Diesel at Record $6.32 a Gallon Squeezes Truckers
By @sharedot · · 6 pages
- Business
- Trucking
- Fuel Prices
- Bankruptcy
Soaring diesel prices are eating trucker profits, cutting routes and pushing at least eight trucking companies into September bankruptcy filings.
What happened
American truckers say soaring diesel prices are eating into their profits and forcing companies to cut routes, raising concerns that some drivers could be forced off the road. According to AAA figures cited by Fox News, the national average for diesel stood at roughly $6.32 per gallon Monday — up from about $3.69 a year earlier, a jump of more than 70%, and above the previous record of $5.816 set in June 2022. Drivers from Florida, Louisiana and North Carolina told Fox News Digital that fuel is rising faster than freight rates. Miami-based trucker Suave Dorsett said he saw diesel at $7.40 per gallon while traveling through Ohio. "Fuel prices is going up, the rates are not going up," he said, adding that smaller owner-operators would be the first to buckle in a "domino effect" that could eventually pressure larger carriers.
Why it matters
The squeeze is already showing up in bankruptcy court. Fox Business reports that at least eight transportation-related companies sought Chapter 11 protection in September, with one trucking company owner pointing directly to diesel and insurance costs behind his filing. Marcus Overcast, owner of Florida-based Truckload LLC, told Fox Business that diesel and insurance contributed to his bankruptcy, with insurance the biggest pressure. Filings reviewed by Fox Business include Globemaster Incorporated in Illinois, reporting about $1.1 million in assets against $3.26 million in liabilities, and Pacer Transport Inc. in Louisiana, estimating less than $50,000 in assets against $1 million to $10 million in liabilities. Automotive expert Lauren Fix told Fox Business that the pain extends beyond trucking because nearly everything consumers buy must be transported: "When gas prices go up or diesel prices go up, everything that goes from point A to point B is affected."
The stakes
Fox News, citing the American Transportation Research Institute, reports trucking fuel costs surged 53.7% in 2022, helping drive a 21.3% jump in overall operating costs to a then-record $2.25 per mile — pressures the latest spike threatens to revive, especially for smaller operators with less room to absorb rising fuel bills. Louisiana trucker Tyler Rinaldi told Fox News Digital he has already seen weekend routes scaled back at his LTL company.
What comes next
Relief efforts are underway, though prices remain elevated. Fox News reports President Trump signed an executive order that the White House says will quickly cut diesel costs and save truckers over $100 per refill, and that the G7 agreed to release 100 million barrels of oil and fuel products from emergency reserves over four months, including a substantial diesel release in the first 20 days. Fox Business separately reports Trump temporarily allowed red-dyed diesel normally reserved for off-road use on highways, a move Lauren Fix estimated could save drivers between 50 cents and $1 per gallon. Trump defended higher fuel prices on Truth Social as "a small price to pay for Iran not having a Nuclear Weapon" and predicted oil prices would fall like a stone once the war ends, though Fox News notes energy markets remain under pressure. White House spokesperson Taylor Rogers said oil flowing through the Strait of Hormuz is approaching pre-conflict levels.