Not surprisingly, Russia’s invasion of Ukraine is having a worldwide impact, and supply chains are not exempt. Fuel prices have reached historic highs, in some cases adding to inflation and in other cases, where additional fuel costs are not passed on, they’re impacting bottom lines.
This chart on U.S. domestic fuel prices paints the picture. The price of diesel, trucking’s main fuel, rose an unprecedented 74.5 cents last week to a record $4.849 a gallon, according to the Energy Information Administration. Diesel’s previous high was $4.764 a gallon in July 2008.
Some transport routes have been blocked and some carriers have started to impose “war risk surcharges. Part of the fallout of this is that all cargo is being delayed and port congestion is on the rise once again.
For the rest of this week’s top freight news, check out the article highlights below.
