Trouble by the Gallon
As I write, the cost of a gallon of diesel fuel had just topped $4.25 and crude oil is $130 per barrel, reflecting double-digit price spikes during some weeks in June and April. The rising cost of fuel has prompted the American Trucking Associations (ATA) to project a record high diesel fuel bill in 2008, with expenditures of $135 billion on fuel in 2008, up from the $112.6 billion spent by the industry in 2007. God knows what the price of fuel will be in July when you’re reading this, but at the current rate of increase, petroleum-based fuels are rising at about 92 times the national inflation rate.
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