The American Trucking Associations today, April 25 revised the trucking industry’s 2006 fuel costs, projecting an increase in the amount it will spend on fuel in 2006. ATA says the trucking industry will spend $94.3 billion on fuel this year, based on current fuel price forecasts. This marks a $6.6 billion increase over the $87.7 billion spent by trucking in 2005.
ATA President and Chief Executive Officer Bill Graves says the trucking industry currently is experiencing the highest fuel prices in history. For many motor carriers, fuel represents the second-highest operating expense, accounting for as much as 25 percent of total operating costs.
“An affordable supply of diesel fuel is imperative to keep our trucks moving,” Graves says. “Fleets must be guaranteed sustainable operating costs in order to continue delivering everything that is delivered by truck.”
ATA said fuel prices could increase further in 2006 because of the introduction of ultra-low-sulfur diesel, which is scheduled to hit the market mid-year. ULSD costs more to refine and distribute than today’s diesel fuel, which could place additional upward pressure on the price of diesel fuel.