
May Fuel Update: Prices Spike Again Across the Nation
Fuel prices have risen in all 50 states, with the average increasing by almost 39 cents.
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Fuel prices have risen in all 50 states, with the average increasing by almost 39 cents.
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Despite the weekly increase, gas prices remain cheap both compared to last month and last year.
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The national gas price average pushed a penny cheaper on the week to $2.11 following an increase in gasoline stocks and a dip in demand.
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The largest fleet operating expense is fuel, which traditionally represents approximately 60% of all operating costs. However, the decreased miles driven by fleets during the pandemic was the No. 1 factor contributing to keeping fuel costs flat in 2020.
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National average gas prices declined to $2.12 as crude oil prices have continued to decrease amid mounting concerns about the increase in global coronavirus cases and the reinstatement of lockdown policies in some countries.
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The rebound in automotive sales of 31% in the third-quarter of 2020 is led by growth in pickup trucks and SUVs, categories with the most advanced, fuel-efficient diesel options, notes the Diesel Technology Forum.
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National average gas prices dropped to $2.16 as decreases in U.S. gasoline demand, supply and imports pushed the national and 44 state gas price averages cheaper on the week.
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Fuel price trends were unhindered by Hurricane Delta, which made landfall in southwestern Louisiana as a category 2 hurricane.
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That average is the same as a week ago, four cents cheaper than the start of this past September and nearly 50 cents cheaper than last year.
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Today’s national gas price average is $2.18, which is the same price as last week, five cents less than a month ago, but 47 cents cheaper than a year ago.
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The infusion of $350 million will accelerate development of fully electric options and a move into Classes 7 and 8.
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