Yellow Freight System hopes to bring down its fuel expenses by joining with other major buyers in an Internet-based venture designed to streamline transactions among companies.
A sort of Petroleum Price Club, the new venture is called the American Petroleum Exchange, with offices in Rockville, Md. It will start operations this summer.
In addition to Yellow, charter members are United Parcel Service, Wal-Mart Stores, Ryder Transportation, Tyson Foods, American Freightways, FedEx Ground, The Pantry and Moran Towing.
Stephen Gloyd, vice president of the exchange, said the combined charter members will purchase more than 6 billion gallons of fuel a year. He said various fuel purchase deals are available, including auctions and a variety of fixed-price deals.
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