AMHERST, N.Y., Nov. 17, 2017 /PRNewswire/ -- Fuel prices were over $3 a gallon for almost four years - that was in 2011, 2012, 2013 and for most of 2014. And in some areas, the price was above $4 a gallon – San Francisco on the west coast, Chicago in the Midwest and Boston in the northeast. For the following three years - 2015, 2016, and 2017 - the price of gas was relatively stable around the $2.50 per gallon mark.
Unfortunately, gas prices cannot be forecasted, and this unpredictable movement of fuel prices can negatively impact budget expense performance. The small changes in cost per gallon of fuel can balloon over time - an extra $1 per gallon over one million miles is worth about $50,000 per year. (One million miles is 50 drivers averaging 20,000 miles per year.)
The issue for businesses is, it is almost impossible to separate the business miles a business should be paying for, from the personal miles people also drive.
Now though, with current GPS positioning and Google maps technology, tools like the Mi-Route exist to separate business and personal miles. CarData launched version 2.0 of Mobile Interactive Route – Mi-Route – this year.
Mi-Route allows drivers to separate business trips from personal trips directly on their cellular phones. And businesses pay for business miles only. It's not possible to change the price of gas, but Mi-Route helps ensure a business pays for business miles and not personal.
The value of removing personal miles is approximately a 17% reduction in gas expenses. On one million miles that is $200,000. (Gas expense is 20 cents per mile.)
Contact CarData to request a historical printout of the gas prices in your city or state. To manage fuel expenses better, then ask about CarData's Mi-Route app too.
About CarData Consultants: CarData provides precision vehicle reimbursement programs for the modern, mobile workforce. CarData services save money, reduce risk, and make it easier for drivers. CarData programs are compliant with the IRS and the CRA.
CarData conducts its own primary research on vehicle insurance premiums, and uses publicly available sources including state departments of insurance, and vehicle insurance websites.
SOURCE CarData Consultants