Trucking news and briefs for Wednesday, Jan. 22, 2025:
Fuel prices rising to begin 2025
Through the first three weeks of 2025, diesel prices across the U.S. are up 21 cents over the final report of 2024, according to data from the Energy Information Administration.
During the first week of the year, prices jumped 5.8 cents, then 4.1 cents the next week. During the most recent week ending Jan. 20, prices soared by 11.3 cents to a national average of $3.72 -- the highest per-gallon average price for diesel since the week ending Aug. 5, 2024.
According to AAA, global oil prices are surging as a result of cold weather, as well as sanctions against Russia’s energy sector, bringing diesel and gas prices along for the ride.
EIA reported that during the week ending Jan. 20, diesel fuel prices were up in all regions across the U.S., led by the Gulf Coast region, where prices jumped 13.4 cents.
The nation’s most expensive diesel is in California at $4.81 a gallon, followed by the Central Atlantic region at $3.98.
The cheapest fuel can be found in the Gulf Coast region at $3.46 a gallon, followed by the Rocky Mountain region at $3.49 a gallon.
Prices in other regions, according to EIA:
- New England -- $3.94
- Lower Atlantic -- $3.75
- Midwest -- $3.65
- West Coast less California -- $3.87
ProMiles’ diesel averages during the same week showed prices jumping 7.1 cents to $3.56/gal.
According to the ProMiles Fuel Surcharge Index, the most expensive diesel can be found in California at $4.86, the cheapest in the Gulf Coast region at $3.28.
With diesel prices heading in the wrong direction for truckers, broker-posted spot rates for van equipment in the Truckstop system followed the same trend during the week ended Jan. 17, according to the weekly Spot Market Insights report from FTR and Truckstop.
The firms reported that dry van spot rates posted their largest decrease since last February, while refrigerated spot rates fell by the most since Thanksgiving week. Flatbed spot rates rose, which is typical during this week. Extreme cold temperatures and a winter storm impacting southern coastal areas unaccustomed to such weather could be disruptive in the current week.
FTR and Truckstop also noted that during the last week, total load activity was down 4.2% after surging more than 77% in the previous week after the holidays. Volume was more than 8% higher than during the same 2024 week but almost 24% below the five-year average for the week.
Rates were down 1.3% from the same 2024 week -- only the second negative year-over-year comparison in seven weeks -- and were nearly 8% below the five-year average for the week, as was roughly the case in the prior week. Rates excluding a calculated surcharge were up 0.4% year-over-year for the weakest comparison since July.
Cargo theft hit record high in 2024
Cargo theft recording firm Verisk CargoNet reported record-breaking cargo theft activity across the United States and Canada reached unprecedented levels in 2024.
The firm tracked 3,625 reported incidents during the year, marking a 27% increase from 2023. The average loss value per theft rose to $202,364, up from $187,895 in 2023.
Each quarter of 2024 surpassed previous records set in 2023, though the margin of increase narrowed as the year progressed. The most dramatic spike occurred in Q1 2024, with 317 more incidents than the same period in 2023, while Q4 2024 showed a more modest increase of 94 incidents, representing an 11.81% year-over-year growth.
CargoNet tracked 3,625 cargo theft reports in 2024 with an estimated $454.9 million.CargoNet
Geographic trends show California and Texas experienced the most significant increases in theft activity. California reported a 33% rise in incidents, while Texas saw an even more dramatic 39% surge. The five most impacted counties all reported substantial increases, led by Dallas County, Texas, with a 78% spike in reported incidents. Los Angeles County, California, traditionally a high-activity area, saw a 50% increase, while neighboring San Bernardino County experienced a 47% rise.
Notable shifts occurred in targeted commodities during 2024. While 2023 saw frequent theft of engine oils, fluids, solar energy products, and energy drinks, 2024 marked a strategic pivot by criminal enterprises. New targets included raw and finished copper products, consumer electronics (particularly audio equipment and high-end servers), and cryptocurrency mining hardware.
The analysis also revealed increased targeting of specific consumable goods, including produce like avocados and nuts, along with personal care products ranging from cosmetics to vitamins and supplements, especially protein powder.
While theft-by-deception schemes garnered significant media attention throughout the year, traditional cargo theft methods remained prevalent. Trailer burglaries and full trailer theft continued at elevated levels, particularly in major metropolitan areas, including Los Angeles, Dallas-Fort Worth, Atlanta, and New York City.
CargoNet said the data suggests an evolving and increasingly sophisticated threat landscape in cargo theft, with criminal enterprises demonstrating tactical adaptability in both their methods and target selection.
Looking ahead to 2025, CargoNet anticipates a continuation of these trends, with organized criminal enterprises expected to maintain their aggressive targeting of supply chain vulnerabilities.
[Related: Congress eyes creation of anti-fraud/cargo theft task force]
