P.M. Executive Briefing - Sept. 25

• Headlines From Today's P.M. Briefing

European Union May Follow U.S. Lead, Release Own Reserve

EU law states that countries can have 80 days' worth of oil stockpiled and the commission can instigate consultations among members regarding the use of those reserves, a commission spokesman told Bloomberg.

Oil prices have more than tripled in the past two years and the struggles of the euro have also raised the cost to consumers, the article said. Transport Topics

Oil Prices Down 5% Monday to Six-Week Low

Prices fell 5.6% to $30.86 per barrel on the New York Mercantile Exchange, its lowest level since Aug. 14, after hitting nearly $38 last week. On London's International Petroleum Exchange, prices fell as much as 4.3% to $29.80 per barrel, the lowest on that exchange since Aug. 22, the article said.

Meanwhile, OPEC leaders meet this week in Caracas, Venezuela. Venezuelan President Hugo Chavez wants to prevent fellow OPEC members from bowing to pressure from major oil-consuming countries to ensure lower prices with actions such as increased OPEC production, Bloomberg said. Chavez said in a radio broadcast this weekend that those countries calling for lower oil prices should perhaps lower the prices of the goods they sell to OPEC countries. Transport Topics

Slow-Mo Trucker Protest Hits U.S. Midwest

Bloomberg said state police confirmed the slow-driving protest that was staged over high diesel-fuel prices. The news service also reported that a trucker within the group said the convoy totaled 100-150 big rigs.

The story indicated that one of the protest issues was a push by truck owner-operators for federal legislation that would allow them to pass on fuel surcharges to companies. Transport Topics

Early Snowstorm Hit I-80, Stranding Motorists

I-80 is a major east-west route through southern Wyoming. The storm also caused a 12-car pileup on that highway east of Laramie on Saturday.

The American Red Cross estimated that 2,800 people took to its shelters in Rawlins and Rock Springs, while hotels were also jammed with stranded drivers, AP said. Transport Topics

U.S. Sets Terms for Tapping SPR

The SPR releases will be swaps that end up putting more oil back into the reserve, since oil companies must replace the supplies later along with extra oil representing a premium.

The DOE said companies could start taking delivery as early as Oct. 9, Reuters noted, but the department sees most of it being shipped during November. Companies must replace the oil from August to November 2001.

DOE Secretary Bill Richardson has also suggested the administration might decide to release more oil if this round does not sufficiently supply the domestic market, where diesel prices are the highest on record and heating oil stocks had fallen to a 20-year low. Transport Topics

Greyhound Opens New Terminal

Greyhound's national commercial sales center, which handles pre-paid orders for commercial customers like Covenant Transport, will also be housed in the new terminal.

Thirteen schedules will be offered each day from Springfield to such destinations as St. Louis, Chicago and Memphis, Greyhound said. Transport Topics

DOT's Slater Meets With Truck, Bus Industry on Safety

The other meetings will be held Sept. 28-29 and Oct. 5-6 in Washington. The administration proposed last spring changing the current hours-of-service rule to limit the number of hours behind the wheel for bus or truck drivers to 12 in a 24-hour period. Under current rules, they can drive for 10 hours and then rest for 8.

The proposed change is still out for public comment, and could be affected by negotiations this week in Congress on transportation funding. Transport Topics

KLM Cargo Increases Fuel Surcharge

The increase takes effect Nov. 1, and will amount to 15 cents for countries using the dollar for rates, the article said.

Competitors American, Korean Air, Nippon Cargo, Northwest and United have also recently raised surcharges due to fuel costs, the Journal noted. Transport Topics

CitySprint Replaces CEO

CitySprint is an international branch of Dispatch Management Services. The company offers warehousing and logistics, facilities management, point-to-point delivery and other services to customers who conduct business in one or more cities. Transport Topics

Traffic.com Debuts TrafficPulse Network in Pittsburgh

The TrafficPulse system uses roadside sensors that collect data on traffic flow, point-to-point travel times and weather forecasts, which travelers can tap to better plan their trips. That information is then available by the Internet or radio, and will soon be offered on wireless technology, the company said.

Pittsburgh is the first of four cities to receive it, with Philadelphia to follow. Transport Topics

Headlines From Today's A.M. Briefing

• Fuel Prices Fall After U.S. Oil Reserve Release Announced
• Ontario Truckers Reach Fuel Surcharge Agreement
• USFreightways Warns on 3Q Earnings
• Clinton Includes Trucks in SPR Remarks
• Trucker Protests Continue Abroad Over Fuel Costs
• CSX Rail Sets Fuel Surcharge, Completes CTI Sale
• Merger Talks Called Off in Separate Transport Deals
• Trimac Execs Offer Buyout to Take Company Private

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