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David Hannon, News and Transportation Editor -- Purchasing, 6/3/2004 2:00:00 AM
"Education is what survives when what has been learned has been forgotten."—B.F. Skinner
The trucking industry hauled over nine billion tons of freight in 2003, or 68.9% of all freight tonnage transported in the U.S., according to data collected by the American Trucking Associations. But as hard as they work, truckers are being well paid for their troubles these days.
A BB&T Capital Markets analyst recently predicted trucking rates would surge by 8%-10% this year. Trucking firm Schneider National recently said high customer demand would allow them to raise prices by 5%-7%. J.B. Hunt tripled its profits in the first quarter. The ATA's annual Freight Forecast says annual trucking revenues were $610 billion in 2003 and will likely surpass the $1 trillion mark by 2015.
But trucking costs continue to rise. In early May, independent truckers in various spots in California went on strike to protest the increased diesel prices and insurance costs. The Energy Department put the West Coast diesel price at almost $2.15 on May 3, well above the $1.72 national average.
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