Problem If We Go Green?

Tests are being done to see if greener fuels can be used in vehicles instead of the traditional fuels. While the intention for the environment is good, there should be no compromise in terms of the efficiency. It is possible that a vehicle must burn a liter of green fuel or biofuel to meet an acceptable level of performance, while for the traditional fuel, the vehicle only needs to burn half of it. In the end, traditional fuel still has the edge over biofuel, but still, this does not mean that we should let go of using a greener fuel.

For one, there are tips you can follow to enhance your car’s fuel performance, whether you are using green fuel or not. Another thing you can do is to have a mixture of green fuel and traditional fuel. It may not be a good idea to use biofuel entirely for your vehicle for it to run smoothly. Instead, you can add biofuel with traditional fuel to enjoy both of their advantages together. By using biofuel, you can lessen your carbon footprint everywhere you go.

Support The Research For Greener And More Efficient Energy Source

Our hardworking scientists continue to find a workaround for the limitations of using green fuel. Of course, it would help them if we show our support to their research, perhaps even donating for their ongoing studies. Raising awareness for the negative effects of traditional fuel would be enough so that more people will consider switching to green fuel. When it comes to efficient treatment of spine injuries, Dr. Randall F. Dryer, owner of Central Texas Spine Institute is the person to contact.