One minute you’re living the dream, and the next fuel rises to $5 a gallon. Many carriers are struggling to know how to save on fuel.
As fuel prices continue to break records in their climb, owner-operators are left with staggering expenses, even reaching $2,000-$2,500 a week.
With such unprecedented overhead wreaking havoc for small businesses, one critical question remains: How long will this last?
To answer this question, consider why fuel prices are so high in the first place:
1. The pandemic changed everything, including the price of oil.
As commuters slept-in and industrial services slowed, the demand for oil dropped, and producers slowed production.
Now as travel resumes and demand for oil resurges, restoring dried wells is a complicated and difficult task, one that may take a long while to complete.
2. The Russian-Ukrainian war cut the global oil supply.
With over 10% of the world’s oil supply being sourced from Russia, a global shortage ensued following the war.
Because there is no definitive way to gauge when the war may conclude, there is no promise of this shortage finding a resolution.
Long story short: It’s probably going to be awhile.
To adapt to such brutal conditions, you don’t need to be panicking: You just need to be prepared.
Here are the very best ways you can save on fuel:
1. Right now, you need a fuel card.
Fuel cards enable you save several cents a gallon at most major pumps. Aside from immediate savings, most cards also offer other benefits, like tire discounts.
This is a no-brainer. If you haven’t already, snag a fuel card.
2. Plan your route.
Easiest way to trim fuel expenses?
Drive less!
By pre-planning your routes for maximum efficiency, you can trim dollars with every mile saved.
3. Keep your truck aerodynamic.
Did you know that by even installing mud flaps on your rig, you can improve fuel efficiency by 3.5%? Or, for every 1 PSI that your tire is under-inflated, you can lose .3% fuel efficiency?
Small changes can lead to double-digit dividends at fill-up time.
Fuel is the toughest it’s ever been, but you have the tools you need to roll with the punches.
Apply these tips to rise above the market and help your business thrive.
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The England Carrier Services (ECS) division offers various services for carriers ranging from maintenance to support. As ECS members, carriers have access to nationwide discounts on fuel and tires from dedicated team members committed to finding the best price. ECS also provides factoring services with benefits such as same-day funding to a bank account or fuel card. These options allow carriers the freedom to focus on growing their business while saving time and money.