JLT Trucking faces rising diesel costs amid global energy volatility

JLT Trucking Inc., a waste collection company based in the Washington, D.C. area, reports that rising diesel costs are costing the firm an additional $100,000 per month. Marc Shaener, the company's director of market development, stated that long-term customer contracts prevent the business from raising rates quickly enough to offset the surge in fuel expenses, threatening investment and employment.

Diesel prices have increased nearly 60% over the last seven months, with national averages reaching a record high of approximately $6.49 per gallon. Analysts attribute these spikes to geopolitical tensions, including conflict involving Iran and fighting between the Houthis and Saudi Arabia, which have impacted international shipping.

Vice President JD Vance noted that the Navy is working to counter threats to international shipping caused by Iranian actions. Additionally, President Donald Trump has linked rising energy costs to Ukrainian attacks on Russian energy infrastructure, noting that Russian diesel refineries have been significantly impacted by the war in Ukraine.