Trucking Industry Feels Squeeze of Soaring Diesel Prices

Fuel cost hikes impact truckers, consumers, and the broader economy

Mar. 12, 2026 at 9:33pm

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The trucking industry in New York is facing significant challenges due to a sharp rise in diesel fuel prices, with costs jumping from around $3 per gallon to $5 per gallon in recent weeks. This is putting a major strain on trucking companies, especially smaller owner-operators, and will likely lead to higher prices for consumers on a wide range of goods and services that rely on trucking transportation.

Why it matters

The trucking industry is a critical backbone of the New York economy, with one in 25 state residents working in or related to the industry. When fuel costs for truckers rise dramatically, it has a ripple effect across the entire economy, driving up prices for consumers on everything from groceries to medical supplies.

The details

Truck driver Ed Smith, who has been on the job for 50 years, says the current fuel price spike is taking a major toll, with costs doubling in just the past week. Kendra Hems, president of the Trucking Association of New York, explains that diesel is typically the second-largest expense for trucking companies, so the current price escalation is incredibly challenging, especially for smaller owner-operators who have to absorb the full cost increase. Hems notes that the last time the industry saw such significant fuel price hikes was in 2008-2009, which resulted in many owner-operators going out of business.

  • Diesel prices have jumped from around $3 per gallon to $5 per gallon in recent weeks.

The players

Ed Smith

A truck driver for Trademark Demolition with 50 years of experience in the industry.

Kendra Hems

The president of the Trucking Association of New York, an industry group representing trucking companies in the state.

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What they’re saying

“It's five dollars a gallon. Last week it was three-something.”

— Ed Smith, Truck Driver (news10.com)

“Diesel typically is the second-largest expense for the trucking industry, so when you have this kind of price escalation, there is a direct impact to them.”

— Kendra Hems, President, Trucking Association of New York (news10.com)

What’s next

Hems noted the industry is closely watching the conflict in Iran, as a resolution to that situation could help bring diesel prices back down in the near future.

The takeaway

The sharp rise in diesel prices is putting immense financial pressure on the trucking industry in New York, which will likely lead to higher consumer prices across a wide range of goods and services. This highlights the critical role the trucking sector plays in the broader economy and the need for policies that can help stabilize fuel costs for this essential industry.