Diesel Price Tag Bites

I don’t think any of you will be surprised that, with diesel at $4.72 a gallon, truckers are hurting. From this morning’s New York Times:

If diesel prices do not decline and make that side of the business viable, Mr. Hendley says, he will have to sell his trucks, or try to sell them. That is just what thousands of other truckers are doing as they shed used rigs in what appears to be the biggest shakeout since trucking was deregulated in 1980.

“Most truckers are one major breakdown — a broken axle or a damaged engine — away from bankruptcy,” said Mr. Hendley, who laid off his last driver this month and turned to independent operators to ship his logs.