The G7's emergency agreement today to release 100 million barrels of diesel and crude oil may have grabbed the geopolitical headlines, but the more telling number is buried in the domestic wreckage: at least eight large U.S. trucking firms filed for Chapter 11 bankruptcy in September alone, according to FreightWaves, with nearly 2,000 layoffs rippling across delivery, logistics, and manufacturing sectors in recent weeks.
National average diesel prices surged to approximately $6.39 for the week ended Sept. 28 — a staggering increase of more than 70% year-over-year — driven by the U.S.-led war in Iran, disruptions to shipping through the Strait of Hormuz, Ukrainian attacks on Russian refineries, and Chinese restrictions on refined fuel exports.
