In 2022, the average gasoline price in the United States rose by more than 49 cents a week, the largest seven-day increase in history From GasBuddy

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With the soaring oil price, the drivers of Uber and LYFT Inc are under increasing pressure on the energy cost side, because the conflict between Russia and Ukraine and a series of related events are pushing the gasoline price in the United States to an all-time high. On Sunday night, Phillipe Jean, a 45 year old Uber driver, charged $4.19 a gallon of gas, which he said was an “incomprehensible” figure.

Seven hours later, the price jumped to $4.45. “My car is a Prius and I can barely make ends meet,” Jean said. The driver from Easton, Pennsylvania, who started working for the platform four years ago, said that before, the average fuel cost accounted for about 10% of his after tax income. Now, this proportion has reached nearly 60%.

Zhitong finance and economics learned that with the continuous tension between Russia and Ukraine and the possible further escalation of sanctions by western countries, the price of refined oil in the United States has risen sharply. On Monday, the US House of representatives said it was preparing a bill to ban Russian oil imports, paving the way for a rapid crackdown on crude oil imports from Russia. It is expected that this measure may become a reality. The crude oil price experienced the largest one-day fluctuation in history. The price of Brent crude oil once soared to nearly $140 a barrel.

Patrick dehaan, head of oil analysis from gasbuddy, said the surge in gasoline prices had penetrated gas stations across the country at a “very alarming” rate. Gasbuddy is an app that helps users find gas stations and save gasoline costs.

Gasbuddy’s statistics show that the average gasoline price in the United States rose more than 49 cents last week, the largest seven-day increase in history, including the increase after Hurricane Katrina in 2005. On Monday, oil prices exceeded an all-time high of $4.10 a gallon.

Online car Hailing drivers are feeling pressure as oil prices soar to record levels

Energy cost pressures have led Uber and LYFT drivers to consider whether this sideline is worth sustaining. In Phoenix, the price of a gallon of gasoline has soared to $4.16. Christina Brown, 46, spent $59 to fill up her Lincoln MKS, almost twice the price she spent last summer.

The pressure of drivers has also put pressure on Lyft and Uber to recover from COVID-19. They have been unable to find enough drivers to meet the needs of resurgent customers. This imbalance has led to an increase in passenger waiting time and prices. The heads of the two companies said that supply performance had improved significantly since incentives and bonuses began last year to attract drivers back on the road. However, yipitdata analyst Peter Martin said that the average cost per mile per week in the week ended February 27 was 18% higher than that in the same period last year, with a brief decline in early January, indicating that supply did not keep up with demand after the outbreak of Omicron.

With many restrictive measures against COVID-19 being cancelled, more and more employees are returning to offices. The hitherto unknown impact of oil prices may bring more uncertainty. It is unclear whether the rise in gasoline prices has shifted to consumers. However, Uber said that for every 20% increase in the current average level, the taxi fee only needs to be increased by 1%, which can make the fees charged by drivers and Uber from each taxi service “consistent”.

A spokesman for Uber said: “our platform will only operate normally if it is suitable for drivers, so we will continue to monitor oil prices and listen to drivers in the coming weeks.” Both LYFT and Uber pointed out that their cooperation with getupside is a way to provide immediate assistance to drivers. The reward platform provides 25 cents in cash for purchasing gasoline per gallon at gas stations participating in platform activities, and LYFT’s platinum and gold medal drivers can get higher rewards.

Earlier on Monday, Uber raised its profit forecast for the quarter, raising the adjusted EBITDA guidelines for the first quarter of fiscal 2022 to $130 million to $150 million, compared with the previous guidelines of $100 million to $130 million, mainly due to increased demand for buses.

Petition

But the energy cost obviously makes online car Hailing drivers miserable. According to media reports, an activity aimed at using app to help drivers solve the fuel cost problem has been launched in coworker Org collected the signatures of more than 5500 drivers on the organization platform. The petition calls on Uber and LYFT to charge less commission from the fare and pay drivers according to the passenger mileage from the place where the passenger requests to the destination.

“I can’t afford to drive full-time. The price of gasoline is driving us out of the car Hailing service. We need to raise the rate!” The petition said.

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Read more: The Economist : Uber will lead future traffic changes LYFT earnings: Q3 LYFT revenue in 2020 was $339.3 million, up 47% year-on-year Reuters: the survey showed that taxi app did not reduce urban congestion. Survey monkey: LYFT users lack loyalty. Three quarters of LYFT users use Uber at the same time. Los Angeles Times: in 2015, the number of taxi orders in Los Angeles decreased to 6 million due to the impact of Uber and other special vehicles. LYFT: 4q20 revenue was 5.6% The net loss of $9.9 billion is less than expected. Sherpashare: the survey shows that 90% of drivers drive LYFT and Uber at the same time. LYFT: it is expected that young Americans will no longer buy cars in the next five years. CB insights: Battle of Unicorns – there is a growing gap between the market value of didi travel and Uber. If the estimated value reaches $68 billion, Uber will surpass General Motors Ford and Honda Uber: 1q20 net loss of US $2.936 billion, year-on-year increase in loss Uber: 1q21 revenue of US $2.903 billion, year-on-year decrease of 11% Uber: 1q20 financial report teleconference record Uber takeout business is expected to achieve significant growth during the epidemic Uber: 4q20 revenue of US $3.2 billion, year-on-year decrease in net loss of 12% Uber: 2q21 revenue of US $3.929 billion, turn loss into profit

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