News Briefs - Sept. 23
The Latest Headlines:
- Va. Considers Ways to Improve I-81
- CTA 'Pleased' With Driver Hours Rules
- FedEx Express Upgrades Aircraft
- Survey Sees New Fed Rate Cut Unlikely
- Abraham Says High Oil Prices Hurt Global Economy
- Hurricane, War Threat Inflate Oil Price, Observers Say
- Canada Kicks Off National Trucking Week
- CTA 'Pleased' With Driver Hours Rules
Va. Considers Ways to Improve I-81
Virginia state transportation officials were scheduled to begin taking proposalsriday for improving a 325-mile stretch of Interstate 81, the Associated Press reported.
he highway runs north-south through the western part of the state between
he state's Department of Transportation has suggested that contractors consider separating commercial and personal vehicles with designated lanes or roadways, building a parallel rail line to remove some passenger and commercial traffic or installing fiber optic cable along the corridor, AP said.
Earlier this year, a consortium of 25 companies called Star Solutions proposed widening I-81 and restricting two toll lanes for trucks.
VDOT returned the proposal Aug. 2 to allow for more competition between contractors before deciding what to do, AP said. Transport Topics
CTA 'Pleased' With Driver Hours Rules
The Canadian Trucking Alliance said Friday it was pleased with the country's new standard for governing the hours a truck driver can work, calling it a step forward in improving highway safety.Under the new rules, the maximum driving time is reduced to 13 hours per day and 70 per week from 16 and 104, respectively, the CTA's release said.
The rules also require drivers to stop driving for a minimum of 36 hours once they reach 70 hours of work. Minimum daily rest periods will be increased by 25% from 8 to 10 hours. Transport Topics
FedEx Express Upgrades Aircraft
FedEx Express said Monday it has increased its capacity for heavyweight air shipments between Asia and Europe by upgrading to a MD-11.The subsidiary of FedEx Corp. its capacity has increased by 100,000 pounds, and it allows for later cut-off times for shipments to Western Europe, and earlier flight arrivals.
FedEx is ranked No. 2 on the 2002 Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
(Click here for the full press release.)
Survey Sees New Fed Rate Cut Unlikely
A USA Today survey of 51 economists Monday predicted that the policymaking body of the Federal Reserve will leave interest rates at the current level when it meets Tuesday.A change in interest rates can change the spending habits of both consumers and corporations affecting demand for trucking services.
The group surveyed said rates would stay at at 1.75% -- a 40-year low. They also said they believed that the U.S. economy would continue to grow, avoiding a so-called "double-dip" recession.
Continued low interest rates will likely spur activity in the home sales and consumer spending, the survey said. Transport Topics
Abraham Says High Oil Prices Hurt Global Economy
U.S. Energy Secretary Spencer Abraham said Saturday current high oil prices and volatility in the market could harm global economic growth, the New York Times reported.High prices for oil can translate into high diesel fuel prices.
Speaking at the International Energy Forum, a gathering of ministers from 65 countries, Abraham warned if industrialized nations experience an economic slump due to paying more for oil, it would also damage developing economies.
The International Energy Agency, the forum's sponsor, released a study saying the global economy will become even more dependent on oil from the Middle East over the next three decades, the Times reported. Transport Topics
Hurricane, War Threat Inflate Oil Price, Observers Say
The price of crude oil rose 48 cents a gallon on world markets Monday, reacting to controversy over weapons inspections in Iraq and a hurricane threat in Mexico, Bloomberg reported.The price of diesel fuel typically tracks the price of crude oil.
Brent crude hit $28.91 a barrel on the International Petroleum Exchange, Bloomberg said, citing concern an attack on Iraq could would disrupt Middle East oil supplies.
Adding to concern over oil supply was a report by the Associated Press that Mexico's state oil company had evacuated 8,000 workers from oil platforms in the Gulf of Mexico after Hurricane Isadore hit the country's Yucatan Peninsula.
Mexico is the third-largest exporter of oil to the U.S. Transport Topics
Canada Kicks Off National Trucking Week
National Trucking Week 2002 got under way Sunday in Canada with a wide variety of special events, an Ontario Trucking Association release reported. The celebration runs Sept. 22-29.The release said the annual event is held to spotlight the contributions made by the over 400,000 men and women who keep Canadian freight moving.
Among the events sponsored by the OTA are discounted truck stop meals, free truck washes, safety presentations, special newspaper sections and special contests and giveaways at the Canada's National Truck Show, Truck World 2002, set for Sept. 26-28 at the National Trade Centre, CNE Grounds in Toronto. Transport Topics
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