Rising diesel costs and driver shortage tighten U.S. trucking ahead of holidays

A new Bank of America analysis shows that U.S. trucking companies are grappling with a constrained pool of qualified drivers, a situation that is tightening capacity just before the peak holiday shipping period. At the same time, diesel prices have climbed to $6.31 a gallon, more than 70% above a year earlier, inflating operating expenses. These twin pressures have lifted freight rates and driven notable payroll increases, particularly for midsized carriers.

Recent bankruptcies among firms such as Xoco Transport and Globemaster illustrate the strain, while industry observers note that smaller carriers lack fuel-surcharge clauses or hedges to absorb the surge. Analysts caution that reduced capacity on regional and rural routes could eventually raise prices for food, construction materials, and manufactured goods. The outlook suggests continued cost pressures for shippers and consumers throughout the holiday season.