Diesel Price Eases but Freight Costs Remain High

Diesel prices have eased slightly from last week's record high of $6.53 per gallon, but shipping costs remain elevated and are giving finance teams little room to relax. The U.S. average for on-highway diesel was $6.38 a gallon on September 28, according to the U.S. Energy Information Administration.

Chevron CFO Eimear Bonner expressed that she doesn't expect quick relief when speaking at a Wall Street Journal event on September 22. She stated that energy prices are likely to stay elevated until shipping through the Strait of Hormuz becomes more predictable and more refining capacity returns, with some signs of improvement in the former.

The proposed October 1 trucker stoppage, framed as social media-driven rather than an organized industry effort, adds noise to an already difficult freight market. Major trucking groups have dismissed the idea, but it's unclear how this will affect logistics and finances for shippers and carriers.