Senate Passes Credentialing Reform Bill Championed by ATA

Futures lost 0.3 percent in New York after rebounding Tuesday from the biggest drop in a week. Motor fuel stockpiles gained by 1.4 million barrels last week, while crude inventories fell by 3.6 million barrels, the American Petroleum Institute was said to report. Energy Information Administration data Wednesday is forecast to show both gasoline and crude stockpiles decreased. U.S. crude stockpiles at Cushing, Oklahoma, the delivery point for WTI and the biggest U.S. oil-storage hub, dropped by 462,000 barrels last week, said the API, according to people familiar with the data. Nationwide crude inventories probably decreased by 3.48 million barrels last week, while gasoline supplies slid 1.25 million, according to analysts surveyed by Bloomberg. Click Read More below for additional detail.

California rang in the new year by delaying enforcement of its "Advanced Clean Fleets" Regulation, which requires trucking companies operating in the state to purchase an increasing percentage of electric trucks in the coming years. While enforcement was slated to begin this week, officials at the California Air Resources Board agreed to pause the registration and compliance requirements until the U.S. Environmental Protection Agency grants the regulation a green light to proceed. It's an inauspicious start for a program that's on a clear collision course with reality. Reporting from the Wall Street Journal validates what ATA has been telling lawmakers for many months: the charging infrastructure, power generation and transmission, product performance, and operational parity required for such a policy to succeed are nowhere near ready. The WSJ report illustrates how even drayage operators—those who run short-haul routes to and from ports and other intermodal facilities—are struggling to charge their equipment and maintain deliveries on time.

Disruptions caused by attacks on cargo ships in the Red Sea have once again created volatility in retail supply chains, leading to delays and increased costs. That's according to the Global Port Tracker report by the National Retail Federation and Hackett Associates. Jonathan Gold, NRF VP for supply chain and customs policy, noted that retailers are working with their carrier partners on mitigation strategies to limit the impact of the disruptions caused by the attacks, "but we are seeing longer transit times and increased costs as a result.” To help retailers navigate supply chain challenges, NRF 2024: Retail’s Big Show will feature a special one-day program — Supply Chain 360 Summit — on Sunday, Jan. 14, 10:00 a.m. - 3:45 p.m. (ET), at the Javits Convention Center, New York City.