I ran a load yesterday and noticed gas in PA was .29 cents higher per gallon than it was 3 weeks ago on same run. Glad NJ was still cheap so filled up in NJ. Hope this spike is just gouging for Mother's Day/ big travel weekend and not the start of gas prices jumping back up. I'm running gasoline but diesel increase was similar.
Mother's Day gas spike?
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The TransCanada pipeline is all but shut down with the forest fires going on in Alberta 80,000 people being evacuated from the oil camp look for prices to spike in the next while
Besides that if anyone ever reads the news the price of oil has gone up by over $15 a barrel in the last month
Did the math with exchange, price NY vs ontario only 40 cents a gallon (usually over 1 cheaper) they're definitely raising it fast over there
Fuel (diesel) has been steadily rising for at least 2 months. I get text alerts daily on our network. Most weeks it's 3 or 4 days of a cent or few cents rise versus a day or two of decreases. It's creeping back up closer to the $2 a gallon mark on my lanes. Enjoy the cheap fuel while you still can because it certainly won't be that way forever.
The price of a gallon of diesel fuel rose by nearly 7 cents last week, continuing a streak of rising prices since the beginning of the year. The average price of a gallon of diesel fuel increased 6.8 cents, hitting $2.266.
The largest price increase by area this past week was in the Midwest where prices rose 7.6 cents. The smallest change was a still-significant 4.3-cent increase in the New England region.
Since prices started rising the week of Feb 15th, the price of diesel in the Midwest has risen by 32.4 cents, or 17%. On the West Coast it's up 15.4%, and in the Rocky Mountain region it's up 20.9%. The difference between now and the same time a year ago is only 58.8 cents. It was 2.854 a year ago, meaning fuel is down 21% from a year ago.
That should translate to a line haul rate reduction of about 12 cents per mile versus last year. But the rates are down 2 and 3 times that much.
The largest price increase by area this past week was in the Midwest where prices rose 7.6 cents. The smallest change was a still-significant 4.3-cent increase in the New England region.
Since prices started rising the week of Feb 15th, the price of diesel in the Midwest has risen by 32.4 cents, or 17%. On the West Coast it's up 15.4%, and in the Rocky Mountain region it's up 20.9%. The difference between now and the same time a year ago is only 58.8 cents. It was 2.854 a year ago, meaning fuel is down 21% from a year ago.
That should translate to a line haul rate reduction of about 12 cents per mile versus last year. But the rates are down 2 and 3 times that much.
THATS NOT OKAY!
I'm fine on rates right now but anything the US does, Canada usually copies it
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My fuel surcharge spiked this past Tuesday to reflect the increase in the price of fuel. It went from 8 cents a mile to 9 cents a mile.
when i looked at the formula most use it takes about ..13-.15 increase to go up .01 cent....
does Panther round off to the LOWEST penny...like E-1 did...and still might do?
if it were 9.9 they'd give you .9 and say you were getting 100%....LOL
that point 9 is an incredible windfall when you consider EVERY truck in the fleet ...it sure adds up
why should the Line haul rate go down? Your carrier uses separate lines...only the FSC should go down
My linehaul rate went down and surcharge is almost non existent. I'd ask why but our 15th driver services person suddenly left after less than a year. The only turnover higher than drivers is office staff in trucking
Not every carrier is my carrier, and even my carrier doesn't use separate lines to bill every customer and every load. FSC is generally only separated out when billing customers when the rates are quoted using published tariff rates or with contract customers. Almost no bid board freight, he it public is private, has A FSC tacked on to the winning bid. The fact that my carrier separates it onto two different lines in the backend is irrelevant.
... its only the way one looks at it, perspective.....when you get the offer the FSC is separated..when you get your settement the FSC is again separated....I don't give a rats azz what they tell or bill the customer....
when its off a load board..AGREED its probably an "ALL IN" event...but for contracted customers the FSC is probably a separate issue...
Showing FSC on pay sheets creates confusion sometimes. Some carriers are claiming that they pay more for FSC, but less for the haul line, while others are doing vice-versa. At the end the total for the trip is the same...
Even for all-in bids, some carriers will separate out the FSC on the pay sheets for their own accounting purposes, but to us is the same taxable income regardless. The ones who show less for FSC and more for line haul are the ones you have to be careful with, because they are often combining what would be the 100% FSC into the line haul so as to be able to take their cut out of the FSC, too.
But if you are being "compensated" specifically for fuel "reimbursement" doesn't that decrease the amount you can claim for your legal tax deduction for fuel.?
most of us vanners don't claim fuel....we take the per mile option of deduction....
From 2014..... from FKatz accountant here in EO
The numbers are old ..but gives you a general idea
The mileage deduction is no problem of receiving, but it is not a refund, it is a deduction on your SCH C line 9, and I would not advise taking more that 100,000 miles. Due to a definite audit possibility you would be looking at, if you use more that the amount allowed, if it is in a cargo van only/ pickup truck w/cap 0r box, or a Cargo/Van with a 12ft box.? no other vehicles are allowed. and they have to have a GVW of under 9,995 lbs. loaded. The other item in reference to mileage which of course you have to prove on a daily basis, you cannot use the yearly beginning and ending figures. It must be logged on a per Day trip basis. You must log your mileage in the following format: Date- Shipper -Receiver - Beginning- Ending mileage and must be continued for each pick up and delivery for the whole day, otherwise you will not be allowed the mileage deduction if audited. YOU CANNOT TAKE THE MILEAGE FROM YOUR HOME TO THE FREIGHT TERMINAL TO PICK UP YOUR TRIP OR YOUR RETURN HOME FROM DROPPING YOUR FREIGHT BILLS AT THE OFFICE. You are only allowed the per Diem deduction if you are out for more that 24 hours. meaning if you leave your home at 2PM on a Monday, entitled to 1/2 day and do not return home until Friday night at 9 PM, you get full days for Tues, Weds, Thurs, and 3/4 day for Friday, so you would be allowed 4.25 days away from home per diem that week. But you must take a hotel room, or sleep in your vehicle / Some sort of bedding must be fixed to the vehicle for the per diem to be allowed. A Sleeping bag, cot, or built in sleeper are allowed. If you come home every night the Per Diem is NOT ALLOWED Are you paid $.43 per mile by your courier, as a reimbursement, or are you figuring the per diem at that rate, the per diem is daily, not per mile. and its $59.00 per Day, at 80% the difference between $59.00 x80% comes to $47.20 per day and it is a reimbursement for your meals only. as a deduction on line 24 meals and entertainment, nothing else. Also on line 23 Travel is for your Motels hotels that you stay at when you over the road away from home. Also, the mileage rate is $ 56.5 per mile which is to be entered on either Auto Expense Worksheet or Form 4562 Part V. you must enter your business miles separately from your commuting or other miles that you drove on that form. and make the necessary check marks where stated. So lets take an example: 250 days away from home that you can prove at $59 per day = $14,750.00 x 80% =$11,800. This per diem amount will be calculated by the tax software and entered on line 24 The amount of mileage I would suggest to use is 98,679 miles at $56.5 per mile = $58,865 the auto expense sheet or form 4562 Part V just the business miles, you must also enter the other miles for reference on how you came up with the amount of mileage. in order for you to deduct the mileage that you are claiming it must be within reason as to the amount of your 1099 MISC that you it should not go over 20% of your gross. receive, Franklin Katz, RTRP, ATP, PA, PB
The numbers are old ..but gives you a general idea
The mileage deduction is no problem of receiving, but it is not a refund, it is a deduction on your SCH C line 9, and I would not advise taking more that 100,000 miles. Due to a definite audit possibility you would be looking at, if you use more that the amount allowed, if it is in a cargo van only/ pickup truck w/cap 0r box, or a Cargo/Van with a 12ft box.? no other vehicles are allowed. and they have to have a GVW of under 9,995 lbs. loaded. The other item in reference to mileage which of course you have to prove on a daily basis, you cannot use the yearly beginning and ending figures. It must be logged on a per Day trip basis. You must log your mileage in the following format: Date- Shipper -Receiver - Beginning- Ending mileage and must be continued for each pick up and delivery for the whole day, otherwise you will not be allowed the mileage deduction if audited. YOU CANNOT TAKE THE MILEAGE FROM YOUR HOME TO THE FREIGHT TERMINAL TO PICK UP YOUR TRIP OR YOUR RETURN HOME FROM DROPPING YOUR FREIGHT BILLS AT THE OFFICE. You are only allowed the per Diem deduction if you are out for more that 24 hours. meaning if you leave your home at 2PM on a Monday, entitled to 1/2 day and do not return home until Friday night at 9 PM, you get full days for Tues, Weds, Thurs, and 3/4 day for Friday, so you would be allowed 4.25 days away from home per diem that week. But you must take a hotel room, or sleep in your vehicle / Some sort of bedding must be fixed to the vehicle for the per diem to be allowed. A Sleeping bag, cot, or built in sleeper are allowed. If you come home every night the Per Diem is NOT ALLOWED Are you paid $.43 per mile by your courier, as a reimbursement, or are you figuring the per diem at that rate, the per diem is daily, not per mile. and its $59.00 per Day, at 80% the difference between $59.00 x80% comes to $47.20 per day and it is a reimbursement for your meals only. as a deduction on line 24 meals and entertainment, nothing else. Also on line 23 Travel is for your Motels hotels that you stay at when you over the road away from home. Also, the mileage rate is $ 56.5 per mile which is to be entered on either Auto Expense Worksheet or Form 4562 Part V. you must enter your business miles separately from your commuting or other miles that you drove on that form. and make the necessary check marks where stated. So lets take an example: 250 days away from home that you can prove at $59 per day = $14,750.00 x 80% =$11,800. This per diem amount will be calculated by the tax software and entered on line 24 The amount of mileage I would suggest to use is 98,679 miles at $56.5 per mile = $58,865 the auto expense sheet or form 4562 Part V just the business miles, you must also enter the other miles for reference on how you came up with the amount of mileage. in order for you to deduct the mileage that you are claiming it must be within reason as to the amount of your 1099 MISC that you it should not go over 20% of your gross. receive, Franklin Katz, RTRP, ATP, PA, PB