Next week Pittsburgh Pennsylvania welcomes the National Truck Driving Championships (NTDC). The competition is each year by the American Trucking Association (ATA) and is slated to take place 8/14-8/17 at the David L. Lawrence Convention Center. As stated by the ATA, this long standing competition “has a long history – dating back to 1937 when it was known as the National Truck Roadeo”.
Trucking companies across the country have experienced a rough first half of 2019. Coming off a profitable and robust 2018, the transportation industry has taken a one step forward, two steps back, which is causing many trucking companies to shutter their doors and leave thousands of drivers unemployed. There are many factors that have led to a shaky 2019 for trucking. Let’s take a look at a few.
Kentucky Trucking Association President, Rick Taylor is one of many Kentuckians who feel there is work to be done in many of the freight corridors in the state. On June 25th, the Kentucky Transportation Cabinet unveiled a list of projects that will be considered for 2020. According to Eleanor Lamb of Transport Topics, this list was derived from the State Highway Investment Formula for Tomorrow, otherwise known as “SHIFT”. “SHIFT helps officials prioritize transportation projects, and will inform the upcoming 2020 Highway Plan. SHIFT uses data on safety, asset management, congestion, economic growth and cost-benefit ratios to assess projects.”
This evening the world’s largest ride hailing giant, Uber will price its initial public offering just ahead of its Friday trading debut. Analysts predict the valuation of the IPO will be between $80.5 billion to $91.5 billion. Uber has stated there will be 1,676,959,021 shares outstanding after the IPO which would suggest a price range of $44 to $50 per
share. The projected valuation would make Uber the 4th highest offering of the decade behind only General Motors, Facebook, and the Chinese e-commerce giant Alibaba Group.
On April 3 2019, Ohio Governor Mike DeWine signed a bill which will increase the gasoline and diesel fuel taxes for the state. Starting on July 1st the state tax on diesel fuel will increase by 19 cents to a total of 47 cents per gallon. The 67% increase will bump Ohio to the 6th highest diesel fuel tax rate behind only California, Pennsylvania, Washington, Indiana, and New Jersey. The tax on gasoline will be increased by 10.5 cents per gallon to a total of 38.5 cents per gallon. Ohio’s gasoline tax will remain lower than Pennsylvania and Indiana, but will be higher than its neighboring states, Kentucky, West Virginia and Michigan.