As the price of diesel has skyrocketed since the conflict in the Middle East began in late February, commercial truck drivers drove 4% more slowly in April compared with the start of the year.
According to figures from INRIX, a transportation-analytics company, high energy prices have resulted in slower speeds for trucks, reducing drag and increasing fuel efficiency. With the price of a gallon of diesel now $5.49, up 44% from before the conflict, slowing down by even a few miles an hour can save hundreds of dollars a week. The INRIX data comes from tracking 60 million commercial truck trips in the United States in the first four months of the year.
However, slowing down comes at the cost of additional time spent driving. Drivers operating on the spot market are usually paid by the mile and therefore paid the same rate even though they work longer hours, said the Owner-Operator Independent Drivers Association. In addition to the slowdown in truck speeds, INRIX also highlighted that average trip length has also reduced by 2%.
IAM Member Impact: For asset-based member companies, encouraging slower driver speeds can reduce fuel costs significantly.
Source: The Wall Street Journal