AAA Daily Fuel Gauge Report for Friday, 2/12/21

National Average Price for Regular Unleaded Current: $3.587; Month Ago: $3.581; Year Ago: $4.440. National Average Price for Diesel Current: $3.873; Month Ago: $3.897; Year Ago: $5.476.

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index decreased 0.3% in April after increasing 2.3% in March. In April, the index equaled 114.7 (2015=100) compared with 115.1 in March. “After a revised increase in March of 2.3%, the April index declined just slightly,” said ATA Chief Economist Bob Costello. “The outlook is solid for tonnage going forward as the country approaches pre-pandemic levels of activity, with strong economic growth in key areas for trucking – including retail, home construction and even manufacturing. “Additionally, the index increased on a year-over-year basis for the first time since March 2020. Part of the reason for the gain was due to an easy comparison with when the index fell significantly in April 2020,” he said. “But I’m expecting increases, albeit smaller than April’s, on a year-over-year basis going forward. Trucking’s biggest challenges are not on the demand side, but on the supply side, including difficulty finding qualified drivers.”

Among the key findings in ATA Freight Transportation Forecast 2023 to 2034 are: *Overall truck tonnage will grow from an estimated 11.3 billion tons this year to 14.2 billion tons in 2034. This represents 72.4% of the freight tonnage in 2023 and 72.6% of tonnage at the end of the forecast period. *Trucking’s revenues will grow from $1.01 trillion in 2023 to $1.51 trillion in 2034, which will account for 78.8% of the freight market. *In other modes: o As coal and bulk petroleum shipments wane over time, rail carload tonnage will fall from 11% of total freight to 10.1% by 2034. o Rail intermodal revenues will grow from $21.7 billion in 2023 to $35.2 billion in 2034. o Air cargo tonnage will grow from 17.6 million tons this year to 23.7 million tons in 2034. o Pipelines will see their share of freight tonnage grow from 9.8% in 2023 to 10.4% in 2034.