The American Trucking Associations (ATA) is projecting a record high diesel fuel bill in 2008, up to $135 billion.
ATA said the trucking industry will spend that amount on fuel in 2008, based on current fuel price forecasts. The projection marks a $22 billion increase over the $112.6 billion spent by trucking in 2007.
The trucking industry is experiencing the highest prolonged fuel prices in history, said ATA President and CEO Bill Graves.
Historically, fuel represented the second-highest operating expense for motor carriers, accounting for as much as 25 percent of total operating costs. For some motor carriers, however, fuel is beginning to surpass labor as their largest expense, ATA noted.