Diesel Jumps 6.1¢ to $3.104 a Gallon in Single Biggest Increase of Year – roger gilroy, transport topics
"The U.S. average retail price of diesel jumped 6.1 cents — the largest single increase of the year — to $3.104 a gallon as oil climbed past $68 a barrel amid signs the supply glut is fading.
Trucking’s main fuel costs 50.7 cents a gallon more than it did a year ago, when the price was $2.597, the Department of Energy reported April 16.
It was the fourth increase in diesel’s average price after six consecutive declines. The price has risen 13.2 cents in that period.
The average price of diesel rose in all regions."
Read more here: Diesel Jumps 6.1¢ to $3.104 a Gallon in Single Biggest Increase of Year – Roger Gilroy, Transport Topics
"According to the Institute for Supply Management, the Purchasing Managers Index (PMI) rose over 10% to a February high of 60.8%. This growth puts an increased strain on our ability to deliver goods. According to the American Trucking Association, 70% of all domestic freight moves by truck. They indicated that we are about 900,000 drivers short of the number needed to effectively move our current volume of freight."
Read more here: Driving the Industry – HOS Rules in Flux – Matt Guasco, American Journal of Transportation
"On Sunday, police nationwide began enforcing rules requiring most big rigs to use electronic logging devices to record driver hours. While truckers have long been barred from driving more than 11 hours a day, the new ELDs prevent them from fudging their times on paper logs. That means more trucks are likely to be parked when drivers hit their limits. . . .
The ELD rules add another choke point for freight prices, which are already pinching earnings at companies from Cheerios maker General Mills Inc. to retailer Ross Stores Inc. A driver shortage, surging demand and rough weather already have pushed spot rates up 28 percent this year through March 23 compared with a year earlier, according to data compiled by Bloomberg.
Even longer-term contract rates, which are more stable than short-term spot prices, are expected to rise 12 percent this year, according to consulting group FTR Transportation Intelligence. That would be the highest increase in more than a decade. Contract prices rose just 3.9 percent last year."
Get more information here: Trucking Prices Set for New Surge as U.S. Keeps Tabs on Drivers – Thomas Black, American Journal of Transportation
We are atts
Proven freight brokers helping shippers and purchasing professionals navigate the complicated world of shipping.