Fleets will be happy to hear that gas prices are finally falling after weeks of reaching record highs. With fuel being the lifeblood of the fleet industry, these high gas prices were hurting businesses both large and small and wearing the supply chain thin. Prospects did not look favorable for a long while, but luckily, gas prices are finally falling, and the future looks bright once again.
What Has Changed?
According to AAA, gas prices reached a record high on March 11th, when they averaged $4.33 nationally. However, now they are down to $4.19, which is down 6 cents from last week. On March 31st, President Biden called for the release of 1 million barrels of oil each day from the reserve for the next six months. Meanwhile, a surge a COVID cases in China has resulted in restrictions on movement there. This has also led to a decline in oil prices. Furthermore, the demand for gas has been down despite seasonal trends, perhaps because drivers are changing their habits due to higher prices.
What Does the Future Hold?
Gas prices all over the country are falling.
Patrick De Haan, head of petroleum analysis at GasBuddy, a gas price tracking service, estimates:
“So long as oil prices remain under $100 per barrel and there’s no escalations in Russia’s war on Ukraine, we may be poised to see gas prices decline again this week as the U.S. and other countries try to raise oil supply to tip prices lower.”
Brian C. Rittmeyer, a writer for the Tribune-Review out of Pittsburgh, reports that prices there ranged from $3.95 to $4.59 per gallon, a difference of 64 cents. He also compares gas prices from previous years on the same date.
- 2022: $4.27
- 2021: $3.00
- 2020: $2.24
- 2019: $2.86
- 2018: $2.87
- 2017: $2.54
Meanwhile, Hayley Vawter, a writer for 5 On Your Side in St. Louis, writes that Missouri gas prices averaged $3.77, nearly five cents less than the previous week. The cheapest gas available in St. Louis on Sunday was $3.37, but at this time last year, St. Louis was averaging $2.69 per gallon.
Brandon Shulleeta of ABC 13 News in Virginia reports optimism in his state. Prices have fallen 6.8 cents per gallon to an average of $4.06. That said, prices are still up 26.7 cents over the past month and are still $1.33 higher than a year ago.
How to Combat High Gas Prices
The truth about gas prices is that they are unpredictable. As we have seen, world events can affect our gas prices at any time. Therefore, fleets must prepare for anything to keep high gas prices from devastating their businesses. Check out our article on rising gas prices to learn more about what your fleet can do in times of gas price crises to keep from being left behind.
