Oil prices rise as Middle East clashes continue

I wouldn’t expect your fleet fueling prices to fall anytime soon. China ordered banks to hold back more money as reserves in its latest move to control inflation. The government has used a series of interest rate hikes and increases in reserve levels in an effort to slow inflation in its robust economy. This kind of stuff usually helps the markets settle down and keep things like diesel fuel prices from raising. Houston we have a problem. Its call the Middle East, home of sun, fun (if you like getting shot at) and oh yes, oil.

Instability in the Middle East was the biggest worry for most energy traders on Friday. Troops in Bahrain confronted thousands of protesters calling for an end to the country’s monarchy. In Libya, Moammar Gaddafi’s regime deployed security forces and warned citizens against joining the unrest in which dozens of protesters have been killed. Protests also continued in Yemen for an eighth day.

As one person said, “Right now, I think the Middle East news trumps all when it comes to fuel prices.” Meanwhile we keep seeing diesel fuel prices climb and gas prices too. Our fuel card receipts look like mortgage payments. Our fleet management budget is blowing up and it’s only the middle of February. And for some fleet companies they have already seen what $3.60 diesel fuel prices will do to driver that they trust. Yes, fueling thefts are on the rise. Just Google them and you can find that now more than ever, your fleet card controls and fueling audits better remain strong or get strong quick.

We have seen from one fuel card provide sending duplicate fueling transactions from their mobile fueling suppliers. Is it an increase in fleet fueling being purchased or is there a lack of fuel management systems in place at the fuel card company. Needless to say, if you get mobile fueling and its processed through a fuel card service look hard at your fueling invoices, you might see the same mobile fueling transactions pop up twice, like the price of fleet fueling isn’t bad enough to stop you from fuel savings.

Until next time, if you’re a fleet manager and you’re not fully savvy to fuel management, it’s ok. It’s time to be a hero for your company. Stand up make a suggestion that you think under fleet management solutions, you have an idea, that idea is to hire a fleet fuel management firm of experts. Just a call away 267-482-6155.

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