Oil dropped to the lowest in seven months amid a revival in output from Libya and rising volumes of fuel held in floating storage.
Futures lost as much as 2.9% in New York after falling 1.2% June 19. Libya is pumping the most crude in four years after a deal with Wintershall AG enabled at least two fields to resume production. The amount of oil stored in tankers reached a 2017 high of 111.9 million barrels earlier this month, according to Paris-based cargo tracking company Kpler SAS.
DECATUR, Ill. — More than three years after state grants were authorized to help develop the Midwest Inland Port, the city of Decatur, Ill., is still waiting.
The city of Decatur was awarded funding from the state Department of Transportation and Department of Commerce and Economic Opportunity in 2014. The money was meant to pay for studies of the transportation needs related to the port, identify necessary improvements and estimate their cost.
Work still hasn’t started because of a holdup with funding, according to a memo distributed to council members.
A new U.S. Department of Transportation drug testing report shows that the overall 2016 lab-reported positive drug test rate for truck drivers and other DOT security-sensitive employees rose to its highest level since at least 2009, including year-over-year increases in three of five drug categories.
However, despite the rate increase, the actual number of people who tested positive for several drugs declined year-over-year, due to about 800,000 fewer tests administered in 2016.
FedEx Corp. reported profits grew year-over-year, increasing 65% over the last 12 months and easily beating the Bloomberg News consensus forecast on both an annual and quarterly basis.
WASHINGTON — Executives in the manufacturing sector should view reforms to the tax code in aspirational ways to help Congress advance such reforms this year, House Speaker Paul Ryan (R-Wis.) said June 20.
Former Illinois Department of Transportation Secretary Ann Schneider was unanimously hired by the Will County board June 16 to implement the Community Friendly Freight Mobility Plan that she helped create after amending her proposed contract.
A debate also was sparked on whether to allow citizens in Eastern Will County another chance to comment on the mobility plan, since an open house slated in Crete was cancelled.
Schneider, who now has her own consulting firm, also previously served as chair of the National Freight Advisory Council and was assistant state comptroller.
SmartTruck announced truckload carrier U.S. Xpress will include its fuel-saving TopKit Aero System on all its trailer builds in 2017.
The specific number of trailers was not disclosed.
The aerodynamic feature weighs 63 pounds, according to Greenville, S.C.-based SmartTruck, and its components redirect high-energy airflow from roof and from around the back corners into a low-energy wake.
WASHINGTON — Rep. Peter DeFazio is never far from home. His small office at the Rayburn House Office Building is a bona fide southwest Oregon visitor center. Visitors are greeted by posters of college football matchups featuring Oregon schools, photos of the Pacific coast and majestic mountains and a cute little beaver reminiscent of a Gund stuffed animal by the front desk.
CSX Corp. has officially agreed to pay $84 million as part of the process to bring Hunter Harrison on board as the CEO, executing an agreement on June 16 that shareholders approved earlier in the month.