NASCAR is not exempt from the impact of the ongoing US-Iran conflict, with Kaulig Racing President Chris Rice admitting the team is taking a 'big hit' financially as the price of gas continues to rise.
The ongoing conflict has seen the price of crude oil become extremely volatile and expensive. The day before the war began, for example, crude oil prices stood at $65.516 per barrel, as per Trading Economics.
Trading Economics states that the price per barrel now stands at $111.36 (02/04), and this huge increase has had a massive impact on gas prices both in the United States and across the world.
Of course, prices vary per state, but the AAA says that the national average price of regular gas has risen from $3.109 per gallon to $4.091 per gallon in the United States, and the increase is even more severe when it comes to diesel, rising from $3.891 per gallon a month ago to $5.533 per gallon at present.
| Period | Regular | Mid-Grade | Premium | Diesel | E85 |
|---|---|---|---|---|---|
| Current Avg. | $4.091 | $4.607 | $4.972 | $5.533 | $3.247 |
| Yesterday Avg. | $4.081 | $4.594 | $4.960 | $5.507 | $3.219 |
| Week Ago Avg. | $3.978 | $4.502 | $4.866 | $5.380 | $3.154 |
| Month Ago Avg. | $3.109 | $3.609 | $3.978 | $3.891 | $2.421 |
| Year Ago Avg. | $3.260 | $3.736 | $4.087 | $3.638 | $2.739 |
Kaulig Racing chief on impact of gas prices
Now, speaking on SiriusXM NASCAR Radio (via Motorsport.com), Rice has discussed the impact that his team is facing as a result of these costs.
“Oh, it's been big,” Rice said on SiriusXM NASCAR Radio’s The Morning Drive. “I'll tell you an inside story of us … back in January … we spent a lot of money on fuel running parts here and there, doing this and that.
“Now we actually have a group text, it's called the ‘traveling group text’ for Kaulig Racing where we plan our trips accordingly. If we can wait a day and pick up more stuff in a day, we'll do that.
"I was talking to our truck [hauler] drivers and saying, ‘Hey, watch fuel prices to make sure that, since we’re only going to Rockingham, do we need to fill it all the way up? Will the fuel prices come down?' We keep our eyes on that. We look for ways that we can find locations that sell it a little bit cheaper. Every dollar matters with us and in the Truck Series.”
Rice continued, referring to Kaulig's expansion into the Truck Series with Ram: “So this is all costing us a bit more than anticipated.
"We’ve never run a Truck Series budget. Ty Norris [Kaulig COO] tells me all the time that he’s never seen someone like me keeping track of every spoon and fork we buy.
“But yes, the fuel prices have really put a huge hit into our budget. It is what it is.
"We have to budget for everything and we’ve already torn up more fenders this year than we expected to, too, but the fuel prices are rough right now.”
NASCAR fans also affected
It isn't only NASCAR teams that are being affected, with a recent report from WDBJ7 highlighting the increased costs for fans ahead of last Sunday's race at Martinsville.
One fan quoted in their piece said: “You’re spending more money and it’s not as much fun.
“You’ve got to have diesel to get here. That’s a must. Then it’s food, drinks, and you’ve got to pay for tickets and camping."
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