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Tag: Fuel

  • How WEX Has Dramatically Diversified Its Payment Solutions

    How WEX Has Dramatically Diversified Its Payment Solutions

    “Over the last several years in the company’s history we’ve diversified the business so that we have less and less exposure to fuel,” says WEX CEO Melissa Smith. “But as fuel prices go up we do have some benefit from that and when fuel prices go down we do have something negative to that. When we first went public almost 70 percent of our revenues were exposed to fuel prices and now it’s in the 20s.”

    Melissa Smith, CEO of WEX, discusses how the company has diversified its payment solutions into areas such as travel, healthcare, and corporate payments in an interview with Jim Cramer on CNBC: 

    Wex DriverDash App Makes Fleet Fueling Efficient and Secure

    On the field card side of the business, we’ve developed a product called DriverDash, a mobile payment device. People use their mobile phones, they have our app loaded on that, and it uses facial recognition in order to allow someone into the app which turns on the pump. If you’re driving your Ford F-250 and you’re sitting next to the pump, it turns the pump on remotely. So it’s very secure. Then as you fill up your vehicle the information gets transmitted back to us and so we’re collecting data around that transaction.

    It’s a savings not just in terms of time but also in the ability to make sure we’re collecting data in the right way that allows the product to work better and making sure that it’s more secure.  It gets turned on at the point that the person hits that pump and then the pump is turned off as they turn off that transaction. It eliminates this concept of white plastic fraud. 

    We’ve Diversified the Business

    We have exposure to oil (prices), although less and less. Over the last several years in the company’s history, we’ve diversified the business so that we have less and less exposure to fuel. But as fuel prices go up we do have some benefit from that and when fuel prices go down we do have something negative to that. We’re very transparent. We talk about what the impact is and even when we give guidance we talk about what we’re assuming around fuel prices. 

    The biggest thing for us is we’ve diversified the business. When we first went public almost 70 percent of our revenues were exposed to fuel prices and now it’s in the 20s.

    Processes Consumer Hotel Payments For Expedia 

    If you think of a company like Expedia, when we go into the background they’ve got all these payments they have to make to hotels around the world and they’re getting payments in advance by consumers. What we do is make a connection to that individual consumer payment and make a payment on behalf of Expedia to the hotels around the world. 

    For someone like them or other online travel agencies, it allows them to focus on scaling their business and to not have to worry about this idea of many different payments to make. Also, if that consumer ultimately wants to buy a movie or do something that’s ahead of what they paid for we can block that. 

    A Fintech Provider For American Express

    Aa virtual card means card-not-present, no plastic. We started virtual cards many years ago and the idea behind that was being able to make a payment, typically an online payment, and doing it using an account number but without any physical plastic. You think about this concept of high integration, very seamless, you can facilitate a payment without having a card present and you can do this with huge transaction volumes. We have $76 billion worth of volume running through our company and you can do some of that with virtual cards.

    Someone like America Express comes to us because of the technology that we provide as a fintech provider. We want to make sure that we’re providing technology, integrating it through API’s, to businesses, to partners, to financial institutions, individually to companies, a whole host of different types of customer sets. American Express would be using the technology as a piece of their technology stack as they go out into the marketplace.

    Using Data From HSA Accounts To Advise Employers and Consumers

    Regarding health benefit services, if you have an HSA account or a flexible spending account we’re often the technology that sits in the background to that. When you are making a payment we’re making sure that you’re paying for things that are appropriate so that they’re health-related but also allow them to be made on a tax-deferred basis. We’re accumulating data around your purchases so that we can help advise employers around how much money should you fund into someone’s HSA account. Also, (informing on) how much should you as a consumer be directing into that account. 

    A lot of what we do is integrate the data that sits in the background and that’s important because it allows companies to do what they want to do. We sometimes grow, sometimes save money, but at the end of the day where we can pull data into the equation and we can show it to customers in a visual way that’s where the wow comes in.

    How WEX Has Dramatically Diversified Its Payment Solutions – WEX CEO Melissa Smith

  • Gas Prices Are Rising: Some Tips To Make Gas Last

    Anyone else planning a stay-cation this summer?

    With waiting lines like this and gas prices the way they are, you’re likely not alone. Despite predictions this past spring that your car’s diet would be fund friendly this summer, it seems as though that may not come to pass after all. High demand, fewer supplies than anticipated, and declining production are all reportedly culpable for crude oil price rise. Gregg Laskoski, senior petroleum analyst for GasBuddy.com, thinks the nations gas prices will continue to escalate, claiming:

    “We’re expecting prices to go up because of problems in Iraq, and expected spikes in wholesale gasoline and retail gasoline prices.”

    Recent price jumps may imminently drive the price of regular unleaded gasoline from the current $3.64 a gallon up by 5 to 10 cents. Last year, by comparison, costs averaged around $3.58 a gallon between Memorial Day and Labor Day. Tom Kloza, senior energy analyst at Gasbuddy.com believes that while costs will rise, that:

    “We’re not looking at a Gas-zilla event; it’ll probably be a slow drift higher rather than skyrocketing.”

    As Iraqi oil production was already cut by about 10%, or about 300,000 barrels a day, since March, John Kingston, global news director for industry tracker Platts Energy, asks:

    “The question is, who is going to fill the gap? Saudi Arabia? That’s what the market is looking at.”

    Until prices relent, some have offered suggestions on how to circumvent feeling pickpocketed at the pump. While none of them include taking a nice, long, country drive while bumping a playlist of Jack Johnson mixed with Westside Connection (which totally foils my plans), they just might prove helpful for those who are penny pinching this season:

    A few people have also mentioned workarounds – like taking a bike if you’re not too worried about being sweaty at your destination or using public transit when possible. These might seem like common sense tips, but a few of them (like being a lead foot) are indeed on my driver defect list.

    Along with some of these driving tips, come a few “planning ahead” ones. For example, Laskoski suggests: “First, try to think about what trip you’re making and how to consolidate your errands.” For instance, if one errand’s location is on the way to another, we can try to plan our schedules around not having to backtrack or make a second trip later. Other suggestions include lightening the load (the literal junk in the trunk problem – or for me – a second wardrobe in my backseat). Also, regularly checking tire pressure (which we should be doing anyway because, ya know: safety) will ensure we all get the most bang for our buck.

    Fuel-Saving Tips for a New Year

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    (Click infographic for larger version)

    May you all have safe and wonderful summers – despite this financial inconvenience!

    What gas hacks have worked for you in the past?

    Leave them in the comments below, if you like!

    Image via Youtube

  • Gas Prices Are Rising, Will Likely Continue to Go Up

    After gas prices dropped to under $3.20 per gallon in many states back in September, we are seeing prices trickle up again.

    With the exception of a few small dips, gas prices have been rising steadily since early February and have passed $4 per gallon in some parts of the country. According to GasBuddy, the national average is $3.59 per gallon, an increase of 3 cents per gallon from this time a week ago.

    Motorists in a handful of states aren’t seeing gas prices go up much–people in Montana, for example, are seeing a decrease at the pump. The rest of us, however, are watching those numbers rise a few cents per gallon just as Spring Break kicks off for our kids. People in California are being hit the hardest, with gas prices exceeding $4 in some cities. Los Angeles motorists are paying a whopping $4.28 per gallon.

    No surprise there, but unfortunately, analysts expect gas prices to keep going up for a little while.

    If you’re wondering why you’re feeling the squeeze at the pump yet again since there are no hurricanes looming that could damage oil pipelines in the Gulf, it’s possible that an oil spill that occurred near the end of March is at least somewhat responsible for the increase.

    An oil spill in Galveston Bay, Texas happened on March 22 when a ship hit a barge filled with oil. An estimated 168,000 gallons of oil was spilled into the ocean. A contributor for Forbes predicted that the oil spill would drive up gas prices at the time of the spill.

    As you can see from the chart below, the national average has increased by 9 cents per gallon in the three weeks since the spill.

    Oil refinery maintenance could also contribute to rising fuel costs, but analysts believe that things will get better at the pump around June. “Hotspots could certainly develop in any state over the next month or so as refiners finish maintenance, so motorists should be prepared for it, but once June rolls around, we will begin to see relief,” said Gregg Laskoski, senior petroleum analyst for GasBuddy.

    Images via Wikimedia Commons and GasBuddy

  • Spiders Gasoline Huffing Cause Mazda Recall

    Move over, Porsche. Mazda’s got a real spider car.

    For the second time in just a few years, Mazda has had to issue a recall for North American made Mazda6 sedans because of – yep – spiders in the engine. You know, I always knew spiders were demons sent here to destroy us. The idea that some of them thrive in noxious gasoline might slightly disturb some of you too. More importantly than a bad case of the heebie-jeebies, however, is a bad case of being on the inside of a Mazda-tov Cocktail. And this is just what can happen when their woven homes halt vapor release.

    Mazda has thus issued a recall for 42,000 of these 2.5-liter engine sedans from model years 2010 to 2012. Fortunately, no fires have been reported as a result of the issue.

    Why Mazda and not other cars?

    Some scientists surmise the spiders likely stole into hoses at a warehouse prior to being shipped to the actual assembly plant. This specific breed doesn’t just like getting high on fumes. It also thrives on hiding in tubes during day hours and hunting at night.

    What’s happened here is the same as the incident during their 2011 recall, according to the National Highway Traffic Safety Administration. The Yellow Satan Sac spider simply is attracted to the petrol scent. Once inside the car, its silky domicile blocks evaporative canister vent lines.

    The arachnid cascade of events is that the web it constructs restricts fuel flow, that fuel restriction alters tank pressure, that pressure change stresses the fuel tank, and that tank stress can cause cracks and fuel leaks. Boom.

    Actually, Mazda is trying its hardest to avoid more than a figurative “boom” from happening.

    For instance, adding a spring canister vent line was meant to prevent the octo-intruders from gaining entry. While that mostly worked out, there were a good many reports of fuel tanks cracking in sedans that had the spring, so more investigation was needed. Ultimately, engineers deduced that changing the car’s software would halt tank cracking, whether or not spider webs were blocking a vent.

    To mitigate Mazda drivers’ anxieties, the company reports that only this particular model made in a Flat Rock, Michigan plant has aforementioned bug blockage. Car owners to whom the recall applies will be able to bring in their cars to dealers, acquire reprogrammed software, and have their vent line checked and cleared of creatures.

    Party’s over, ya freeloading fuel huffers!

    Image via Wikimedia Commons

  • Toyota Prius Chosen As Best Overall Value

    Toyota Prius Chosen As Best Overall Value

    Consumer Reports magazine has just selected Toyota Prius as the best overall value. The hybrid car has the best economic value for mileage with the average cost registering at 47 cents per mile. Considering the price is $29,230, this vehicle option is hard to beat. According to Consumer Reports Automotive Editor Rik Paul, “Prius’ 44 (m.p.g.) overall is the best fuel economy of any non-plug-in car that Consumer Reports has tested. Though it’s not particularly cheap to buy, the Prius’ depreciation is so low that it costs less to own over the first five years than its initial (price). We call that a bargain.”

    According to the Toyota website, the Prius offers multiple unique safety features including: Dynamic Radar Cruise Control, Pre-Collision System, Lane Keep Assist, and a Vehicle Proximity Notification System.

    In the unfortunate event of a collision, the vehicle is equipped with additional capabilities to protect passengers. According to the Toyota website: “Working in concert with the Dynamic Radar Cruise Control (DRCC) 26, the available Pre-Collision System (PCS) 25 employs the vehicle’s radar system to determine if a frontal collision is imminent. If so, the system automatically applies the brakes and retracts the front seatbelts to prepare for such a scenario.”

    The “Lane Keep Assist” function serves an important use. “If an inadvertent lane departure is detected, the available Lane Keep Assist (LKA) issues an audible warning and displays a warning on the instrument panel. And when Dynamic Radar Cruise Control (DRCC) 26 is engaged, LKA 27 is designed to help keep Prius in its lane by providing gentle corrective steering when necessary.”

    In addition to protecting those within the car, the “Vehicle Proximity Notification System” alerts individuals outside (such as pedestrians and bicyclists) through a mechanical sound regarding the approaching motor vehicle.

    Image Via NDN

  • New Software System Simulates Weather Conditions for Fuel Pipelines

    By the year 2020, thousands of kilometers of new grids will be operating in Germany to permit even more extensive use of power from renewable sources. However, these new “smart grids” also come with increased complexity, costs and vulnerability. Fraunhofer researchers developed new software that can be used to analyze and optimize transport grids for electricity, gas and water even at the planning stage, based on numerical simulations. This can lighten the task of retrofitting and expansion for system operators, saves energy and cost outlays and additionally enhances safety and security.

    Almost every winter, news about reduced gas deliveries from Siberia to Europe makes the headlines. Regardless of the political reasons for a shortage, operating pipelines in severe winters is very challenging. Because if the gas in the pipes cools off too sharply, it partly liquefies and can no longer flow as swiftly. To maintain the temperature of the gases within a certain range consistently, a complex system of compressors, pre-heaters, coolers and other elements is needed. Systems operators constantly monitor the condition of their pipelines and plan ahead for reactions to potential temperature and pressure changes.

    This new simulation software, called MYNTS (Multiphysical Network Simulation Framework), helps with the operation and planning of such complex networks, and was jointly developed by the Fraunhofer Institute for Algorithms and Scientific Computing SCAI and the team under mathematics professor Dr. Caren Tischendorf of the University of Cologne. The program models the transport grids as systems of differential-algebraic equations. Thus through numerical simulations, the grids can be flexibly analyzed and better planned. Specifically, the simulation immediately demonstrates the effects of changes in various factors. Using MYNTS, for example, one can calculate how temperature fluctuations alter the flow measurements, or how the failure of subnetworks influences the other grid components.

    “Regardless of dealing with transport systems for gas, power, water or electrical circuits, their simulation always traces back to the same numerical core,” explains department head Dr. Tanja Clees. Nonetheless, because each field of application also has its unique features, specialized versions of the software are available for various utilities. With MYNTS for simulation of gas transport systems, for example, a user can set up and control his or her own subnetworks or add compressor stations and mixing chambers. In order to accelerate simulation computations, the software runs on computers with multiple processors.

    This software is also of interest for smart grids, construction of which over the next few years is being promoted by the German government. Because intelligent networking and controlling of electricity producers, storage facilities, electricity consumers and network resources within supply networks are considered to be among the greatest economic and environmental technology challenges.

    For example: if bulk consumers could be controlled more efficiently, and power supply adjusted to match demand at different times, then consumption peaks could be capped, and the consumption of electric energy equalized to supply. Such bulk consumers include water companies. One study shows that in industrialized nations, roughly three percent of the total electrical power consumed is used by water companies – specifically for pumps. Intelligent control of the network would have major economic potential: even minor incremental savings make a major contribution that benefits the environment.

  • Hidden Costs: Price of Doing Business [Inforgraphic]

    It may not sound like much, but spending $1.50 or $2.00 a day on a cup of coffee can add up. If you’re not a person to eat items off the McDonalds dollar menu everyday for lunch, eating out can add up pretty quick as well.

    Shelling out lots of cash just to eat and drink everyday doesn’t seem like such a big deal, but when you add up the figures at the end of the month, you may be taking a huge chunk out of your household budget.

    With the increasing cost of fuel, and only a small percentage of Americans driving truly fuel efficient vehicles, cutting back on frivolous daily spending may be an option.

    Mindflash.Com has put together a handy infographic on what most of us are spending for coffee and lunch throughout our workdays.

    For those of you that aren’t penny pinchers, the numbers might come as a surprise. Look closely at the numbers they came up with and consider what other items you could afford if coffee and lunch were done a different way.

    Here’s what they found: