{"id":41727,"date":"2023-12-15T06:15:33","date_gmt":"2023-12-15T06:15:33","guid":{"rendered":"https:\/\/www.my-equipment.com\/blog\/?p=41727"},"modified":"2023-12-05T07:47:14","modified_gmt":"2023-12-05T07:47:14","slug":"fuel-price-hike-to-dig-a-hole-in-contractors-pocket","status":"publish","type":"post","link":"https:\/\/www.my-equipment.com\/blog\/2023\/12\/fuel-price-hike-to-dig-a-hole-in-contractors-pocket\/","title":{"rendered":"Fuel Price Hike To Dig a Hole In Contractor&#8217;s Pocket"},"content":{"rendered":"<blockquote><p>The headlines of increased fuel prices and their impact on the construction sector have been making rounds for a while now.<\/p><\/blockquote>\n<p>With the supply chain <strong><a href=\"https:\/\/www.my-equipment.com\/blog\/2022\/04\/dealing-with-the-labor-and-material-shortage-in-the-industry\/\">shortage to material<\/a> <\/strong>unavailability, the heavy construction equipment industry has been surviving shortage waves for a while.<\/p>\n<p>In addition, the massive fuel hike is just adding up as an additional headache.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.my-equipment.com\/blog\/2023\/12\/fuel-price-hike-to-dig-a-hole-in-contractors-pocket\/#Impact_Of_Increased_Fuel_Price_On_Operational_Cost\" >Impact Of Increased Fuel Price On Operational Cost<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.my-equipment.com\/blog\/2023\/12\/fuel-price-hike-to-dig-a-hole-in-contractors-pocket\/#Tips_To_Manage_High_Fuel_Prices\" >Tips To Manage High Fuel Prices<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.my-equipment.com\/blog\/2023\/12\/fuel-price-hike-to-dig-a-hole-in-contractors-pocket\/#Cost-Effective_Fueling_Options\" >Cost-Effective Fueling Options<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.my-equipment.com\/blog\/2023\/12\/fuel-price-hike-to-dig-a-hole-in-contractors-pocket\/#Mindful_Driving_Strategy\" >Mindful Driving Strategy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.my-equipment.com\/blog\/2023\/12\/fuel-price-hike-to-dig-a-hole-in-contractors-pocket\/#Lessening_Idle_Time\" >Lessening Idle Time<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.my-equipment.com\/blog\/2023\/12\/fuel-price-hike-to-dig-a-hole-in-contractors-pocket\/#Smart_Fleet_Management\" >Smart Fleet Management<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.my-equipment.com\/blog\/2023\/12\/fuel-price-hike-to-dig-a-hole-in-contractors-pocket\/#The_Future_Ahead\" >The Future Ahead<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Impact_Of_Increased_Fuel_Price_On_Operational_Cost\"><\/span>Impact Of Increased Fuel Price On Operational Cost<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Fuel price occupies 40% of the equipment functioning cost with a 22% share in overall operating and inventory management costs for a construction business.<\/p>\n<p>With a 74% hike in comparison to last year&#8217;s fuel prices the other costs like labor, equipment lubricants, wear and tear and parts expenses are concerningly increasing.<\/p>\n<p>Contractors with large projects are hustling this financial volatility. Moreover, with the ongoing discrepancies and a 3% profit margin in <strong><a href=\"https:\/\/www.my-equipment.com\/blog\/2023\/11\/overcoming-common-challenges-faced-by-construction-projects\/\">heavy construction projects<\/a><\/strong>, what contractors get versus what they pay is highly unsustainable.<\/p>\n<p>A hike of 20.9% takes place in the price index for commercial and other non-residential projects from 2022 to 2023. The contractors further increase their demand to build such commercial buildings up to 19.9%.<\/p>\n<p>The bid price is now less than the cost index according to the Association of Equipment Manufacturers (AEM).<\/p>\n<p>Whereas amid all the economic hikes in the material and construction niche, the hike in labor cost has also increased to 6.3% since May 2023 which is marked as the largest jump in the past four decades.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Tips_To_Manage_High_Fuel_Prices\"><\/span>Tips To Manage High Fuel Prices<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Several U.S. heavy construction equipment companies are hunting ways to survive the high tide of fuel increment with smart finance management practices.<\/p>\n<blockquote>\n<p style=\"text-align: center;\"><strong>Mentioned below are some of the most effective fuel price management practices to follow;&nbsp;<\/strong><\/p>\n<\/blockquote>\n<h3><span class=\"ez-toc-section\" id=\"Cost-Effective_Fueling_Options\"><\/span>Cost-Effective Fueling Options<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>As a contractor, you may have a fuel supplier serving you for years but finding new options should not send you on a guilt trip.<\/p>\n<p>The growing construction market has several fuel suppliers that can provide you with quality fuel on loyalty discount coupons. Keep an eye on them.<\/p>\n<p><b>Bonus tip:&nbsp;<\/b><\/p>\n<p><i>Rather than finding different diesel options or shifting to expensive <a href=\"https:\/\/www.my-equipment.com\/blog\/2023\/07\/the-potential-of-electric-mini-excavators-in-the-construction-industry\/\"><strong>electric vehicles<\/strong><\/a>, you can also consider CNG as it is 50% more cost-effective than diesel.&nbsp;<\/i><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Mindful_Driving_Strategy\"><\/span>Mindful Driving Strategy<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Training your drivers to opt for a fuel-minimization approach is a solid way to effectively reduce fuel consumption rate.<\/p>\n<p>According to the U.S. Depart. Of Energy States, if vehicle speed reduces to 5 to 10 mph it can decrease fuel consumption by 7 to 14%,<\/p>\n<p>Conversely, limiting speed with gradual acceleration to prevent torque and harsh braking also affirmatively contributes to lessening fuel consumption.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Lessening_Idle_Time\"><\/span>Lessening Idle Time<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Another section to cover when reducing fuel consumption is minimizing the idle time of machinery. Idle time is running the engine without any purpose.<\/p>\n<p>As per the survey by the U.S. Department Of Energy, 15 seconds of idling of medium to heavy construction equipment costs more fuel consumption than restarting it.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Smart_Fleet_Management\"><\/span>Smart Fleet Management<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>To combat the increased fuel price you must manage the fleet to gain optimal fuel consumption. Because poorly maintained heavy machinery is vulnerable to becoming a fuel consumer.<\/p>\n<p>Poor spark plugs can increase fuel consumption by 30% while under-inflated tires increase another 4% hike in fuel costs.<\/p>\n<p>So to avoid effectively managing in-house fleet issues follow the beneath-mentioned tips;<\/p>\n<ul>\n<li aria-level=\"1\">practice regular oil changing of heavy machinery,<\/li>\n<li aria-level=\"1\">tune engines<\/li>\n<li aria-level=\"1\">conduct preventive maintenance sessions.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"The_Future_Ahead\"><\/span>The Future Ahead<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>According to the recent Statista study, diesel cost per gallon has increased to U.S. $4.5 from U.S. $2.4 from 2022 to 2023. The fuel hike is likely to impact other construction operations in terms of operational, labor, and material transportation costs for projects.<\/p>\n<p>While the industry is celebrating the $1.2 trillion construction market size increment, they need to save it from getting invested in increased fuel costs via fuel reduction techniques.<\/p>\n<p>By the same token, planning strategies in the light of strong market knowledge and the above-mentioned fuel-saving tips can make contractors survive the fuel hike in the long run.<\/p>\n<p>Nonetheless, it will be exciting to see with so many dollars invested to chase the global inflation demands, what will be the repercussions faced by the global construction sector.<\/p>\n<p><span style=\"color: #ff0000;\"><strong>For more construction industry updates, tips, and tricks, subscribe to our newsletter today.<\/strong><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The headlines of increased fuel prices and their impact on the construction sector have been &hellip; <a href=\"https:\/\/www.my-equipment.com\/blog\/2023\/12\/fuel-price-hike-to-dig-a-hole-in-contractors-pocket\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Fuel Price Hike To Dig a Hole In Contractor&#8217;s Pocket&#8221;<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":41730,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[901],"tags":[1020,1019],"class_list":["post-41727","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-construction-career-outlook","tag-global-construction-sector","tag-shortage-to-material"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fuel Price Hike To Dig a Hole In Contractor&#039;s Pocket - Heavy Equipment Market Insights | News | Guides &amp; Beyond<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.my-equipment.com\/blog\/2023\/12\/fuel-price-hike-to-dig-a-hole-in-contractors-pocket\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fuel Price Hike To Dig a Hole In Contractor&#039;s Pocket - Heavy Equipment Market Insights | News | Guides &amp; 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