Fox News reveals Trump crisis caused wave of bankruptcies

U.S. President Donald Trump reacts on stage at the Republican National Midterm Convention in Dallas, Texas, U.S., September 9, 2026. REUTERS/Callaghan O'Hare

On Friday, a new report by Fox News revealed that the soaring diesel prices caused by President Donald Trump’s war with Iran have pushed a wave of trucking and freight companies into bankruptcy. According to the network, which has long been aligned with Trump, though their relationship has become increasingly strained, “At least eight transportation-related companies sought Chapter 11 protection during the month.” After detailing the closure of the eight companies – which were based in Texas, Florida, Kansas, Arizona, Louisiana, and Illinois — Fox explained, “The filings come as the trucking industry faces mounting costs, including higher fuel and insurance expenses. Truckload LLC owner Marcus Overcast told FOX Business in a phone call that diesel and insurance costs contributed to his company’s bankruptcy filing, with insurance representing the biggest pressure.”

Diesel has soared to historic highs due to energy disruptions caused by the closure of the Strait of Hormuz and the ongoing war between Russia and Ukraine. Rising diesel costs have hammered transport companies and farmers, which has angered a key part of Trump’s base and driven up prices in general for consumers — issues that have contributed to the president’s wild unpopularity and predictions that the GOP will take major losses in the midterms.

As a result, the Trump administration has been flailing for a solution. Initially, Trump and officials floated the idea of a diesel export ban, ultimately dropping it after outcry from experts across the political spectrum, who warned the plan would backfire. While the president has moved to build infrastructure to bolster fuel production, these efforts won’t begin to impact prices for years. His latest attempt at mitigating the crisis came in the form of an executive order that temporarily allows the use of red-dyed diesel, which is normally restricted for use on roads and highways. While automotive expert Lauren Fix told FOX Business that this approach would make a "huge difference," estimating a potential savings of 50 cents to $1 per gallon, that would still result in an average price well above the pre-war cost of around $3.50. As of mid-October, the average price is nearly $6.30, according to AAA.

These prices have been a major issue in farming states, and as Newsweek reported recently, Trump is polling underwater in the 10 states that lead in agricultural sales, including deep red Texas and Nebraska, and battlegrounds in Iowa and Wisconsin. Accordingly, the GOP is expected to lose the House and possibly even the Senate in the midterms. Fox has sounded the alarm about the issue previously, with a panelist declaring, “Diesel prices are up gargantuan. This big time matters to the whole economy, from the consumer to the biggest of businesses. Something's got to get done.” Fix explained to Fox how higher diesel prices ripple across the wider economy, saying, “When gas prices go up or diesel prices go up, everything that goes from point A to point B is affected.” She pointed to agricultural equipment and products moving from ports to warehouses or farms to markets, as well as package and food deliveries, noting, “Everything has to get somewhere somehow, and so everything gets more expensive.”

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