Congressional support for releasing oil from the Strategic Petroleum Reserve grew this week as lawmakers flocked to support an American Trucking Associations-backed resolution urging the Clinton administration to take the action to help stabilize fuel prices.
Michael James - Transport Topics
Sens. Susan Collins and Charles Schumer joined ATA President Walter B. McCormick Jr. to support the call for release of oil from the Strategic Petroleum Reserve. to read McCormick's remarks on the proposed Senate resolution (on Truckline)
ATA President Walter B. McCormick Jr. joined Sens. Charles Schumer (D-N.Y.) and Susan Collins (R-Maine) at a March 2 news conference on Capitol Hill to draw attention to the plight of trucking.
“This is a fuel crisis that has been bedeviling the trucking industry for several months and is bedeviling the entire economy,” McCormick said. “Truckers have the choice of moving the goods and losing money, or cut their losses and stop driving.”
Collin agreed with the ATA leader’s assessment the potential harm of the crisis.
“The trucking industry consumes nearly 30 billion gallons of fuel a year. At today’s prices, that means truckers across the nation must shoulder $15 billion more in fuel costs this year, compared to last,” Collins said. “For most truckers, fuel is their second-highest expense. So, when we have a jump in fuel costs such as we have experienced this past year, truckers are hit hard.”
For the full story, see the Mar. 6 print edition of Transport Topics. .
