January is typically a month of falling gasoline prices because fuel demand slows down during the slower travel weeks that follow the year-end holidays. But January 2012 has been a much different story.
In January, retail gasoline prices averaged $3.37 a gallon, according to the Oil Price Information Service, a private fuel information service. That compared with the previous record average for the month of $3.095 a gallon, set last year. In 2010, January gasoline prices averaged just $2.71 a gallon – 66 cents less than what gas prices are today.
The new gas price record has been hard on drivers. A typical household, burning about 50 gallons of gasoline a month, paid about $168.50 for that fuel in January, or $33 more than in January 2010, reported the LA Times.
Meanwhile, prices have continued to rise and remain at record levels for this time of the year. In California, the average cost of a gallon of regular gasoline was $3.771, up 2.4 cents since last week. That was also 36.5 cents a gallon higher than the old record for Feb. 6, which was set just last year.
Several industry analysts are predicting that U.S. gas prices will top $4 a gallon by Memorial Day. Patrick DeHaan, senior petroleum analyst for GasBuddy.com, said “Gasoline prices tend to start moving significantly higher toward the end of February and into mid-March, so motorists should be preparing for higher prices.”
Tom Kloza of the Oil Price Information Service said, “I think it’s going to be a chaotic spring, with huge price increases in some places.”
In February, gas prices have continued to rise and remain at record-high levels for this time of the year.
If your or your job has been affected by rising gas prices, then you may want to consider purchasing a GPS fleet tracking system. A fleet GPS tracking system can provide an ROI in less than six months and immediately reduce fuel consumption.
In today’s tough economic climate, profit margins are slim and companies must implement as many cost-saving initiatives as possible. In order to stay competitive, companies have to look very closely at every penny spent. Utilizing a GPS fleet tracking system can be one of the most cost effective means to manage and reduce fuel consumption. A GPS fleet tracking system can help the average fleet reduce fuel costs by up to 20%.