Oil prices stabilized on Monday after one of the most bearish weeks in months, propped up by OPEC comments signaling the group and other producers may take further action to restore market balance in the long term. Oil production platforms in the Gulf of Mexico started returning to service after Hurricane Nate had forced the shutdown of more than 90 percent of crude output in the area. The prospective restarts kept price gains in check. “Oil is having trouble to find direction. Mixed signals keep investors busy changing their minds,” said Hans van Cleef, senior energy economist at ABN Amro. Click Read More below for more of the story.
The American Trucking Associations was joined by eight trucking organizations and affiliates in a renewed effort to repeal the outdated and counterproductive federal excise tax, or FET, on heavy-duty trucks and trailers.
The coalition sent a letter to the leaders of Senate Finance Committee and House Ways & Means Committee to express strong support for the Modern, Clean, and Safe Trucks Act. The bipartisan legislation would repeal the FET and immediately reduce the cost of new, cleaner, and safer trucks by 12 percent, making it easier for fleets to upgrade their equipment.
“Eliminating this tax will remove a barrier to retiring older trucks that lack modern emissions control and safety technologies, allowing owners to replace them with modern, clean models that are safer and more environmentally friendly,” the coalition wrote.
“Our coalition is grateful to the House and Senate champions of the Modern, Clean, and Safe Trucks Act (H.R. 1440, S. 694) for once again putting forward legislation that will help the trucking industry unleash the latest technologies,” the coalition continued. “Stakeholders across the trucking supply chain stand ready to work with those champions and other leaders in Congress to advance this important proposal. As the Senate Finance Committee and House Ways & Means Committee consider tax policies to continue growing our economy, we are grateful for your consideration of repealing the outdated FET.”
Nearly half of the trucks in America’s trucking fleet were manufactured prior to 2010. Each new clean-diesel truck will reduce emissions by 83% compared to the pre-2010 model power unit it replaces on our highways.
more at: https://www.trucking.org/news-insights/ata-led-coalition-urges-congressional-leaders-repeal-fet