Published By Faith Stewart at April 30th, 2022
Gas prices tend to rise. But, between the Russian invasion of Ukraine, COVID, inflation, and everything else going on in the world, we are in the midst of a pretty hefty price hike. Demand is high, as always. And companies are working to ramp up production. Yet prices are still going up. Rising gas prices are with us.
The fact is, the cause of high gas prices doesn’t matter. Even without Russia, Ukraine, and COVID, there is plenty out there that can affect gas prices. Higher gas prices cause higher prices of everything. That, in turn, affects both demand and supply. It’s a vicious cycle.
The price of gasoline affects all businesses. Fuel prices cause high prices across the entire supply chain. Rising costs of fuel means the cost to transport goods increases. That means the price of the goods themselves rise.
Whether you are a business that runs a fleet, or you just have a couple of company vehicles, the price of gas is an issue.
It’s not a perfect solution, but it can help. At least, it can bridge a gap temporarily. Even better, some fuel cards offer discounts so you save on gasoline prices directly. Others offer points to help you save on non fuel related expenses.
With access to fuel cards, you don’t have to stop business, either production or transportation, when you can’t cover fuel immediately with cash on hand. This may allow companies to slow the need to increase prices, and help the market out just a little. Still, you have to be careful.
To avoid steep interest rates, you need to pay off the entire amount monthly. Also, be sure you choose a card with rewards that will actually help you.
Basically, just handle the cards responsibly. If you end up with a fuel bill you cannot pay at the end of the month, you aren’t helping yourself.
Fuel cards can only help if you use them appropriately and take advantage of discounts and points. We have details on a wide variety of business cards, including fuel cards. Some of them are even starter vendors.
Our Business Credit Builder saves you time and money by taking the guesswork out of which cards you qualify for and when. We take you through a step-by-step process to build a Fundable™ Foundation and beyond, so you can get the funding you need, when you need it.