Diesel prices are surging fast, forcing a Farmington trucking company to absorb rising costs as global oil disruptions ripple through the economy, according to WHAM. Prices have jumped as much as 80 cents per gallon, squeezing profit margins.
Company leaders say fuel is now their top expense, and rapid price swings make it hard to adjust rates. Many businesses can only pass costs to customers gradually, leaving them to cover short-term spikes.
The impact stretches beyond trucking. Higher fuel costs are slowing consumer spending and shipping demand, adding pressure across the supply chain as companies wait for markets to stabilize.
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