Welcome to the WHAT THE TRUCK?!? Newsletter presented by Talon Logistics. In this issue, JD Vance and freight, relief at the diesel pump, and more.
Anti-speed limiter, pro-truck parking
Trucking Elegy — Just days removed from an assassination attempt, former President Donald Trump made his pick for vice president Monday afternoon at the Republican National Convention. The pick? Millennial U.S. Sen. JD Vance of Ohio.
“Most folks probably don’t realize that 70% of American freight is transported by truck, yet incredibly there is only 1 parking spot for every 11 trucks on the road.” – Todd Spencer, president of the Owner-Operator Independent Drivers Association
Who is Vance and what does he mean for freight? While not all of his policies are clear and it’s unknown exactly what impact he would have, as senator he did co-sponsor OOIDA’s top 2 legislative priorities.
Those are S.1034 – Truck Parking Safety Improvement Act and S.2671 – DRIVE Act. According to OOIDA, “The Truck Parking Safety Improvement Act will allocate funds to create thousands of safe parking spots for trucks and make necessary improvements to existing truck parking areas.”
“We’re a non-partisan organization, but unabashedly pro-trucker.” – OOIDA spokesman George O’Connor told FreightWaves.
The Drive Act creates legislation that would prohibit the Federal Motor Carrier Safety Administration from implementing any rule or regulation mandating large commercial motor vehicles engaged in interstate commerce be equipped with a speed limiting device set to a maximum speed.
Vance also supports the Rail Safety Bill and opposes electric vehicle tax incentives. Read FreightWaves’ full breakdown here.
Rotten Tomatoes
In addition, he wrote the book “Hillbilly Elegy,” which was made into a Netflix movie. Critics may have hated it, but it scored well with audiences. You may want to stick to the book with this one, though.
Disclosure: JD Vance is an investor in FreightWaves SONAR through the Rise of the Rest fund.
Diesel down
Minor relief – The weekly diesel price has finally fallen after a four-week run-up. FreightWaves’ John Kingston reports, “The average weekly retail diesel price posted by DOE/EIA declined 3.9 cts/gallon to $3.826. It puts the price just two cents more than where it stood last year at this point in the calendar.”
Why the slight decline? Energy economist Philip Verleger calls the market “very dull.”
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Where’s the beef?
Got meat? — Cargo thieves have struck again as theft escalates across the industry. The latest victim? A reefer truck in southwest Philadelphia. Early Tuesday morning, bandits pilfered 12 pallets of meat from the truck.
Fortunately no injuries were reported, but police did warn of a recent string of thefts in neighboring north Philadelphia.
Have you been a victim of freight theft in Philly? Email me.
WTT Wednesday live from FreightWaves’ Enterprise Fleet Summit
Enterprise Fleet Summit — Don’t miss FreightWaves’ Enterprise Fleet Summit virtual event this Wednesday.
What to expect: Enterprise trucking fleets keep America moving while competing in a harsh business environment. In addition to their challenges, we see opportunities ahead for large carriers, on the technology side and in value-added services. Looking back, we’ll consider how the best-performing fleets managed through a historic downturn. Looking forward, we’ll offer forecasts and outlooks for the rest of 2024. This FreightWavesTV event will tackle the most pressing issues facing enterprise fleets today and the strategies to grow your fleet, your network, your customer base and your profit margins.
WHAT THE TRUCK?!? will also be live from the event. Check out the full agenda here.
Catch new shows live at noon EDT Mondays, Wednesdays and Fridays on FreightWaves LinkedIn, Facebook, X or YouTube, or on demand by looking up WHAT THE TRUCK?!? on your favorite podcast player and at 5 p.m. Eastern on SiriusXM’s Road Dog Trucking Channel 146.
AI is changing how cargo thieves operate; will the freight market mirror 2019?
Freight fraud, murder and mistresses
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Don’t be a stranger,
Dooner