US truck drivers speak of ‘unprecedented’ diesel price hikes
US truck drivers discussed the “unprecedented” rise in diesel prices on Thursday, noting the situation is a real crisis for drivers and explaining what they are doing to try to ease the burden.
Peter Latta, chairman and CEO of truck transportation company A. Duie Pyle in New York, said during an interview broadcast on Varney & Co. “It’s the unprecedented first time we’ve seen this kind of rapid escalation to this level.” Thursday.
“It’s a major operating expense,” he added.
Lata then noted that “with this kind of escalation, we try to break it, sometimes you do it, sometimes you don’t.”
Record gas prices for this “unprecedented” long this: AAA
The CEO made the remarks as the average price of diesel hit an all-time high in the US as energy markets around the world grapple with ongoing turmoil amid the Russian invasion of Ukraine.
Weak supply and increased demand have driven up energy prices, according to the American Automobile Association (AAA).
A gallon of diesel averaged $5.53 on Thursday, down slightly from the previous week and about 50 cents from the previous month, according to the association, which noted that the price was more than $2 cheaper a year ago.
Gas prices also rose and hit records, reaching $4.60 a gallon on Thursday, up slightly from the day before and up about 50 cents from the previous month.
While ordinary Americans feel the pain at the pump with record gas prices, the trucking industry has been hit hard by the diesel surge.
A truck driver with 20 years of experience told Madison Elworth of FOX Business Thursday that he has never seen prices as high as they are now, stressing that they are “too high.”
He noted that he is trying to “stay within the speed limit” and try “not to turn the trucks off when they are not running” in an effort to reduce costs.
The high cost of diesel is partly passed on to consumers for everything from electronics to groceries.
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Overall, inflation is close to a four-decade high with the Consumer Price Index, which measures a broad basket of goods, rising 8.3% in April from a year ago, down from the 8.5% year-on-year recorded in March. Prices jumped 0.3% in the one-month period in March, the Labor Department said earlier this month.
Paul Best of FOX Business contributed to this report.