Editorial: Thank You, Mr. President
img src="/sites/default/files/images/articles/printeditiontag_new.gif" width=120 align=right>President George W. Bush showed us, and the nation, how much trucking matters to him and to the country last week when he took time out of his extraordinarily busy schedule to meet with a large group of ATA members and leaders.
President Bush told us of his commitment to removing Iraq’s weapons of mass destruction and to improving economic growth here and around the world. He also talked about his opposition to increases in fuel taxes, his support for more highway spending and for permanently removing inheritance taxes.
It was a wonderful gesture on the president’s part, and it illustrated his administration’s understanding of the vital role trucking plays in the U.S. economy.
The average price of diesel fuel across the nation skyrocketed by 12 cents a gallon last week to $1.662, less than 1 cent below the all-time high.
It was even worse in some regions. According to the Department of Energy, diesel rose by 14.5 cents last week to $171.6 a gallon along the East Coast.
One year ago, the average price of diesel was $1.153, or almost 51 cents a gallon cheaper. The latest average is thus more than 44% higher than a year ago.
The trucking industry needs some relief, and quickly. And we believe the fastest way to get some help would be in the form of a release of fuel from the U.S. Strategic Petroleum Reserve.
If the president were to authorize such a release, we believe it would have an immediate and marked impact on retail fuel prices, just as it did in 2000 when the White House ordered an SPR release at a time when the diesel price was setting its record high.
Earlier this month, ATA President Bill Graves asked President Bush for help. Graves said trucking appreciated Bush’s decision to delay the delivery of new petroleum to the SPR in order to relieve some pressure on oil supply and prices.
But, as Graves wrote, “We believe a release from the SPR may be the best option to avert a potential crisis in the domestic refinery system as a result of extremely tight crude oil stocks. Releasing crude from the SPR will help inventories grow and reduce pressure on crude prices,” and reduce future jumps in the retail price.
We need your help, Mr. President.
This article appears in the Feb. 17 edition of Transport Topics. Subscribe today.
