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Fuel

Low Demand Flattens Fuel Prices in 2020

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. 

Average National Gasoline Prices Drop to $2.12

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.

Forecast of Fuel Prices in 2021

The price of fuel is impacted by many variables making predictions difficult. However, there are certain variables that are in play today, which allows us to extrapolate and extend those trend lines into the next calendar-year and interpret possible outcomes.

Pandemic's Disruption Keeps 2020 Fleet Operating Costs Flat

The COVID-19 pandemic divided the fleet market into essential and non-essential businesses, causing hundreds of thousands of company vehicles to sit idle from mid-March to mid-May. The economic shutdown caused miles-driven to plummet.

Mitigation Strategies to Reduce Fleet Fuel Costs

The difference between the most and least efficient drivers is a 30% difference in fuel consumption. Fuel is a fleet’s No. 1 operating expense and the best way to control this expenditure is to modify driving behavior, which is the major variability influencing fuel consumption.