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Future U.S. economic vitality depends on an adequately funded rural road system that can accommodate heavier trucks, a South Dakota trucking company president told a Senate committee last week.

Gainey Corp., a Michigan fleet seeking to emerge from bankruptcy, has reached agreement with lenders and unsecured creditors on a plan to give an 80% holding in the reorganized company to Arizona investor Najafi Companies.

Despite a challenging economic climate, a record number of drivers will participate in the National Truck Driving Championships this week.

Rep. James Oberstar, chairman of the House Transportation and Infrastructure Committee, accused the White House of running for cover in its push to delay consideration of a new highway bill for 18 months.

The average retail price of a gallon of diesel in the United States rose 7.5 cents last week to $2.625, the highest level this year, the Energy Department reported.

A proposed U.S. Environmental Protection Agency rule designed to expand biofuel use actually has brought the biodiesel market “to a grinding halt,” because it does not allow most blends of soy oil, according to the National Biodiesel Board.

Business inventories fell 1.1% in June, marking the 10th consecutive decline, though sales rose, the Commerce Department said Thursday.

Trailer Bridge Inc. said its second-quarter profit grew to $0.7 million, or 5 cents per share, in the second quarter, from a loss of $0.3 million, or 3 cents, the previous year.

Initial jobless claims rose to 558,000 last week, the Labor Department said Thursday.