High Diesel Prices Bankrupted 16 Trucking Companies in Just 30 Days
3 hours ago
- Rising diesel fuel costs caused 16 trucking companies to file for bankruptcy in late August and early September.
- The bankrupt operators ranged from small single-truck outfits to larger ones with dozens of vehicles, including four based in Texas.
- Texas Governor Abbott declared a statewide disaster to ease restrictions on untaxed diesel for agricultural transportation.
- High diesel prices are also impacting other sectors, such as an Amazon delivery contractor in Florida that filed for Chapter 11.
- Intense competition in trucking makes it hard for smaller carriers to pass fuel costs to customers, exacerbating the pressure from years of poor freight economics.
- With winter approaching and ongoing Middle East tensions, significant price relief is unlikely before the holidays.