Biden and critics at each other’s throats over escalating diesel prices
Good morning! It’s American Football Day. 🏈 I know we’ll be enjoying a game this afternoon.
But in other news… the transportation industry is dealing with the brunt of the sky-high diesel prices and industry leaders are pointing to shortages and regulations impacting operations and the bottom line. President Biden has placed the blame on oil companies, suggesting that these business goliaths are hiking profit margins to take advantage of struggling Americans.
Check out today’s featured article from Fox Business to read about the debate between President Biden and his critics regarding the culprit behind growing diesel prices amid shortage concerns. ☕️
Featured Article:
Trucking, oil companies ramp up warnings on diesel shortage: 'We put ourselves in this situation' | Fox News
“Biden goes after oil industry with diesel prices expected to jump in winter months.”
Trucking & Safety Issues 🔎
Small trucking companies are falling victim to more theft
In a Jonesboro, Arkansas truck repair show last Tuesday, a group of thieves stole 25 18-wheeler tires during the night. While video surveillance shows the group showing up in a white SUV, they deflated the tires and loaded a trailer with the stolen contraband in less than 60 seconds.
Hits like this are becoming more frequent around the country. When equipment is stolen, trucking companies are looking at somewhere between $3k to $4k per day of losses while waiting for replacements.
Earnings & Peak Season 🎄
Carriers are frustrated with lack of peak season demand in Q3
Typically, peak season is an extremely busy time for trucking companies… but also very profitable. However, that strong freight cycle seems to be fizzling out.
Before peak season, carriers were seemingly largely optimistic and stocking up ahead of the holidays, preparing for the usual rush. But as the final two weeks in September unraveled and transportation capacity began to loosen and pricing began to plummet… it seems that carriers are expressing their disappointment.
Let’s Get Global 🌎
🇲🇽 American companies are nearshoring at a rapid rate and where China loses, Mexico gains. The U.S. supply chain issues have forced companies to reconsider their sourcing and operations strategies and many have decided to bring everything back close to the chest. Those who aren’t bringing their business back to domestic soil are taking a long look at America’s southern neighbor, Mexico. The momentum of the near-shoring trend could be the opportunity of a lifetime for Mexico as U.S. companies begin to invest in facilities in the Latin American country. Mexico would be wise to capitalize on the tensions between China and the United States.
The Workday Dash is an aggregation of articles regarding the transportation logistics, trucking, and supply chain industries for November 28, 2024, from iLevel Logistics Inc.