Category: fuel pricing

Fuel Flash – November 2022

After bottoming out at about $76/barrel in September, oil prices turned upward in October. OPEC+ met and announced supply cuts of 2M barrels per day which resulted in oil prices passing $90/barrel in early October. The following graph shows the daily price movements over the past three months: It’s pretty evident that OPEC+ would prefer to keep oil prices as close to $100/barrel as possible with the announcement of their production cuts, even with the attempted persuasion from the U.S.

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Fuel Flash – October 2022

Oil prices continue to drop, falling below $80/barrel in September. As we close out the summer and move into fall, the story has not changed. There are still fears of a global recession and demand in China has not increased due to their COVID lockdown. The following graph shows the daily price movements over the past three months: OPEC+ met early in September and agreed on a 100,000/barrel per day cut for October. The results of these actions should be

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Fuel Flash – September 2022

Oil and fuel prices extended their downturn from July. Oil dropped below $87/barrel in August, which is the lowest we’ve seen since the end of January. Demand destruction and global economic worries continue to lead the way in causes for the fuel market to cascade. The following graph shows the daily price movements over the past three months: It has been quite some time since oil prices have remained under $100/barrel for a consistent period. In August, prices struggled to

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Fuel Flash – August 2022

Oil and fuel prices continued their decline from June into July. Oil dropped below $100/barrel for the first time since May, which was brief when that occurred. This month, oil prices have spent more time below $100 than above, which has resulted in fuel prices cooling from their record highs at the pump. The following graph shows the daily price movements over the past three months: Oil prices attempted to rally above $100/barrel on a few occasions in July, but

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Fuel Flash – July 2022

Oil prices extended their climb from the end of May into June until they hit a ceiling (for now) at $122/barrel. Diesel and gas prices continue to hit record highs for both products at the pump. Investment banks such as Goldman Sachs have floated the idea of oil reaching $150/barrel before the end of 2022. The following graph shows the daily price movements over the past three months: With the European Union agreeing to a deal to sanction Russian Oil,

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Fuel Flash – June 2022

Since the beginning of April and a brief dip here or there for a day, oil prices have remained above $100/barrel. We have not seen a peak as high as we did in early March, yet in May, diesel and gas prices continued to hit all-time highs. The following graph shows the daily price movements over the past three months: A major reason for elevated fuel prices is the supply issue pummeling the East Coast which Sokolis Group communicated in

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Fuel Flash – May 2022

Compared to March, things were much calmer in April. Crude oil started around $100 and finished just under $105/barrel. About a month after oil hit it’s high of roughly $124/barrel, oil has dipped below $100 on three separate occasions. However, consumers have yet to feel relief at the pump as gas and diesel remain well over $4 and $5/gallon respectively. The following graph shows the daily price movements over the past three months: Big oil executives from the likes of

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Fuel Flash – April 2022

Crude oil started March above $100, and it would be a wild ride from there on. Diesel and gas had days of 50+ cents per gallon increases at the pump, putting everyone on notice that war in Ukraine might have fuel prices spiking much higher. Gas prices were well over $4/gallon nationwide, while diesel was over $5/gallon. The following graph shows the daily price movements over the past three months: After diesel prices skyrocketed 70 cents in just one week,

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Video: Smarter Fuel-Buying Tips

With fuel prices at or near record highs, HDT Talks Trucking looks at how fleets can save money beyond better fuel mileage. Glen Sokolis is CEO of Sokolis Group, a company he founded nearly 20 years ago to help fleets save money on fuel. On this episode of the HDT Talks Trucking video podcast, Editor in Chief Deborah Lockridge talks to him about why oil and fuel prices have spiked, and what fleets can do about it short- and long-term.

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Fuel Flash – March 2022

Crude oil started February in the high $80s, before breaking through the $90 mark a few days into the month. OPEC continues to meet each month and even though oil prices soar, they continue to make no adjustments to their 400k barrels per day increase plan. Demand remains strong and oil inventory levels continue to drop making supply extremely tight. All eyes are on the Russian invasion of Ukraine which is now the primary driver of rapidly escalating prices. The

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