The International Energy Agency said on April 7 that its member countries are releasing 60 million barrels of oil from their emergency reserves on top of previous U.S. pledges to take aim at energy prices that have soared since Russia invaded Ukraine.
As of Friday, the price of oil was $96.00 dollars per barrel off its peak of $130.00 a few weeks ago. While the prices at the pump have not eased, we expect them to stabilize in the coming months.
Trucking companies have been grappling with record fuel costs and an industry-wide shortage of drivers and equipment. We have routinely seen over $6.00 per gallon of diesel in the state of California and $5.00 in the traditionally economical state of Texas. The average fuel bill for our trucks is well over $10,000.00 cad per month.