Oil Prices Hit 29-Month High
The price of crude oil rose past $104 a barrel Friday to end the week at the highest level since September 2008, as bad news from Libya and good news about the U.S. economy spurred supply-demand worries
The price of crude oil rose past $104 a barrel Friday to end the week at the highest level since September 2008, as bad news from Libya and good news about the U.S. economy spurred supply-demand worries.
The price of crude oil for April delivery ended the week at $104.42 on the New York Mercantile Exchange, the highest since September 2008. Sunday, the Obama administration said it is considering tapping the Strategic Petroleum Reserve in response to rapidly rising fuel prices brought on by the uncertainty in the Middle East.
Fighting in Libya has most oil production shut down. Friday, forces loyal to Moammar Gadhafi used tear gas against protesters in Tripoli, and rebels attacked the oil port of Ras Lanouf.
Saudi Arabia has increased production to make up for the loss of oil from Libya, but investors are worried that a long struggle could put pressure on world oil supplies. North Africa and the Middle East export a quarter of the world's oil.
Meanwhile, good news on the economic front back home has raised expectations of increased demand for oil. The Labor Department said Friday that unemployment rate dropped to 8.9 percent in February, retailers reported surprisingly strong revenue gains in February, and manufactured goods shipments were up in January.
The Energy Department said demand for petroleum has grown for four straight weeks, resulting in drops in the nation's oil and fuel inventories.
White House Chief of Staff William M. Daley told "Meet the Press" on NBC that although tapping the Strategic Petroleum Reserve is "something that only has been done on very rare occasions," that "It's something we're considering."
Opening the reserve would increase domestic oil supply and tend to push down prices. The Strategic Petroleum Reserve was established in response to the Arab oil embargo of 1973-4. It was tapped most recently in September 2008 in response to Hurricanes Gustav and Ike.
On the other hand, Energy Secretary Steven Chu said on Friday that while the administration is watching the situation closely, he's concerned about being "totally reactive."
More Drivers
Platform Science Adds Dispatch and Safety Tools
Four additions to PS Fleet help fleets monitor loads, manage driver coaching, share truck locations and adjust video system settings.
Read More →
When Language Stops the Truck: The Return of ELP Out-of-Service Orders
English language proficiency rules for commercial drivers aren’t new, but renewed out-of-service enforcement has raised the stakes. Here’s what carriers need to know before a driver reaches a roadside inspection.
Read More →
Samsara Launches Custom AI Agent Builder
Agent Studio lets fleets create AI tools for hours-of-service monitoring, reporting and driver support, including agents that communicate by phone.
Read More →
Trucker Path Expands Reserved Parking Network
Trucker Path has added close to 6,000 more truck parking spaces to its Trucker Path Reserved Parking Network with the addition of Safe Truck Parking.
Read More →
EEOC Sues Texas Trucking Company Over Driver Age Limits
The agency says Trancasa USA rejected applicants over 65 and applied tougher driving-record standards to those over 60.
Read More →
Nussbaum, Roehl Announce Second Driver Pay Increase This Year
This year has seen a swath of major truck driver pay increases as freight capacity has tightened.
Read More →
From One Generation to the Next: How Mentorship Builds Safer Truck Drivers
After three decades in trucking, Harold Perry shares what he's learned about driver safety, mentorship, and helping the next generation build confidence behind the wheel.
Read More →
Truck Drivers Need More Than Another Alert
Fleets have more visibility into truck health, safety events, and driver activity than ever. The next challenge is turning all that information into useful guidance for the person who has to decide what to do next.
Read More →
FMCSA Removes 110 Truck Driver Training Schools from Certified ELDT List
Federal regulators also are targeting more than 160 additional training providers and launching a nationwide audit of third-party CDL skills testers as part of a broader crackdown on trucking fraud.
Read More →
Hours of Service Pilot Programs: FMCSA Readies for 2027 Rollout
Two pilot programs could eventually reshape hours-of-service rules, giving truck drivers options to pause their 14-hour clock or use longer split sleeper rest periods.
Read More →