Think gas hurts? Try diesel

Record-high diesel prices have cut into truckers’ profits, and members of the House Transportation Committee are searching for solutions.

NEW YORK (CNNMoney.com) — Rising diesel prices have slammed the trucking industry and hurt independent truck drivers, and Congress is looking for solutions.

Members of the House Committee on Transportation and Infrastructure on Tuesday took up the rising diesel prices that have hampered the trucking industry.


“People are losing their trucks and losing their business,” said Rep. Peter DaFazio, D-Ore. “But there are some places where an appropriate action by Congress might mitigate these problems.”

The cost of diesel has risen 26% since the beginning of this year, compared to an 18% rise in the price of regular gas. The national average price for diesel reached a record high of $4.25 a gallon on May 1, while gasoline reached a record $3.62 a gallon, according to AAA.

Rising diesel costs have dug into the profits of the trucking industry, whose trucks run on the fuel. The American Trucking Association predicted that truckers will have to shell out $140 billion for diesel in 2008 after spending more than $112 billion in 2007.

CNN