Record high fuel prices in May and June this year have created a significant headwind for motor carriers as they continue to weather the current wave of market instability. In March, after the start of the Russia-Ukraine war, consumers and the transportation industry noticed fuel prices skyrocketing, but the reality is that even before U.S. sanctions on Russian energy went into effect, fuel prices were already on an upward projection. Demand greatly increased after pandemic shutdowns were lifted, but refining capacity and oil production still haven’t caught up with demand. This has culminated in high prices at the pump.
Fuel prices affect the whole supply chain, but carriers are the ones facing inflated prices head-on. FreightWaves partnered with Trimble Transportation to survey a diverse group of carriers about their current perception of their own fuel spending, their outlook regarding the coming year and the most effective cost-mitigation strategies. Complete the form below to access your copy of the white paper based on the findings.