American Trucking Associations is projecting a record high diesel fuel bill for the trucking industry this year, at $135 billion.
The forecast, based on current fuel price forecasts, marks a $22 billion increase over the $112.6 billion spent by trucking in 2007, the group said Monday.
ATA President Bill Graves said the trucking industry is experiencing the highest prolonged fuel prices in history.
“The trucking industry is making great strides in its efforts to reduce overall fuel consumption,” Graves said. “But an affordable supply of diesel fuel is imperative to keep our trucks moving. There is little to suggest that fuel prices will decline any time soon. Yet every day, ATA hears new stories from its members about how escalating fuel prices are hurting their businesses and affecting their livelihood.”
Historically, fuel represented the second-highest operating expense for motor carriers, accounting for as much as 25% of total operating costs. But for some motor carriers, fuel is beginning to surpass labor as their largest expense.
The cost to fill the fuel tanks on a typical tractor trailer has increased 116 percent, or $615, in just five years, ATA said.
Because trucks haul 70% of all freight tonnage, rising fuel costs have the potential to increase the cost of everything transported by truck, including food, retail and manufactured goods.
Diesel hit an all-time national average high of $3.819 last week; the Energy Department comes out with its weekly survey of current prices Monday afternoon.
