Tourists and non-tourists alike might be noticing that travel has become more expensive as of late due to an extreme increase in gas prices of all varieties. Whether you're trying to travel to work or to Fiji, we're all paying more. Here's why that's happening.
Over the last few years, many of us have been hankering to go on a trip. Whether you've been looking for a break from work to go on a family vacation or you're generally a backpacker, all of our plans have been restricted by world events. The COVID-19 pandemic totally cut off any and all international travel as well as greatly restricting local public transportation for a large period of time and in this time all of us became extremely antsy. As restrictions began to lift and borders re-opened, everyone crammed up into a theoretical line and created a large boom in travel demand allowing airlines and hotels to increase their prices due to the public willingness to spend more to get out of their homes.
Unfortunately, as the boom was finally beginning to slow down again, global relations began to heat up. In the beginning of 2022 Russia under the instruction of Vladimir Putin invaded Ukraine. As a nonviolent response to Russian aggressions, many countries introduced sanctions against Russia, blocking any transactions from going across the borders and inherently tanking the Russian economy in the eyes of the rest of the world. As a result of this, Russia's primary global resource of crude oil being the third largest supplier of it in the world behind Saudi Arabia and the United States has been cut off entirely. This has resulted in any and all countries that primarily bought their oil from Russia having to turn to other countries to import oil that may have already been selling to other countries creating a bidding war for gas, increasing prices across the world as companies attempt to churn out fossil fuels or turn to renewable energy. Airlines being a large user of fuel (a Boeing 747 uses approximately a gallon of fuel every second) have been extremely impacted by this. Ryanair being one of the most affordable airlines available has recently announced that holidaymakers should brace for prices to increase by a "high single-digit percent" over the summer in most notable European travel destinations due to this combination of issues.
Unfortunately the safety and well-being of human lives is more important than our individual vacations, but with a little bit of time and high hopes, we will return to an affordable place for all.
When you do make it, we hope you'll stay in one of our properties in Hull City Center and Norwich.
- Dakota Morrill
Padoo Homes
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