For the past few years, fuel prices have been a hot button topic and in some parts of the United States, filling up the tank of a four-door SUV rivaled the price of a lobster dinner. But the strain of this inflated expense on the typical family was nothing compared to the impact it had on transportation fleets.
But, with the start of 2015 came new gas costs that dipped lower than some young drivers had ever seen. With the ever yo-yoing industry currently in flux, what will fuel prices in 2015 actually even out to be?
Experts are estimating that gas prices will continue to stay lower than those in 2014, but as any driver would know, it wouldn’t be hard for these costs to stay below $4 a gallon. Thankfully, these prices are indeed budget-saving, with the national average expected to drop 23% or to an average of $2.60 per gallon of unleaded gas.
However, on the way to this price, experts are predicting that gas prices will continue to creep up and plummet down, particularly as the industry adjusts to the falling price of oil and the recent veto on the Keystone pipeline.
Though these seesawing prices might be frustrating for the average driver, fleet owners can experience drastic changes in their fuel budget on a month-to-month and state-to-state basis. This can make predicting your total cost for the year difficult and frustrating.
You can try setting a general spending cap, but ensuring that your employees are sticking to it can be hard when you are working on a reimbursement system or using a traditional credit card. However, you can keep track of your fleet’s spending and ensure that your budget stays in the green by using a fuel card system that offers electronic management options.
The card you choose can make a large difference in the amount of control your company has over spending. For example, with the right card, you will be able to adjust spending limits in real time as prices move up or down.
You will also be able to ensure that cards can only be used at the pumps and set specific times, days or amount of money or gallons that each card can be used for. Additionally, an intuitive fuel card system will send you real-time updates to alert you of suspicious spending and even allow you to cancel the card immediately if it is stolen.
Thankfully, once the gas prices settle, experts are predicting that with the current amount of oil on the market will continue to keep the prices low, thus keeping gas costs at an affordable level. However, even once this happens, the benefits a fuel card can provide a fleet are impressive and can help keep costs low and consistent across the board.