NOTHING TO SEE HERE, MOVE ALONG: Layoffs and bankruptcies pile up in logistics amid shocking downturn: We’re seeing too many trucks for too little freight. “Some analysts and industry experts said the freight slowdown was a reversion to the mean. Unfortunately, it is not. We are in one of the worst downturns in freight market history, caused by a massive buildup of capacity, and it’s going to take time to burn it all off. Simply put, the freight market is experiencing a severe recession. . . . Since early in 2022, many companies have gone out of business or severely cut back by letting employees go. Some of those companies were household names in the industry, such as Yellow Corp. and Convoy. Many others were much smaller, not known perhaps beyond their headquarters location. Nonetheless, the bankruptcies, closures and layoffs have piled up, and the financial and human losses have taken a toll.”

This may help explain why gas prices are down.