The holidays are upon us, and as they do every year, fuel prices are rising to record highs. The national average is currently $3.40, which is up 51 cents from this time last year.
Since October, the price of crude oil has increased roughly 30 percent, from $75.67 to $102 per barrel. Why? Experts think that one likely cause is good news. As the economy is slowly recovering and more are returning to work, the demand for fuel is increasing.
More reasons (not good news) include continued occupation and unrest in places that export crude oil, weak economies worldwide, dwindling inventory here in the US, and the decreasing value of the US dollar. It is estimated Americans will spend a whopping $489.7 billion this year, more than $100 billion more than what we paid in 2010, as calculated by Tom Kloza, analyst for the Oil Price Information Service.
You may not be able to do anything about the rise in cost of gasoline, but if you manage a fleet, whether large or small, you would be wise to look into adding GPS tracking devices to your fleet vehicles. Not only can these handy devices point out any wasted man-hours, it can also show you how you can cut fuel costs. If you can actually see the routes of your drivers, you might notice one or more of them who can change the route they take each day, saving you hundreds in fuel costs in the long run. Some devices can even alert you when the vehicle isn’t running as efficiently as it could be, allowing you to address the problem immediately rather than let it go for a period of time, saving you money.
Fuel prices aren’t going down anytime soon, so prepare yourself and your fleet for the rising costs this holiday season by installing GPS tracking devices.
Photo Courtesy of Cassie_BedfordGolf