Diesel prices rocket past $4/gallon

Trucking news and briefs for Wednesday, Aug. 2, 2023:

Diesel surges after months of declines

After holding below $4 a gallon for the last three months, diesel prices spiked with world oil-price increases over recent weeks as a result of production cuts by OPEC, jumping back above the $4/gallon mark for the first time since the week ending May 1.

The Energy Information Administration reported that diesel prices, after holding steady around $3.80/gallon for seven weeks, jumped 10 cents during the week ending July 24 and another 22 cents during the week ending July 31.

With the increases, the U.S.’ national average for a gallon of on-highway diesel stands at $4.13 -- the highest since the week ending March 27. Despite the increases the last two weeks, fuel is still $1.01 cheaper than the same week a year ago.

During the most recent week, the Midwest region saw the largest week-over-week increase, jumping by 29 cents, followed by California, which saw a 21-cent increase. The nation’s most expensive diesel remains out West in that state, at $5.16 for an average -- the only region above $5/gallon -- followed by the West Coast less California region at $4.40 per gallon.

The cheapest fuel can be found in the Gulf Coast region at $3.83 per gallon, followed by the Lower Atlantic region at $4.10 per gallon.

Prices in other regions, according to EIA:

  • New England -- $4.16
  • Central Atlantic -- $4.29
  • Midwest -- $4.11
  • Rocky Mountain -- $4.13

ProMiles’ diesel averages during this most recent week also showed significant increases in numbers -- with prices rising by 19 cents to $4.04 per gallon.

According to the ProMiles Fuel Surcharge Index, the most expensive diesel can be found in California at $5.06 per gallon, and the cheapest can be found in the Gulf Coast region at $3.86 per gallon.

[Related: Fuel treatments increasingly part of owner-operators' PM routines]

Schneider acquires 500-truck dedicated fleet

Schneider National on Tuesday said it has acquired West Bridgewater, Massachusetts-based M&M Transport Services, a 500 truck and 1,900 trailer provider of transportation, intermodal and logistics services. Terms of the deal were not disclosed. 

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M&M Transport, a dedicated contract carrier, primarily provides custom solutions for the retail and manufacturing segments, including some Fortune 500 companies, from 12 locations in the Northeast, Midwest and Southwest.

“By combining our respective expertise, knowledge and resources, we will be better positioned to meet the evolving needs of our customers and expand our reach in the dedicated market,” said Schneider President and CEO Mark Rourke. 

The acquisition puts Schneider on a path toward $1.5 billion in annual dedicated contract revenues, the company said, and 6,500 dedicated tractors in service.

M&M Transport will operate as a wholly owned subsidiary of Schneider and its financial results will be reported in dedicated operations as part of the truckload segment beginning in the third quarter this year. 

“Both companies have a successful history of dedicated operational excellence, a reputation for superior customer service and a common foundation of core values – so our cultures are an excellent match,” said M&M Transport Founder Mark Warsofsky. “Now, as a wholly owned subsidiary of Schneider, M&M Transport will continue to leverage our strengths while capitalizing on Schneider’s broad capabilities and resources to support continued growth and the consistent, reliable service that our customers expect from M&M Transport.”  

[Related: New ‘FreightPower’ point of access to Schneider loads]

Nominations open for Influential Woman in Trucking award

The Women In Trucking Association (WIT) and Daimler Truck North America (DTNA) are seeking nominations for the 2023 Influential Woman in Trucking award.

The award was created in 2010 to honor women in the transportation industry who make or influence key decisions in a corporate, manufacturing, supplier, owner-operator, driver, sales, or dealership setting. Nominees must also have a proven record of responsibility, mentorship, and serve as a role model to other women in the industry.

“The number of women in the trucking profession continues to grow,” said Jennifer Hedrick, WIT president and CEO. “We are honored to share their stories and mark their accomplishments through this award.”

Nominations will be accepted through September 11.

The winner will be announced at the upcoming WIT Accelerate! Conference & Expo Nov. 5-8 in Dallas, Texas. Each finalist will serve as a panelist for the Unstoppable Women in Trucking You Must Know About panel discussion on Nov. 7.

Past recipients of the Influential Woman in Trucking award include:

  • 2022 – Trina Norman, southern California feeder operations manager, UPS
  • 2021 – Lily Ley, vice president and chief information officer, Paccar
  • 2020 – Kristy Knichel, president, Knichel Logistics and Jodie Teuton, co-founder, Kenworth of Louisiana
  • 2019 – Ruth Lopez, director, transportation management, Ryder System, Inc.
  • 2018 – Angela Eliacostas, founder and president, AGT Global Logistics
  • 2017 – Daphne Jefferson, principal and executive coach, Jefferson Consulting Group, LLC (former deputy administrator, Federal Motor Carrier Safety Administration)
  • 2016 – Ramona Hood, president and CEO, FedEx Custom Critical
  • 2015 – Kari Rihm, president and CEO, Rihm Kenworth
  • 2014 – Marcia G. Taylor, CEO, Bennett International Group
  • 2013 – Rebecca Brewster, president and COO, American Transportation Research Institute (ATRI)
  • 2012 – Joyce Brenny, founder and CEO, Brenny Transportation, Inc./Brenny Specialized, Inc.
  • 2011 – Rochelle Bartholomew, CEO, CalArk International

[Related: Women of Trucking Advisory Board takes aim at billboard lawyers, NIMBYs]

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