Fuel cost is one of top ten problems for industry

For five years, the main problem in the trucking industry was the lack of truckers. However, recently the rise in diesel prices worries representatives of the industry no less.

Following the October rise in fuel prices, this issue was ranked as one of the top ten industry challenges in the American Transportation Research Institute (ATRI) survey of Top Industry Issues.

“The ATRI list is a reflection of what it’s like to be a truck driver this year. High fuel prices and drivers` searching were two of the biggest problems in our industry – problems redoubled by the economy and the ongoing lack of truck parking,” said American Trucking Association Chairman Harold A. Sumerford Jr.

Diesel prices hit $5.81 a gallon in June, a record price that, as of June 2020, has more than doubled in two years.

The trucking industry began to look for the cause of the rapid growth in fuel prices. Oil production in the United States is far below what is needed to fully meet domestic demand.

In 2019, the country exported a record number of barrels of oil – 12.9 million barrels. The latest figures released by the Energy Information Administration show that the United States currently exports $11.8 million a day; on some days last year, only 10.9 million barrels were produced.

Foreign producers also influence the price of fuel. Some oil producers took advantage of higher oil prices in response to the ban on Russian oil. This ban was a response to the Russian invasion of Ukraine in February 2022.

As the United States copes with the shortage faced by the entire world, it is drawing on its oil reserves for emergencies.

Now even that supply is starting to run out. Considering this, it’s no surprise that fuel prices are at the top of the minds of those who work in the trucking industry.