With the Consumer Price Index showing that consumer inflation jumped an impressive 7.9% over the past year — the sharpest spike in 40 years — leaving many individuals and industries feeling the change. The trucking industry has been hit particularly hard, especially as it is still reeling from the complications brought on by the COVID-19 pandemic. From the impact that the surge in gas prices has had to how the industry is coping with prior complications like driver shortages, here’s what you need to know regarding the recent developments.
The Impact of Rising Gas Prices
When it comes to the rising gas prices, the average US price of regular-grade gasoline has recently shot up 79 cents, making it a total of $4.43 per gallon. However, those in the trucking industry may feel the rise in price even more, with diesel now costing $2.11 more than it did one year ago, according to NewsNationNow.
Due to the rise in gas prices, trucking companies have had to adjust to rising weekly fuel bills. Owner of Blizzard Transportation, Shandi Blizzard, notes the significant financial impact this has had, stating “The last one was an increase of about $4,000, so that’s quite a jump from the week before and it’s only gonna get worse.” To cope, some companies have had to increase freight charges for customers, something that isn’t generally ideal due to the potential of losing the client to another, cheaper company. However, the rising gas prices aren’t the only issue haunting the industry.
Managing Additional Complications
Along with the recent rise in gas prices, the trucking industry is still navigating the challenges and difficulties brought on by the COVID-19 pandemic. In addition to the greater risk of illness, which has been mitigated with the help of vaccines, driver shortages and supply chain issues are still posing many issues for the industry as a whole. For example, due to the driver shortages plaguing the industry, those who are working regularly face long hours, which can result in issues like driver fatigue — and an increased risk of commercial vehicle accidents on the road. In turn, this increases the danger out on the roads and can leave victims in the throes of a lengthy legal battle, not to mention life-altering injuries. While only two states, Arkansas and New Jersey, have specific laws regarding drowsy drivers, those who drive fatigued in other states like Texas can still be held liable for damages caused by an accident. A Houston truck accident lawyer notes that getting a lawyer that’s specialized in handling cases involving 18 wheeler vehicles can bring a level of experience to the case that can prove to be essential when fighting for what you deserve — including compensation, justice, and holding those responsible liable.
When it comes to the trucking industry in 2022, rising gas prices among other issues — such as driver shortages, also remain present. With consequences ranging from high financial costs for rising gas prices to accidents due to driver fatigue, there’s no question that the industry is facing significant challenges.
