Bankruptcy Comes For American Trucking Companies As Diesel Prices Skyrocket: ‘They’re Killing Me’

America’s trucking industry is buckling under mounting financial pressure, with at least 16 transportation companies filing for bankruptcy in less than a month as the Iran war drives diesel prices higher.

The companies entered bankruptcy proceedings between late August and Sept. 21, spanning general freight, agricultural hauling, construction transportation and delivery services, according to FreightWaves. The filings come as disruptions to global fuel supplies have pushed American diesel prices to all-time highs, adding to expenses for carriers already struggling with narrow profit margins.

“Well, right now they’re killing me,” Marcus Overcast, owner of Truckload LLC, which operates as Expedite Express and was among the companies identified in the bankruptcy filings, told the Daily Caller News Foundation about diesel prices. “I’m glad they’ve come down a little bit.”

Diesel prices reached a record national average of $6.53 per gallon Sept. 22 before easing to $6.28 as of Friday, Oct. 9, according to AAA. Despite the decline, diesel remains roughly 71% more expensive than a year ago, when drivers paid an average of $3.68 per gallon.

Overcast pointed to the ongoing Iran war as a major contributor to rising diesel costs, arguing that ending the conflict would help relieve financial pressure on American trucking companies. He also called for expanding domestic oil production and expressed concerns about the country’s refining capacity.

“We gotta end this conflict over there in Iran,” Overcast told the DCNF. “I feel that’s really driving this up.”

Overcast also referenced President Donald Trump’s efforts to provide relief from rising fuel expenses, suggesting that additional diesel supplies could help businesses struggling with higher operating costs. However, he maintained that resolving the conflict would be necessary to address the broader pressure on fuel prices.

American refineries are already operating near full capacity, leaving little room to ramp up fuel production as the Iran war strains global supplies.

Meanwhile, the nation’s diesel stockpiles remain below seasonal norms, leaving trucking companies vulnerable to further price increases if supplies tighten, according to the U.S. Energy Information Administration.