High Gas Prices Are Deeply Impacting the Trucking Industry

High Gas Prices Are Deeply Impacting the Trucking Industry

We’re living in difficult times. Russia’s invasion of Ukraine is having worldwide impacts, including the steady rise of gas prices in the USA. As fuel prices rise, truckers and trucking companies are forced to pay more to fill their rigs. This translates into higher costs for consumers who should expect to pay more money for everything from tires to a pair of pants.

Gas is Hurting Trucking Profits

The high cost of fuel cuts into truckers’ profits. Some drivers may purposely choose to stop driving if gas prices mean they’re losing money rather than making money. Other truckers might want to avoid long haul routes and stay closer to home, especially if they live in an area where diesel prices are cheaper- such as in the southeast or the middle of the country.

Fuel consumption is always an issue with truckers. Many drivers do their best to make their trucks as fuel-efficient as possible.

Trucking companies have had to increase driver wages in recent times in order to attract more drivers. Meanwhile, they’ve also seen an increase in insurance costs. And, thanks to the pandemic and supply chain issues, even the price of replacement equipment has increased. Ugh.

Average Gas and Diesel Prices

Taking a snapshot of prices on March 11, 2002, the average prices for regular gas and diesel (according to aaa.com) in various states were:

Arizona $4.58/$5.15

Georgia $4.29/$5.20

Louisiana $4.16/$5.00

North Carolina $4.19/$5.13

Colorado $3.97/$4.63

Texas $4.01/$4.97

Today’s prices? They’re cringeworthy. If it took $600 to fill up a semi-truck last year, this year it’s over $1,000, and sometimes the price is so out-of-control that drivers don’t even fill up all the way because their company fuel cards shut off at $1,000. Truckers who work for companies who pay fuel costs will probably keep going while truckers who pay for fuel out of their own pocket? They’ll probably keep their truck parked for the foreseeable future.

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