News Briefs - Nov. 3
The Latest Headlines:
- AAA-Chicago Opposed to Raising Truck Speed Limits
- Employers Win Delay in Ergonomics Guidelines
- Boyd Bros. Reports 3Q Loss
- J.B. Hunt Chairman Signs Stock Deal
- Minister: OPEC to Maintain $25-a-Barrel Oil Price
- Fee Repeal Urged in Illinois
- Employers Win Delay in Ergonomics Guidelines
AAA-Chicago Opposed to Raising Truck Speed Limits
The AAA-Chicago Motor Club said Monday it is opposed to legislation that would allow trucks to operate at the same speed as passenger vehicles on four-lane highways outside of urban areas.It said in a statement it urged Illinois legislators to uphold Governor Blagojevich's veto of the legislation that would raise truck speed limits to 65 mph because "motorists' safety would be unduly compromised."
"If speed limits for trucks are increased to 65 mph, the reality is that many trucks will be traveling in excess of 70 mph," said Steve Bernth, president of AAA-Chicago. “Having an 80,000-pound truck traveling in excess of 70 mph is a very intimidating and dangerous proposition for Illinois motorists." Transport Topics
Employers Win Delay in Ergonomics Guidelines
Employer groups have successfully stalled and possibly killed an influential nonprofit group's effort to draft voluntary ergonomics regulations, the Wall Street Journal reported Monday.Under the Clinton administration, the Occupational Safety and Health Administration enacted mandatory ergonomics rules, but Congress killed them after President Bush took office. OSHA has since started crafting industry-by-industry voluntary guidelines, the Journal said. (Click here for related coverage.)
The employers' victory came after the National Safety Council abandoned its role as overseer of a 13-year effort to craft ergonomics guidelines for the American National Standards Institute.
Employers said American National Standards Institute-certified guidelines would have been a powerful weapon for OSHA, putting all industries on notice that there are widely agreed-upon steps they should take to protect workers. Transport Topics
Boyd Bros. Reports 3Q Loss
Flatbed carrier Boyd Bros. Transportation Inc. said late Friday its net loss for the third quarter was $421,516 or 16 cents per share, compared with a net income of $495,074 or 18 cents a year earlier.Operating revenues for the quarter rose 2% to $34.1 million, the company said in a release.
Despite the loss Chief Executive Officer Gail Cooper said the company "witnessed several encouraging trends that reinforce our view that the economy - and our markets - continue to strengthen."
The company said the loss was due to higher insurance and claims expense related to the establishment of reserves for two accidents during the quarter. Transport Topics
J.B. Hunt Chairman Signs Stock Deal
J.B. Hunt Transport Services Inc. said Friday that Chairman Wayne Garrison had entered into a three-year prepaid contract for 400,000 shares of common stock.Under the terms of the deal, Garrison would receive an up-front payment, discounted from the market price of the stock. He must then deliver a specified number of shares at the expiration of the three-year contract.
However, if the market price of the stock appreciates, he would retain a portion of the 400,000 shares subject to this transaction.
"This plan does not in any way reflect on my confidence in the future direction and opportunity of J.B. Hunt Transport," Garrison said.
J.B. Hunt is ranked No. 12 on the 2003 Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Minister: OPEC to Maintain $25-a-Barrel Oil Price
Saudi Arabia's oil minister Ali al-Naimi said that OPEC is committed to maintaining oil prices at $25 a barrel, Bloomberg reported.He also dismissed Venezuela's recent suggestion that oil cartel should raise its target price to $32 a barrel. Ten members of OPEC except Iraq agree to restrain supply to keep the price of their oil index between $22 and $28.
Bloomberg also reported that Iraq's crude-oil exports through its biggest Persian Gulf terminal rose to 1.2 million barrels a day in October, 20% more than a month earlier.
The cartel is scheduled to meet Dec. 4, Bloomberg said. Transport Topics
Fee Repeal Urged in Illinois
The Truck Renting and Leasing Association and the Illinois Transportation Association are encouraging state legislators to pass a bill repealing recently signed legislation that increased vehicle registration fees as much as 36%, TRALA said in a statement.TRALA said it had begun efforts to get House Bill 3851 passed. The bill would nullify the recently enacted Commercial Distribution Fee.
Gov. Rod Blagojevich signed the CDF bill in June. The bill raised registration fees 36% for vehicles weighing more than 8,000 pounds.
The fee was included in the governor’s 2004 budget along with a tighter rolling-stock exemption that requires vehicles to run 51% of their miles interstate to qualify for sales tax breaks. Previously, companies qualified for the rolling-stock exemption if they ran 15 interstate trips per year.
TRALA said that the impact of the tightening and the CDF requirements effectively increases fees by 36% and urged legislators in the state to overturn it. Transport Topics
This story appeared in the Nov. 3 print edition of Transport Topics.
