If we had a crystal ball, would we feel better or worse about the trucking industry in 2022?
Some things to consider as we step into six months of the year. As of May 23- May 29, 2022. Data is compiled from DAT Solutions.
1. Diesel fuel cost is up an average of 75% over this time last year. Diesel fuel prices have been trending upward for months with the price of diesel inching closer to $6.00 per gallon. This surging price poses a major threat to the U.S. economy and the overall cost of consumer goods. Average diesel price, June 13, 2022, is $5.71/gallon
2. Spot rates compared to this time last year.
Van to loads ratio -18.6% vs -28.8% a year ago
Van spot rates - +.04% vs +1.2% a year ago
Flatbed to loads ratio - -16% vs – 33.2% a year ago
Flatbed spot rates - +.8% vs +11% a year ago
Refer to loads ratio - -35.4% vs -41.4% a year ago
Refer spot rates - -.03% vs .08% a year ago
3. Shorter Hauls Gain More Popularity.
Since 2000 the average length of haul has decreased 75% from 800 miles to 527 according to data obtained from the ATA
Trucking companies are looking to stay closer to home to combat the rising price of fuel.
Thomas Wilson Group, LLC has specialized in providing cost-effective trucking insurance to trucking companies across 18 states since 2004. To find out more about how we can lower your truck insurance cost, give us a call or click here to complete our online quote request form. We look forward to speaking with you!