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Government Business Safety Fuel Logistics

Oil Prices Steady as Trump Arrives for China Summit

Yuri Kageyama and Matt Ott | Associated Press

Mark Hill of PCS Software joins us to discuss logistics as TT releases the Top 100 list of the largest logistics companies in North America. Tune in above or by going to RoadSigns.ttnews.com.  

Iran oil prices crude oil Strait of Hormuz Donald Trump Tariffs

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Wall Street was mixed in premarket trading May 13 as oil prices steadied and the technology sector appeared ready to bounce back from widespread losses to start the week.

Futures for the S&P 500 rose 0.2%, while futures for the Dow Jones Industrial Average declined 0.3%. Futures for the technology-heavy Nasdaq jumped 0.7%.

Intel rose 3.1% after a 6.8% decline on May 12, while Micron clawed back all of its 3.6% loss from a day earlier, jumping more than 5% before markets opened. The artificial intelligence boom has sent both chipmakers soaring this year, with Intel shares more than tripling and Micron shares more than doubling.

Prominent U.S. executives from Big Tech and other industries will join Trump on his trip to China, including Tesla CEO Elon Musk and Nvidia chief Jensen Huang, according to a White House official.

“Corporate earnings and AI momentum are acting as the market’s primary shock absorbers, but the road is getting significantly rougher,” said Tim Waterer, chief market analyst at KCM Trade.

“With oil prices becoming entrenched at elevated levels and a diplomatic breakthrough between the U.S. and Iran remaining elusive, the easy bullish narrative is becoming much harder to maintain.”

The price for a barrel of Brent crude inched down 46 cents to $101.72. Brent crude, the international standard, slipped 17 cents to $107.60 a barrel. 

The war has essentially shut the Strait of Hormuz to oil tankers, keeping them stuck in the Persian Gulf instead of delivering crude to customers worldwide.

The resulting leap for crude oil prices, with Brent up from roughly $70 per barrel before the war, caused inflation in the United States to worsen last month by more than economists expected, the government reported May 12. In another discouraging signal, price increases accelerated by more in April than economists expected even after excluding gasoline and food costs.

The Fed has paused any interest rate cuts so far this year, as it waits to see how high inflation will go because of the war with Iran and Trump’s tariffs. That’s because lower rates can worsen inflation even while boosting the broader economy.

Traders still largely expect the Fed to keep its main interest rate steady this year, but they’re now betting on a better than 1-in-3 chance that it could hike rates by December, according to CME Group. Higher rates tend to push down on stock prices, while also slowing the economy.

Elsewhere, in Europe at midday, France’s CAC 40 rose 0.4%, while the German DAX added 0.6%. Britain’s FTSE 100 was little changed.

South Korea’s Kospi index surged 2.6% to 7,844.01, recouping recent losses. The Kospi sank 2.3% earlier in the week from an all-time high after a senior figure in the administration suggested the government may redistribute windfall AI profits from companies to citizens. Analysts said some investors were snatching the shares that got sold as the actual impact of the remarks was still unclear.

Hot Topics Iran oil prices crude oil Strait of Hormuz Donald Trump Tariffs

Oil Prices Steady as Trump Arrives for China Summit

Mark Hill of PCS Software joins us to discuss logistics as TT releases the Top 100 list of the largest logistics companies in North America. Tune in above or by going to RoadSigns.ttnews.com.  

Iran oil prices crude oil Strait of Hormuz Donald Trump Tariffs

Iran oil prices crude oil Strait of Hormuz Donald Trump Tariffs

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Qualcomm also rebounded May 13, gaining 4% after a steep 11.5% drop a day earlier.

Trump and Xi met last fall in South Korea. (Andrew Harnik/Getty Images)

Australia’s S&P/ASX 200 lost 0.5% to 8,630.40. The Hang Seng gained 0.2% to 26,388.44, while the Shanghai Composite rose 0.7% to 4,242.57.

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Government Business Safety Fuel Logistics

Trucking Groups Oppose Federal Fuel Tax Suspension Plans

“We understand and appreciate the desire to provide relief to Americans facing higher fuel costs. However, history shows that gas tax holidays deliver negligible benefit to consumers.” — American Trucking Associations, Truckload Carriers Association, and National Tank Truck Carriers

Three U.S. trucking associations have united to oppose proposals to suspend federal fuel taxes. President Donald Trump and some legislators have suggested pausing the 18.4-cent gasoline tax and the 24.4-cent diesel tax to alleviate fuel costs. Despite support from some, the suspension faces opposition due to concerns about federal debt and infrastructure funding.

What This Means for Your Wallet and Your Miles

If federal fuel taxes are suspended, the immediate savings at the pump for owner-operators and drivers are expected to be minimal. As the tax is collected at a wholesale level, the average consumer might only see about 30 cents in weekly savings.

The trucking associations argue that suspending the tax without replacing the funds could hurt highway safety and infrastructure projects, which are crucial for efficient transportation and could indirectly impact your routes.

Concerns about federal debt and deficit mean that a tax suspension could be temporary and might not provide long-term financial relief, thus maintaining your current budget strategies is advisable.

With ongoing discussions, it’s critical to stay informed about changes that could affect your operational costs and planning as a driver or owner-operator.

How much money would I save if the federal fuel tax is suspended?

The estimated savings would be minimal, about 30 cents per week, due to the tax being levied at the wholesale level.

What impact would a tax suspension have on infrastructure projects?

Without replacement funding, critical infrastructure initiatives could suffer, potentially affecting road conditions and safety essential for trucking.

Why are trucking groups against the tax suspension?

They believe the savings for consumers would be negligible and are concerned about the negative impact on infrastructure funding.

Is there a chance other states or federal policies might change regarding fuel taxes?

While individual states may propose changes, the federal proposal is currently facing mixed support and opposition.

What should I do to prepare for potential changes in fuel taxes?

Keep informed about legislative updates and maintain prudent financial planning as changes could be temporary or minimal in effect.

Trucking Groups Stand Against Federal Fuel Tax Suspension

“We understand and appreciate the desire to provide relief to Americans facing higher fuel costs. However, history shows that gas tax holidays deliver negligible benefit to consumers.” — American Trucking Associations, Truckload Carriers Association, and National Tank Truck Carriers

Three major U.S. trucking associations, including the American Trucking Associations, have opposed proposals to suspend federal fuel taxes. President Trump has suggested pausing the 18.4-cent gasoline tax and the 24.4-cent diesel tax, with support from Sen. Josh Hawley and Rep. Anna Paulina Luna. However, opposition comes from Sen. James Lankford, citing concerns over the federal debt and deficit.

What This Means for Your Wallet and Your Miles

If federal fuel taxes are suspended, you might expect some relief at the pump. But the trucking associations argue that any savings won’t significantly help consumers because the tax is collected at the wholesale level.

The proposed tax holiday could mean a mere 30 cents a week in savings for the average motorist, which is minimal against day-to-day fuel expenses.

Suspending these taxes could undermine funding for vital highway safety and infrastructure projects, potentially affecting road conditions and your routes.

Continued investment in infrastructure is crucial to maintaining the safe and efficient movement of goods, which impacts your miles and job security.

Will suspending the federal fuel tax lower my fuel costs significantly?

Not significantly. The trucking associations state that the savings would be minimal, around 30 cents a week for the average motorist.

How might a suspension of the fuel tax affect highway infrastructure?

Without the fuel tax revenues, funding for highway safety and infrastructure projects could be severely impacted, affecting road conditions and your driving experience.

Why do some politicians support the idea of a fuel tax suspension?

They believe it could provide immediate relief to consumers facing high fuel costs, even if the actual impact might be small.

What is the trucking industry’s stance on the fuel tax suspension?

The trucking industry, represented by major associations, opposes the suspension, citing negligible consumer benefits and potential risks to infrastructure funding.

How can I keep informed about changes to federal fuel taxes?

Stay updated through trucking news sources, legislative updates, and announcements from major trucking associations.