Diesel hits all-time record

Diesel fuel reached $6.31 per gallon on Wednesday, an all-time high. Prices have jumped more than 70% in the past year due to the U.S. war with Iran.

“We have seen some of the most radical and abnormal swings in fuel prices that I think we've ever seen.”

J.B. Hunt warns of earnings drop

Trucking company J.B. Hunt expects earnings to fall 5% to 10% from Q2 to Q3 due to fuel costs. Its stock dropped 13% on Wednesday, one of its worst days since going public in 1983.

Prices could hit $7 in midwest

The national average could exceed $6.50 within two days. Midwest states like Michigan, Ohio and Illinois may see diesel reach $7 per gallon soon.

California already at $8 per gallon

California's average diesel price has already surpassed $8 per gallon, climbing nearly 20% in just one month. Norfolk Southern's chief called it like science fiction.

“We're talking about $6 diesel, but out here, it's $8 diesel, which is like science fiction.”

Transport sector worth $1.9 trillion

Transportation services added $1.9 trillion to the U.S. economy in 2024, accounting for over 6% of total GDP. Higher fuel costs threaten this critical sector.

Harvest season amplifies crop costs

Diesel spikes hit during fall harvest, ballooning costs for corn and wheat producers. Economists warn this could eventually raise grocery and restaurant prices for consumers.

Autonomous trucks could gain traction

Analysts suggest rising fuel prices could accelerate demand for autonomous trucking and electric freight solutions as companies seek cost alternatives.