Coronavirus
US Imports No Saudi Crude Oil for First Time in 35 Years
The U.S. didn’t import any Saudi crude the week of Dec. 28 for the first time in 35 years, a reversal from just months ago when the Kingdom threatened to upend the American energy industry by unleashing a tsunami of exports into a market decimated by the pandemic.
TRB Hosting Virtual Annual Conference
The coronavirus pandemic’s impact on transportation modes, the role of transit, and technological advancements will dominate this year’s annual conference of the Transportation Research Board.
MATS Postpones March Event
The 50th anniversary of the Mid-America Trucking Show has been postponed due to COVID-19 concerns.
January 5, 2021US Manufacturing Gauge Expands at Fastest Pace Since 2018
A measure of U.S. manufacturing expanded in December at the fastest pace in more than two years, bolstered by a pickup in new orders and the strongest growth in production since 2011.
Pricier Vehicles Seen Driving Rebound in US Auto Market
Demand for higher-priced vehicles from retail buyers at the end of 2020 helped lift U.S. auto sales out of a springtime slump and buffered the impact of a sharp drop in fleet sales to rental car companies.
Manufacturers Rethink Supply Chains, Eye Reshoring After Events of 2020
A trade war with China and the disruptive effects of the COVID-19 pandemic have U.S. companies starting to question a decades-old strategy of shifting manufacturing operations to low-cost labor markets in China and other Asian nations.
OPEC+ Meets to Discuss Output Hike, With Saudis Urging Caution
Saudi Arabia urged caution as OPEC+ gathered to discuss whether to hike supply again in February, with many countries wary of undermining a fragile recovery.
January 4, 2021McConnell Blocks Democrats’ Bid to Pass $2,000 Stimulus Checks
Senate Majority Leader Mitch McConnell on Dec. 29 blocked an attempt by Democrats to force quick action on increasing direct stimulus payments to $2,000 despite President Donald Trump’s demands for the change.
Fed Extends Main Street Program to Process Last Submitted Loans
The Federal Reserve has delayed the termination of the Main Street Lending Program to Jan. 8, from Dec. 31, to finish processing loans submitted by a Dec. 14 deadline to tap its funds.
Crude Climbs in Wake of Weaker Dollar, Expected Supply Drop
Oil advanced with support from a weaker dollar and expectations of declining U.S. crude inventories.