US Diesel Prices Hit 10-Year Highs Amid Carrier Bankruptcies
Diesel prices reached 10-year highs in late October, causing 16 carrier bankruptcies and severe pay cuts for independent truckers despite a US waiver on Russian fuel.
Diesel fuel prices in the United States reached 10-year highs by late October 2026, peaking at $6.49 per gallon in the Atlantic region. The surge followed a U.S. attack on Iran in February and resulted in a 58% price jump in the Atlantic region. Between October 5 and October 26, prices continued to rise by an additional 2.6%.
Donald Trump attempted to mitigate the costs by waiving the U.S. embargo on Russian diesel imports, but the measure failed to stop the upward trend. The financial strain has hit owner-operator truckers hardest, as they lack the bulk buying power of large fleet carriers. Some independent drivers report weekly earnings drops of 40%, forcing them to increase driving hours or reduce speeds to conserve fuel.
The economic pressure led to at least 16 carrier bankruptcies between September 18 and October 21. Industry representatives warn that these escalating operational costs will eventually be passed on to consumers.
