Fox News explores the impact that rising diesel costs and intermittent supply shortages are having on the U.S. trucking industry in a new report.
In the report, Fox News speaks with truckers at a Las Vegas truck stop about how high diesel fuel prices are impacting their businesses.
“It’s harder for companies to make money right now, with the high prices, plus rates have dropped, so you’re really not making the money you were making before. You’re barely getting by now,” one driver told the outlet. “The only people that will survive are the bigger companies. The smaller ones won’t make it.”
“We literally work for peanuts right now and nobody can say anything,” another driver told Fox News.
The current national average for a gallon of diesel is up slightly on Tuesday to $5.312 from yesterday’s $5.309, but has dropped a little from last week’s cost of $5.322, according to AAA.
Major fuel logistics company Mansfield Energy recently issued an alert for diesel fuel markets on the east coast, noting that “noted that “markets are now seeing extremely high prices in the Northeast along with supply outages along the Southeast.”
This alert came on the heels of an October 14 notice from the the Energy Information Administration (EIA) alleging that the U.S. had only 25 days worth of diesel fuel in reserve.
GasBuddy fuel supply analyst Patrick De Haan provided more insight into the EIA’s 25 day fuel reserve statement:
“By the way, you’ve heard about “25 days of diesel supply left.” This is an industry number to watch — does NOT mean we’ll run out in 25 days. It is a measurement of supply/demand but might only move a day per week since refiners continue to produce. It is more of a sign that refiners are having a hard time keeping up as that number is usually ~33 days, and has dropped to numbers historically low. If refiners can outpace demand, the number will only slowly rise… but again, this number DOES NOT MEAN outages are imminent.”