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Inflation and soaring gas prices have forced a North Carolina logging company to shut down after 37 years in business

Inflation and soaring gas prices have forced a North Carolina logging company to shut down after 37 years in business
As of Monday, gasoline cost $4.491 per gallon, per the US Energy Information Administration.Johner Images/Getty Images
  • A logging business in North Carolina is shutting down over accelerating inflation and soaring gas prices.
  • “I haven’t talked to a logger in the last few years that is actually making money,” its owner said.

A family-run logging business in North Carolina is shutting down after being unable to cope with accelerating inflation and soaring gas prices.

Bobby Goodson, who set up Goodson’s All Terrain Logging 37 years ago, said that he couldn’t find a way to keep the business running.

“I haven’t talked to a logger in the last few years that is actually making money,” Goodson said in a video posted on his YouTube channel on May 10, where he announced that he was closing his business.

Goodson said that he was going to start selling off his equipment. “I can’t park the stuff for six, eight months, a year waiting for the economy to turn around,” he said.

Fuel prices have been soaring in the US as a result of post-pandemic demand and the conflict in Ukraine. As of Monday, regular gasoline cost $4.491 per gallon on average, up $1.463 from the same time a year ago, per the US Energy Information Administration, an increase of nearly 50%. Though crude oil prices have eased recently, oil refiners have become a bottleneck in the energy market, pushing up gas prices.

“When you got a fleet of trucks, and you’re running probably 700 to 800 miles a day, a truck is going to get five miles to the gallon,” Goodson told News Channel 12, an ABC-affiliated network. “That fuel increase kills you. And so I didn’t see any way out.”

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