Truckers Face Further Fuel Price Increases on Crude Markets Volatility

Feb 25, 2022 at 04:11 PM CST
Trucking companies already coping with higher fuel costs are bracing for further increases in prices for diesel as Russia’s invasion of Ukraine roils energy markets, sending crude oil prices surging above $100 a barrel. Average diesel prices across the U.S. have jumped more than 44 cents a gallon since the start of the year, according to the U.S. Energy Information Administration, and the national average price of $4.055 a gallon for the week ended Feb. 21 was the highest level since March 2013. The latest increases came before Russia’s attack on Ukraine disrupted oil flows around the world as the energy industry moved to pre-empt possible U.S. restrictions on Russian exports. Shipping companies this week refused to load tankers with the main grade of Russia crude, traders and shipping executives said, triggering a sharp run-up in crude prices before a pullback on Friday.

Feb 25, 2022 at 04:11 PM CST

Trucking companies already coping with higher fuel costs are bracing for further increases in prices for diesel as Russia’s invasion of Ukraine roils energy markets, sending crude oil prices surging above $100 a barrel.

Average diesel prices across the U.S. have jumped more than 44 cents a gallon since the start of the year, according to the U.S. Energy Information Administration, and the national average price of $4.055 a gallon for the week ended Feb. 21 was the highest level since March 2013.

The latest increases came before Russia’s attack on Ukraine disrupted oil flows around the world as the energy industry moved to pre-empt possible U.S. restrictions on Russian exports. Shipping companies this week refused to load tankers with the main grade of Russia crude, traders and shipping executives said, triggering a sharp run-up in crude prices before a pullback on Friday.