To an extent, we all know what truck drivers have to face when hauling a load. It goes without saying that long hours of being behind the wheel are in the job description. Fatigue and drowsiness come with these long hours which can result in a serious and sometimes fatal accident. However, the industry is beginning to make strides in using technology to make us all safer.
This morning, WTI crude oil prices traded as low as $52.13/barrel, the lowest level since October of last year. With threats of the Coronavirus spreading, travel and trade have become a factor in this sell off. With the fear of the disease spreading until there is a vaccine, traders forecast travel will be subdued, meaning oil demand will decrease and thus so do oil prices.
After the recent drone strike and killing of Iran’s major general Qasem Soleimani, it goes without saying the United States may experience more difficulties importing crude oil from the Middle East. Along with external problems, the U.S. also faces internal issues. As we go into 2020, we are starting to see a decline in rig counts. According to Baker Hughes, just this past week alone, the U.S. had lost nine oil rigs causing our rig count to be less than 279.
This past Monday, China has launched its new oil and gas pipeline group. This group consists of multiple assets combined into one group with a net worth of between 80 – 105 Billion USD. This has been a plan of China for years, but according to reports, it was just approved this past year.
Make no mistake, winter plays a big part of our daily lives. When you are involved in the transportation industry, it can have a huge impact! Icy roads can cause accidents and delays, increasing the demand for carriers. Here in Southwestern Pennsylvania, with our first snowfall on record books, we can say that winter is coming.