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June 25, 2008

Record-high diesel prices prompt fare increase

TriMet has dipped into reserves, made fleet more fuel efficient & cut staff positions to cover some of the escalating costs

The TriMet Board of Directors today approved a fare increase to offset record-high diesel prices. Beginning September 1, 2008, adult cash fares will increase 25 cents; Youth/Student, Honored Citizen and LIFT cash fares will increase 10 cents. Five cents of the increase is dedicated to offset general inflation.

Diesel facts

  • TriMet fuel prices have increased 67 percent over budget during the current fiscal year ending June 30, 2008, up from a budgeted $2.31 per gallon to topping $4 per gallon before ending the year around $3.86.
  • Over the past fiscal year, TriMet paid $4.1 million more than budgeted for fuel ($19.7 million versus the budgeted $15.6 million).
  • TriMet is nearly doubling its fuel budget for FY09 (July 1, 2008-June 30, 2009), estimating an average of $4 per gallon for a total of $28.5 million.
  • TriMet will buy seven million gallons of diesel in FY09, which includes additional bus and LIFT service and the start of TriMet WES (Westside Express Service) Commuter Rail service this fall.

Offsetting fuel increases

  • Over the past several years, TriMet has made several adjustments to its vehicles, making its bus fleet one of the most fuel-efficient in the nation. These actions save more than $600,000 annually.
  • TriMet has transferred $4.1 million from contingency to offset current fuel costs, as well as eliminated 18 staff positions and reduced other programs.

September fare increase

  • Adult cash fares will increase 25 cents; monthly passes will increase $10.
  • Youth/Student, Honored Citizen and LIFT cash fares will increase 10 cents; monthly passes will increase $2.
  • TriMet is creating a new 14-day pass to give riders the savings of a monthly pass, but purchase it in smaller increments.