In lieu of the Department of Energy’s diesel fuel index, which ceased publication October 11 because of the government shutdown, Friday, transportation energy advisor Breakthrough®Fuel will provide carriers and shippers with a national retail diesel fuel cost average. This index will be published every Monday at 5 pm EST.
Breakthrough®Fuel’s national retail average is generated using fuel prices from thousands of locations throughout the country. The DOE uses 400 locations nationwide to develop its index. “We’ve tracked our index against the DOE for many years, and it’s accurate,” assures Craig Dickman, CEO and chief Innovation officer, Breakthrough®Fuel. “Hopefully, carriers’ clients will understand the situation and will allow trucking companies to use our index.”
The DOE diesel fuel index is used by a large number of trucking companies to generate their fuel invoices. “The lack of DOE index is a major problem because many of these carriers have contractual agreements with their clients requiring them to use the DOE’s index to determine fuel costs,” Dickman explains. “Without it, they can’t bill for their services, which will hurt many companies that may not have the cash reserves to wait for payment. Our goal is to help them continue to operate.”
Businesses depending on loans from the Small Business Administration (SBA) also may find relief, through a new “Government Shutdown Loan” offered by World Business Lenders, a small business lending specialist. The three- to six-month bridge loan is available immediately to all eligible small businesses with SBA applications. Qualified borrowers who submit a one-page application and six months of business bank statements can receive funding in as little as 48 hours. Doug Naidus, CEO of World Business Lenders, says he expects “substantial demand for our Government Shutdown Loan."