The trucking industry is being beaten by fast-rising fuel prices and current driver shortages, it’s getting harder and harder to meet ends and to stay afloat. Some companies see an increase of 50% in fuel spent due to the rising fuel prices.
Randall Schuldt, a move manager with JK Moving Services, says he’s felt it while driving across the country over the holiday season.
“Traffic was unquestionably present. “Everyone was out visiting family and getting ready for Turkey Day,” Schuldt explained.
More cars on the road equates to more cars at the pump filling up at already-high prices And Schuldt is no exception.
“I am very conscious about gas. I try not to idle the truck if I don’t have to. I try to stay around the speed limit with traffic and the trucks JK provides are very fuel-efficient trucks,” he said.
Despite this, JK Moving Services Executive Vice President David Cox reports that the company’s yearly gas expenditures have increased by 41%.
President Joe Biden’s declaration that he will release 50 million barrels of oil from the Strategic Petroleum Reserve in collaboration with many other countries could not come soon enough, even though the oil is not scheduled to reach the market until mid-to-late December.
“We would love to see some of that relief coming through, not just in gas prices but in every area. Fuel prices are up, materials cost are up, really our labor costs are up significantly as well,” said Cox.
And even if drivers like Schuldt are not delivering Christmas packages, they require some of the same materials that are more expensive.
Cox estimates that he could utilize an additional 50 drivers.
The business boosted the wage to a minimum of $100,000 per year in March, and Cox reports that the long-distance driving fleet has risen by 20% since the move.
That is the kind of increase that the whole trucking business desires. It has lost around 80,000 drivers nationwide, and this is not a great situation. Consumers are eager to send thousands of things across the country during the holiday season.