Crude oil prices continued climbing throughout May and then lost momentum near the end of the month. Despite the setback, prices are still roughly 40% higher compared to a year ago. The following graph shows the daily price movements over the past three months:
Crude oil prices rose rapidly during April, gaining approximately 10% from where they started the month. Prices are about 30% higher than a year ago and have now reached levels not seen since November 2014. The following graph shows the daily price movements over the past three months:
Fuel prices have been increasing rapidly over the last several months. Just one event or change can cause prices to spike or plummet. Volatility will continue in the fuel market as much as it does in the stock market, which can keep whoever is managing your fleet’s fuel program up at night.
If you are managing a large fleet then you have probably found that it is cost-effective to have a fuel storage tank on your property to handle some or all of your fueling needs.
During March 2018, crude oil prices traded in a narrow range for most of the month, then started to climb modestly toward the end of the month. By the end of March, prices gained about 6% from where they started the month. The following graph shows the daily price movements over the past three months:
Moving away from oil is something being promoted in many areas. One of the debates is the use and production of alternative fuels. For fleet managers, the decision of whether to purchase alternative fuel vehicles means weighing up cost, reliability, and environmental concern.
There are both advantages and disadvantages to alternative fuels, and some things fleet managers should consider:
Time is money, how many times have we all heard that? We all know it’s true, particularly when it comes to fleet management. The recent changes to the Hours of Service (HOS) regulations have definitely created some challenges for companies that need to maximize their drivers’ productivity.
We’ve been hearing buzz about autonomous cars for almost a century now, with the dreams of a self-driving car for everyday use showing up in fictional accounts of the future in the 1930’s. As we saw the promises of other once far-fetched inventions come to fruition, we’ve continued to wait for the reality of an autonomous vehicle. Each year it seems that we are given more exciting updates about the encroaching arrival of truly autonomous vehicles on our streets, but so far test vehicles have yet to give way to a functioning consumer product.
If you use propane to power forklifts in your operations, or other alternative fuels in your fleet, there may be an opportunity to file a Federal excise tax claim for a credit or refund related to the fuel used during 2017.
During February 2018, crude oil prices went on a roller coaster ride following a similar track as the stock market. Shortly after the start of the month, prices fell by approximately 10%. Prices remained at that lower level for a brief period and then started to rise again. By the end of February, prices netted to be about 10% lower than where they started the month. The following graph shows the daily price movements over the past three months: