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Released: February 20, 2008
Diesel Spikes 11.6 Cents to $3.396
The national average retail price for a gallon of diesel jumped 11.6 cents this week to $3.396, the U.S. according to a report from the U.S. Department of Energy reported to NASSTRAC on Monday. This dramatic increase, after two weeks of little change, preceded a surge in the crude oil market. West Texas Intermediate for March delivery closed Friday at a five-week high of $95.50 on the New York Mercantile Exchange. In midday trading last Tuesday, after the president's day holiday, crude oil futures hit an all-time high of $100.10 per barrel as speculation mounted that OPEC would soon cut production.
Click here to view a graphical representation of regional diesel fuel fill prices.
Industrial Production Climbs Slightly in January
U.S. industrial production edged up slightly by 0.1 percent in January, according to a recent report by the Federal Reserve. The slight increase in production at factories, mines and utilities followed a revised 0.1 percent increase in December. This increase matched fundamental economists forecasts. Manufacturing, which accounts for about four-fifths of industrial production, was unchanged from December following a 0.2 percent gain. The share of industrial capacity in use was unchanged at 81.5 percent, according to the Federal Reserve. The factory sector is one of trucking’s largest and most important customers.
Political Perspectives: Obama Proposes Infrastructure Spending
Democratic presidential hopeful Barack Obama sees infrastructure spending as one of his platform issues. The U.S. senator from Illinois is calling for billions of dollars in new funding for highways, bridges, airports and waterways through a National Infrastructure Investment Bank. His $210 billion economic stimulus package, unveiled at a campaign stop Feb. 13 in Wisconsin, includes plans to invest $60 billion in a fund that would generate hundreds of billions of dollars in infrastructure funding over the next 10 years. In a speech at a General Motors automotive plant in Janesville, Wis., Obama injected freight transportation and infrastructure into his campaign: "Right here in Wisconsin, we know that $500 million of freight will come through this state by 2020, and if we do not have the infrastructure to handle it, we will not get the business.” The initial $60 billion investment he’s recommending would be funded by ending the war in Iraq, Obama said. "This investment will multiply into almost half a trillion dollars in additional infrastructure spending and generate nearly 2 million new jobs." NASSTRAC will continue to report on the candidate’s positions on key transportation issues as they develop.
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Industry News