Trucking industry grapples with surge in diesel costs, only worsens inflation

Gas prices soared to new heights Monday, breaking records at the pump. These costs are not only making it tough to fill up the average car but also causing a bi
Published: May. 16, 2022 at 5:43 PM EDT
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RICHMOND, Va. (WWBT) - Gas prices soared to new heights Monday, breaking records at the pump. These costs are not only making it tough to fill up the average car but also causing a big problem for the trucking industry.

Diesel prices are bound to hurt your wallet, even if you don’t drive a big rig. It all ties back to issues with the supply chain.

“Virtually everything we use in our everyday lives moves on a truck at some point in time,” President and CEO of the Virginia Trucking Association Dale Bennett said. “Trucking companies cannot just absorb these increased costs, so we really have no choice in order to survive to have to pass these costs onto the consumer.”

Bennett says the crippling inflation that hinders our day-to-day lives ties back to these rising diesel prices.

“As of today, we set another new record of $5.59 a gallon,” Bennett said. “That’s 64 cents more than it was a month ago.”

At the Pilot travel center off Ruffin Mill Road, the cost is even higher, inching closer to $6 each day. This surge in diesel prices is pushing many drivers away from a future in the industry.

“It’s just a lot of pressure on them; many are deciding whether or not they’re going to stay in the industry,” Bennett said. “If they leave the industry, then it lowers capacity, which, in the law of economics, creates pressure to increase prices to get that product moved.”

Now, the threat of a potential diesel shortage may become an added strain on drivers. Diesel supplies on the east coast are now at their lowest in almost 20 years.

Copyright 2022 WWBT. All rights reserved.

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