The national average price for gasoline increased on the week and is at $2.16, however, the average is still cheaper by 42 cents when compared to last year at this time.
Following the Thanksgiving holiday, the average national price for gasoline is at $2.12, two cents more than a week ago, but still down 46 cents from last year.
This Thanksgiving’s national gas price average is shaping up to be the lowest since 2015 at $2.10.
Despite the weekly increase, gas prices remain cheap both compared to last month and last year.
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.
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.
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.
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.
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.
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.