New York —
Jamie Hagen believed the Great Freight Recession was finally over.
Last year was a tough one for his South Dakota trucking company, Hell Bent Xpress. He was thinking about shutting down, his cash drained in the lean years that followed America’s post-pandemic shopping spree.
But he refinanced his equipment, wagering demand would pick up and freight rates would rise again. “We started seeing some real progress. There was a lot of hope,” he said.
Then the Iran war started.
Diesel, the largest day-to-day expense in trucking, has jumped 41%
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