Fuel Price Increases Impact the Industry
Fast-rising fuel costs are affecting contractors as gasoline prices hit a nationwide average of $4.25 a gallon on March 9. The 22% increase from February coincides with the Russian invasion of Ukraine and President Biden’s decision to ban oil imports in response.
“We do not see this being resolved in the foreseeable future given the current geopolitical state of the world,” said Chris Czarnecki, government relations manager at Air Conditioning Contractors of America (ACCA), in an email. “We hope we are wrong, but we believe this is something we will be seeing and dealing with for some time.”
Ultimately, contractors will be forced to raise prices to cover the cost of rising fuel prices, which in turn will raise prices for customers.
Due to rising gas prices, industry members have been showing more interest in electric vehicles. This could present another hurdle, though, as there is a growing trend of work vehicles going home with technicians and field staff not going to the office every day. The shift toward electric vehicles could also be halted by companies not wanting to invest in charging stations at technicians’ houses, or the technician not having a home situation suitable for an at-home charging station, like living in an apartment or townhouse.
Through ACCA’s partnership with Savings4Members, ACCA members can save up to 15 cents per gallon with their WEX Fuel Cards.
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