Fuel prices can make or break a fleet's budget, and as a fleet manager, being attuned to these fluctuations is not just advantageous; it's essential. So, where's the cheapest gas at?
Element's latest trends report highlights key trends involving sustainability/charging investments, acquisition, fuel, and safety.
Record-high fuel prices are prompting a new type of fuel theft in which the perpetrators puncture fuel tanks. Fleet operators are not only out of gas; they face expensive repairs and extended downtime, too.
The increase represents a 30 cent increase from the beginning of February, and is 28 cents more than a year ago, AAA said.
The average national price for gasoline is 16 cents more than a month ago, but still cheaper than last year by 27 cents.
Since the beginning of November, U.S. gasoline demand has softened, and average fuel prices have remained flat at $2.16 on the week.
National average diesel fuel prices were $2.50 per gallon as of Nov. 30, 2020, according to the U.S. Energy Information Administration. This uptick is higher than prices in late June and late August and is reaching peaks not seen since mid April.
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.
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.
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.
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