AAA Daily Fuel Gauge Report for Friday, 6/28/24

National Average Price for Regular Unleaded Current: $3.129; Month Ago: $3.162; Year Ago: $3.527. National Average Price for Diesel Current: $3.604; Month Ago: $3.694; Year Ago: $4.058.

Trucking activity in the United States slipped in May as the freight market remained choppy. Specifically, truck freight tonnage decreased 0.1% after gaining 0.5% in April, according to the American Trucking Associations’ advanced seasonally adjusted For-Hire Truck Tonnage Index. “The seesaw freight demand pattern continued in April, making it difficult to discern any clear pattern in the market,” said ATA Chief Economist Bob Costello. “Excluding the services economy — the largest part of economic activity— the goods market is all over the map, thus impacting freight levels. Construction is soft, manufacturing is up and down, and consumers are cautious.” In May, the ATA advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index equaled 113.8, down from 113.9 in April. The index, which is based on 2015 as 100, was down 1.3% from the same month last year, the first year-over-year decrease in 2025. Year-to-date, compared with the same period in 2024, tonnage was up 0.1%.

The American Trucking Associations applauded congressional leaders for introducing legislation to repeal the antiquated federal excise tax on the purchase of new trucks and trailers. “First implemented over a century ago to help finance America’s effort in World War I, the FET has become the largest excise tax on any product, adding $24,000 to the cost of each new clean-diesel tractor-trailer,” said American Trucking Associations President & CEO Chris Spear. “Keeping this antiquated tax on the books imposes an enormous hardship, particularly for the small fleets, family businesses, and independent truckers who make up the overwhelming majority of trucking. Removing this burden will allow motor carriers to replace their trucks with modern, safer, and cleaner equipment, which will in turn provide a boost to manufacturing jobs. Our industry is grateful to Reps. LaMalfa, Pappas, LaHood, Carbajal, and Miller for their leadership on this issue to improve highway safety, reduce emissions, and strengthen our economy.” The FET began in 1917 to help finance World War I. Today, it is the highest percentage federal excise tax – at 12 percent – levied on any product, amounting to a $6 billion annual burden on the trucking industry.