Spring is only 3 weeks away and Vitus Marine is busily preparing for the first barge runs into Western Alaska. When the barges arrive, it will generally be good news, but fuel prices this spring will be a shock to the system. Crude prices are up 50% over June 2021 levels. Higher crude oil costs mean higher prices for gasoline and diesel fuel and higher fuel cost surcharges as well. High inflation rates put pressure on all the other costs of doing business. The market should plan for increases in energy prices well over $1.50 per gallon higher than last fall. Vitus Energy Director of Marketing Mike Poston says, “There is not much that can be done about Global Energy Markets. Higher prices are coming, and we just want to make sure everyone has as much time as possible to plan for them.”
March 7, 2022 update: Crude oil price is $120.72/bbl that’s a $0.54/gallon increase in 1 week.
