Crude awakening

| 9/29/2004

For the first time, national headlines are addressing the often-ignored story of how soaring diesel prices affect small-business trucking and other sectors of the economy.

For example, several reports released Sept. 28 featured comments from OOIDA’s Executive Vice President Todd Spencer.

In one, Spencer said high diesel prices ruin small trucking firms. “For every 10-cent increase in diesel fuel prices, 1,000 small trucking companies go under, and the trucking industry is principally small truckers,” he said.

Meanwhile, the Owner-Operator Independent Drivers Association is urging its members to contact their representatives in Congress to seek relief.

All the while, speculation on television and in mainstream metro newspapers offers reasons behind the crisis.

Analysts Sept. 28 said instability in the Middle East; political unrest in Nigeria, Africa’s top oil exporter; and the Caribbean’s hurricanes were keeping traders on edge about world supplies.