Crude oil prices opened July slightly over $74/barrel following a rapid increase after OPEC’s meeting near the end of June. Prices held steady near $74 for the first 10 days of July but fell back and traded near $70/barrel for the remainder of the month. The following graph shows the daily price movements over the past three months: The rapid
Crude oil prices traded in a narrow range near $65/barrel for most of June leading up to the OPEC meeting on June 22nd. After the meeting, prices quickly rose by over 10% during the last week of June and closed the month at $74.25. The following graph shows the daily price movements over the past three months:
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:
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
Throughout the year, Sokolis must update its records for all of the changes made to fuel taxes. It’s a tedious task to sift through the information scattered across the internet for each state. Even though there are web sites that consolidate fuel tax rates in one place, identifying potential exemptions takes more research than just glancing at summarized data. That
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