“Trucking’s main fuel has dropped almost 30 cents since June and almost 40 cents since its 2014 high of $4.021 in March,” according to Transport Topics Michael G. Malloy. Since June of 2012, crude oil prices have hit their lowest closing price this week. This is great news for our industry and our economy. To put it in perspective, a rule of thumb is that $1 change in the price of crude oil affects consumer spending by about $5 Billion.
Paying a low price at the pump can have a stimulating affect on much more than our truck drivers, the indirect impact of high fuel costs is generally passed on to the consumer in other ways.
Public transportation costs rise. Seafood costs rise. Locals pay higher price for goods.
The list goes on trickling down the line.
“It raises everything you buy in a grocery store or anything you do. Any goods you buy, it affects them because the trucking companies are having to raise their prices to cover themselves so they can stay in business.”
While we are fueling up today, we are hoping the prices continue to drop, allowing a little more play in our budgets.
The Keystone pipeline exercises its role with freeing up the burden of expenses to transport fuel. Three of the 4 project phases are currently in development. When the approval of the 4th phase in Keystone pipeline expansion is approved by government, we are sure to see an even bigger drop in prices.
Checkout the best prices in deisel near you with GasBuddy.com
Wishing full tanks and empty lanes to all you drivers out there, Keep on truckin’!