If you drive, then it's no surprise that fuel prices are again rising!
Today’s post is by Troy Lowe; Vice President of Development at SafeSourcing.
If you drive, then you may have noticed that the fuel prices are starting to rise again. Over the summer the price of fuel did start to come down because of a variety of price stabilization efforts that seems to have brought us some temporary relief. One of these efforts was a historic release of oil from the Strategic Petroleum Reserve. The Strategic Petroleum Reserve is the world’s largest supply of emergency crude oil and was established primarily to reduce the impact of disruptions in the supply of petroleum products and to help carry out the obligation of the United States under the international energy program. But now, after three months of fuel prices declining, they are now starting to creep up again. Part of the reason for this rise in prices is because OPEC recently announced that they are cutting its oil production by two million barrels a day. According to the Saudi foreign ministry the decision was adopted through a consensus, considered the balance of supply and demand, and was aimed at curbing market volatility. No matter what the reason is for the cut in production we will see higher prices at the pump. Below are some actions you can take to try and save some money with the rising fuel prices.
- Fill Up on the Cheapest Days of the Week
- Use Fuel Reward Cards
- Join a Grocery Store Reward Program
- Use a Fuel App to Find Cheapest Locations
- Check Your Fuel Cap and Replace if Broken or Cracked
- Accelerate Slowly when Taking Off
- Do not Speed
- Spend Less Time Idling
- Plan your Routes
- Use Cruise Control on Long Uninterrupted Trips
- Reduce AC Use
- Remove Excess Cargo Weight
- Maintain Correct Tire Pressure
SafeSourcing is a Procure to Pay SaaS based provider of a number of e-Procurement solutions and associated white glove services that are part of our SaaS offered SafeSourceIt™ eSourcing suite. These include but are not limited to SafeContract™, SafePO™, SafeDocument™ and our SafeSourceIt™ Global Supplier Database that includes over 557,000 vendor/suppliers.
For more information, please contact SafeSourcing.