Chicago, Illinois — Diesel prices surged 38.8 cents per gallon on October 10, lifting the national average to $5.224, the steepest climb since the end of February, according to the Energy Information Administration (EIA).
For the previous five weeks, diesel had been in a steady decline, falling from $4.889 per gallon on September 26 to $4.836 on October 3. That low was the cheapest level the fuel had reached since January, when it was $4.104 per gallon on February 28. A single week later, the price jumped 74.5 cents, marking the largest weekly increase on record. Truckers who rely on diesel for long‑haul routes feel the impact of each cent added to the pump, as fuel accounts for a major portion of operating costs.
The EIA’s regional breakdown shows every U.S. market registered a rise on October 10. The West Coast (excluding California) saw the largest jump of 45.8 cents, followed closely by the Midwest with a 45.1‑cent increase. Lower Atlantic prices climbed 34 cents to $5.056 per gallon, while New England added 27.5 cents. Gasoline prices also rose 13 cents, reaching $3.912 per gallon, and diesel now costs $1.638 more than it did in October 2021. The agency projects a modest decline in diesel prices in 2023, with an average forecast of $3.27 per gallon.
What This Means for Drivers
Owner‑operators and fleet managers will see a sharp rise in daily fuel expenses, squeezing profit margins on long‑haul routes. CDL‑A drivers hauling heavy loads may need to adjust load schedules or seek higher freight rates to offset the added cost. Companies with large fuel‑consumption fleets must review fuel‑management contracts and consider hedging strategies to protect against volatile prices. The increase also pressures carriers to maintain competitive trucking company hiring rates while keeping operating costs under control.
Industry Reaction
Many carriers are already re‑evaluating their fuel‑budget allocations. The American Trucking Associations (ATA) has urged the federal government to review fuel‑tax incentives and explore incentives for alternative fuels. Trucking companies hiring are tightening their load‑matching algorithms to prioritize high‑margin routes, while some are investing in fuel‑efficient vehicles to mitigate the impact of rising diesel costs. Drivers seeking truck driver jobs are advised to negotiate fuel allowances in their contracts to safeguard their earnings.
Key Points
- Diesel average rose to $5.224 per gallon on October 10, up 38.8 cents from the previous week.
- All 10 EIA regions reported increases, with the West Coast (ex‑California) gaining 45.8 cents.
- Gasoline prices climbed 13 cents, now at $3.912 per gallon.
- Projected 2023 diesel average drops to $3.27 per gallon.
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