Heavy Duty Trucking Logo
MenuMENU
SearchSEARCH

Et Tu Greece? Makes For Crazy Ride on the Fleet Fuel Express

Greece provided help last week to the fleet fuel markets helping drive down fuel costs by over $11 a barrel for crude oil and near 30 cents a gallon for diesel fuel

by Glen Sokolis, Sokolis Group
May 13, 2010
Et Tu Greece? Makes For Crazy Ride on the Fleet Fuel Express

 

5 min to read


Greece provided help last week to the fleet fuel markets helping drive down fuel costs by over $11 a barrel for crude oil and near 30 cents a gallon for diesel fuel.

Ad Loading...

While the diesel fuel cost went down on the open market, at the retail station they actually went up another half cent a gallon, leading some to wonder why. We can tell what goes up fast, always comes down slow, especially in fleet fuel.

Transportation firms enjoyed seeing the crude oil prices die because they know in due time they will be seeing the benefits at the truckstop pump. Unfortunately, for almost everyone as crude oil went down so did everything else, including the stock market, taking a hit for almost 1,000 points at one period of time on May 6.

On Friday, May 7, I got to my office early expecting a very busy day with clients wanting to know about locking in fixed price contracts or anything else that they could do to take advantage of this market dip. I listened and watched (out my left eye) as they talked about how fast all of these trades were being made at one time and that there were problems with the trades. Investigation had already begun by Friday morning. A large chunk of the dip in the stock market that day had to do with computerized trading that have algorithmic trading plugged into the program to sell or buy if certain things happen. This can cause a real mess like we saw, especially if you owned Accenture and watched your stock fall to a penny.

The one interesting and very believable story from last Thursday was that some fat fingered trader mistakenly punched in the wrong number of shares, mis-typing billion instead of million, setting off a panic.

Many times during my fuel management career, I have written articles and have been a guest speaker about mistakes that are never caught in the fuel industry. It doesn't matter if you're buying bulk fuel, truckstop fuel, or mobile fuel, somewhere along the line someone's fingers had to enter or not enter something. In fuel, with so many transactions and such big numbers, it's easy for it to happen, so do you do fuel audits on all of your fuel purchases? Read on.

Friday begins about 7 a.m. with the phone ringing, with people asking for our fuel buying advice. I felt good that if you weren't covered by a hedge of some sort for the next couple of months, Friday was the day to do it. By 9 a.m., some of our clients had given us the approval to buy over 55 million gallons of fixed fuel pricing for them. This wasn't a couple of paper trades but wet fuel purchases across the entire country, one or two contracts at a time.

As midday arrives, I am having an issue with a fuel vendor to whom I gave a verbal approval to buy five contracts a month for 12 months or just over 2.5 million gallons of fuel at the best price he could buy it for. I get his price and in my mind his pricing is off by 10-13 cents a gallon. Since I had seen hundreds of trades that day, I knew how the fuel pricing was lining up throughout the country.

The fuel vendor insisted he was correct to the point, when he intimated that I could be having fuel buyer's remorse. He also forwarded the fuel purchase order from his supplier. I still knew there was an issue. I made calls; I sent e-mails. You name it, I did it.

The whole weekend I kept thinking about this and of course I kept our client informed of what was going on. On Monday morning, I received a call that says, 'Mr. Sokolis you're right and we were wrong. We had several keypunch errors that occurred during that period of time that we didn't even notice until you brought it to our attention.' Several! Several errors! Do you believe that this is a Fortune 20 company? The mistake they made on our client's contract was for only 11 cents but it was on 2.5 million gallons or $275,000 dollars. That is very real money. We brought it to their attention; did they bring it to all of their other clients' attention?

Make sure you fuel audit, and just think of the article I wrote a few weeks ago that listed all of things that can make diesel fuel costs go up. We never mentioned all of the things that can make diesel fuel costs go down. Let's be truthful: would you have really put Greece on your list?

Glen Sokolis is president of Sokolis Group, a nationwide fuel management and fuel consulting company, www.FuelManagementSokolisGroup.com. You can reach him at gsokolis@sokolisgroup.com or (267) 482-6160.

Previous installments of "Friday Fuel:"
* "Successful Fuel Management Program Equals Discipline", 9-11-09
* "Who's Watching Your Fuel Program," 9-18-09
* "Fleet Fuel Margins: Are You Paying Too Much?" 9-25-09
* "How Do You Audit Your Fleet Fuel Invoices?" 10-2-09
* "Fleet Fuel Price Negotiating: Details, Details", 10-9-09
* "Mobile On-Site Fueling", 10-16-09
* "The Bees Are Still Buzzing: Handling Fuel on a Daily Basis", 10-23-09
* "Fleet Fuel Card Shopping", 10-30-09
* "Is Your Fuel Management Ready for Winter?", 11-6-09
* "Don't Let the Weather Freeze Your Deliveries", 11-13-09
* "Fuel Management or Fuel Inventory? That is the Question", 11-20-09
* "Put Your Fleet Fueling Policy in Place For 2010, Part I", 12-4-09
* "Put Your Fleet Fueling Policy in Place For 2010, Part II", 12-11-09
* "Be Safe, Not Sorry With Fuel Management During the Holidays", 12-18-09
* "Looking Back: 2009 Fuel Management in Review", 12-23-2009
* "Oil's Ups and Downs", 1-8-2010
* "Why Oil Does What It Does When It Comes to Prices", 1-15-2010
* "Controlling Fuel Efficiency When Fuel Prices Are Unpredictable", 1-22-2010
* "The Motivation Behind Mobile Fleet Fueling", 1-29-2010
* "Fleet Fuel Prices: What are They Now?", 2-5-2010
* "Fuel Management Lost at Sea," 3-5-10
*

Subscribe to Our Newsletter

More Fleet Management

Red Kodiak-branded autonomous tractor with Charger-branded trailer backed up to warehouse
Fleet Management•October 30, 2026

Kodiak Lines Up Fleets for Driverless Trucking

An agreement for 75 trucks, a new Texas freight lane, and progress on safety validation move Kodiak closer to its planned driverless highway launch.

Read More →
Illustration with Star of David and EEOC logo
Fleet Management•by News/Media Release•October 28, 2026

ITS Logistics Settles Religious Harassment Case

The Nevada-based logistics firm agreed to pay more than $396,000 to settle a religious harassment charge involving an employee's Jewish identity.

Read More →
Truck on divided interstate highway driving toward sunrise
Fleet Management•October 27, 2026

Your Trucks Are Busy. That Doesn’t Mean They’re Winning.

High utilization doesn’t always mean strong margins. Looking beyond the current load can help fleets make better dispatch decisions and get more value from each truck’s time.

Read More →
Ad Loading...
ATA economist Bob Costello speaking beside a graph showing truckload operating costs rising as freight revenue per mile declined after 2022.
Fleet Management•by Deborah Lockridge•October 22, 2026

Why This Trucking Recovery Is Different

Freight demand remains sluggish, but rising costs and tougher enforcement have taken enough capacity out of the market to change the outlook for motor carriers.

Read More →
PS Coach tablet interface showing a driver’s coaching inbox, safety event video and coaching advice for a harsh-braking event.
Fleet Management•by News/Media Release•October 21, 2026

Platform Science Adds Dispatch and Safety Tools

Four additions to PS Fleet help fleets monitor loads, manage driver coaching, share truck locations and adjust video system settings.

Read More →
Screen capture showing PrePass Intelligence data on tolls
Fleet Management•by News/Media Release•October 21, 2026

PrePass Intelligence Mines Fleet Bypass, Toll and Safety Data

PrePass Intelligence helps fleets measure bypass savings, flag potential toll overcharges, and spot suspicious transactions by combining data from separate systems.

Read More →
Ad Loading...
Computer screen showing examples of what fleets could ask Motive AI Agents to do
Fleet Management•by Staff•October 20, 2026

Motive Adds AI Agents for Fleet Operations

New tools automate follow-up on fleet data, from maintenance work orders to driver alerts, with two-way voice conversations planned for later this year.

Read More →
Graphic art with a heavy-duty tractor trailer and a work truck with the words "trivia lunch"
Fleet Management•by Lauren Fletcher•October 19, 2026

Can You Beat Our Trucking Trivia Challenge?

Test your truck knowledge with 19 trivia questions from Heavy Duty Trucking Exchange. Can you keep up with the fleet pros?

Read More →
Four horizontal and two vertical video screens show different aspects of BeyondTruck's new compatibility engine
Fleet Management•by Deborah Lockridge•October 19, 2026

BeyondTrucks Adds Rules Checks to Dispatch

New Compatibility Engine checks driver qualifications, equipment requirements and fleet policies before loads are dispatched.

Read More →
Ad Loading...
Gloved hand fueling a truck beside a graphic listing ATRI’s top three trucking concerns for 2026: fuel prices, lawsuit abuse reform and CSA.
Fleet Management•by Deborah Lockridge•October 19, 2026

Diesel Prices Hijack Trucking’s Worry List

ATRI’s annual survey finds cautious optimism about freight, but diesel costs, litigation, and insurance continue to squeeze fleets. Drivers have different priorities on several issues.

Read More →