When long-haul trucker Deb LaBree sets out on the road to deliver pharmaceuticals, she has strategies to hold down costs. She avoids the West Coast and the Northeast, where diesel prices are highest. She organizes her delivery route to minimize [...]
Moscow’s attack led numerous nations to spurn Russian fuel, removing from the market a major source of oil, the main component of diesel fuel, and driving prices drastically up.
High gasoline prices have eased somewhat in recent weeks. But diesel has remained chronically high, with American refineries operating near capacity. Unless prices ease, the ripple effects of high diesel fuel could worsen because the costs are deterring some truck companies from accepting jobs unless they can persuade their customers to pay more for fuel.
Even more than gasoline, high diesel prices are magnifying the costs of goods because the delivery cost has risen so much. Consumer prices soared 9.1% in June compared with 12 months earlier, the government reported last week. The fuel oil portion of the consumer price index nearly doubled from the same time last year.
“We use a lot of diesel, probably more than what these refineries can produce,” said Bob Costello, chief economist of the American Trucking Associations. In the meantime, some truckers are struggling to adjust while keeping goods moving. Sherri Brumbaugh, who runs a fleet of 90 trucks as head of Garner Trucking, has installed more fuel pumps on-site in Findlay, Ohio, because she can obtain diesel more cheaply than her truckers can on the road.
Lately, she said, there’s been less retail freight to haul. “It may be an indication of a recession,” she said. “I hope not.”
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