P.M. Executive Briefing - Sept. 19
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Oil Prices Keep Rising, Near $37 Mark
Crude oil remained on a 10-year high this week, going over the $37-per-barrel mark Monday before hitting $36.85 a barrel on the New York Mercantile Exchange, Bloomberg reported.The week's distillate inventory report, expected late Tuesday, will likely show supplies below 1999 levels, the article also noted.
The ever-rising oil prices are beginning to bite into profits, as companies ranging from vehicle parts makers - like Dana, Eaton and Rockwell - to tire maker Michelin to aluminum giant Alcoa are all warning of lower-than-estimated quarterly results, said another Bloomberg report.
Los Angeles Transit Strike Goes On
Los Angeles-area transit workers continued their strike for a second day, and commuters got out bicycles, scooters and other methods of transportation, the Associated Press reports.Approximately 450,000 people have had to find another way to work, school and other places in Los Angeles due to the strike, the article said. Traffic on the freeways rose 5% Monday, AP noted, adding about 30 minutes to the average drive for many, including truckers serving the city and nearby ports of Los Angeles and Long Beach.
A meeting between representatives of both sides was scheduled for Tuesday afternoon, but contract talks will not yet resume, AP reported. Transport Topics
Yellow Customers Can Now Talk to Customer Service Over the 'Net
Motor carrier Yellow Freight announced Tuesday it has launched Yellow Live/Voice, a new e-commerce service on its Web site.Using FaceTime and HearMe technology, Yellow customers can converse with customer service representatives via the Internet, on computers equipped with microphones and speakers. Customers without microphones can type questions and hear answers, while those without a microphone or speakers can still communicate with representatives through a real-time chat, Yellow said. Transport Topics
Suburban Chicago Politicians Urge End to Illinois Gas Tax
A congressman from one of Chicago's south suburban districts, a state representative and the mayor of Lansing, Ill., gathered Monday at a vacant gas station in Lansing, to urge the state legislature and governor to permanently end the state sales tax on gasoline, the Chicago Tribune reports.The backdrop was symbolic, as the station went out of business because residents of that town drove across the nearby state line to buy gas in Indiana, where it is cheaper, the Tribune said.
Illinois' 5% gas tax has been temporarily suspended until Dec. 31 in an attempt to counteract rapidly rising gas prices from earlier this year, the Tribune noted. Transport Topics
U.S. Senate Okays China Measure; Biggest Trade Bill Since Nafta
The U.S. Senate on Tuesday passed a bill to normalize U.S-China trade relations and pave the way for that country to enter the World Trade Organization, in what is widely seen as the biggest foreign trade bill since the North American Free Trade Agreement.Passage sends the bill to President Clinton, who is waiting to sign it. This is expected to propel even more international trade in coming years with the world's most populous nation.
That would mean more business for trucks employed in hauling goods for foreign trade. That ranges from long-haul companies moving intermodal containers across country to harbor truckers in local moves, or trucks that serve regional air cargo hubs for international freight.
Already this year, intermodal industry sources and express delivery firms alike have credited the still-strong international trade sector for propelling overall shipments, while domestic-only shipments have cooled. Transport Topics
ShipServ, Emery Team Up for E-shipping
E-business server ShipServ and global heavy-cargo shipper Emery Worldwide have teamed up to provide access to shipping services via the Web, the companies announced Tuesday.Users can receive quote and place orders for Emery's shipping services using ShipServ's Internet tools.
Emery is a subsidiary of CNF Inc. and offers air and ocean freight transportation, logistics management and customs brokerage services to a variety of industries. ShipServ spe-cializes in e-business offerings for the worldwide maritime shipping industry. Transport Topics
ATA's McCormick Will Meet With DOE Secretary on Fuel Cost
American Trucking Associations President and Chief Executive Officer Walter McCormick Jr. will meet Wednesday with U.S. Energy Secretary Bill Richardson, seeking respite from high fuel prices for the trucking industry, ATA announced.Earlier this month, McCormick wrote to President Clinton warning of the potential devastation that continually rising fuel prices could wreak on trucking and the U.S. economy.
The ATA chief will again call for the administration to draw oil from the nation's Strategic Petroleum Reserve to provide relief, according to the announcement.
McQuaid Steps Down as NPTC President, CEO
John McQuaid has resigned as president and chief executive officer of the National Private Truck Council (NPTC), effective immediately, the organization announced Tuesday.McQuaid will continue with Alexandria, Va.-based NPTC as a consultant for three months to assist the transition, according to the announcement. A search for a new president and CEO has begun, NPTC Chairman Dan Smith said.
The council represents about 900 companies that operate their own truck fleets for what are mainly non-trucking businesses, such as retailers, as well as companies offering products or services to the trucking industry. Transport Topics
Headlines From Today's A.M. Briefing
- Diesel Price Continues to Soar; Sets New Record
- FedEx's 1Q Profit Grows; Postal Alliance Plan Questioned
- Protests Continue in Europe, Spread to Middle East
- Parts Supplier Rockwell Warns of Lower-Than-Expected 4Q
- Western Star Shareholders OK Freightliner Deal; Dina Contract Reported Dropped
- DaimlerChrysler Wants Chinese Partner
- Continental Announces Tire Recall
- Supplier Federal-Mogul Changes Leadership; Warns on 3Q Earnings
- Intrenet's Roadrunner Unit Finishes Trailer Fleet Change
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