With gas prices jumping 18 cents and diesel fuel prices pooping 9.5 cents, this was certainly not the time when your fuel card was going to get a break at any fleet fueling location.
The U.S. Department of Energy (DOE) reported that the price for U.S. diesel fuel prices surged 9.5 cents to $4.022 per gallon, the highest diesel fuel prices have been in nine weeks and the largest increase since August 2012.
The national average for diesel fuel is currently 4.3% or 16.6 cents higher than at this time last year. This will strain your company fuel card.
Diesel fuel prices shot up across the country this week. California’s price increased 10.5 cents to $4.242 last week, the most expensive price of all regions. In the East Coast, prices
increased 6.5 cents to $4.088. The Gulf Coast price rose 9.6 cents to $3.941. In the Midwest, prices were up 11.2 cents from last week to $3.978. It was a real ouch to everyone’s fleet fueling budget.
The price of West Texas Intermediate (WTI) crude oil settled at $97.77 per barrel on Friday, $1.89 above a week earlier. Compared with a year earlier, the price of WTI wasdown 0.1%. This basically means that you have not seen anything yet because it will take gas prices and diesel fuel pricing at least a week to catch up to crude prices.
The DOE also reported that gas prices jumped 18.1 cents to $3.538 per gallon, the highest price since October 2012.
We talked about this last week on February 1, Gas Prices All Time High For This Time of Year.
Gas prices are 1.6% or 5.6 cents more expensive than a year ago. That might not sound so bad until you realize that on New Year’s day your fleet card was spending 25 less per gallon on gas.
Diesel fuel costs 48.4 cents more than gas now which Could Gas Trucks Take Over Diesel Fuel Trucks, As The Truck of Choice?
Let’s make sure our fuel management is solid or your really going to be blowing your fleet fuel budget.
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