Since reaching the middle of May, without surprise the past two months have been extremely challenging during the 2020 pandemic. With multiple industries across the board being affected, businesses everywhere are seeking relief. The trucking industry has been no stranger to hard times, and the past two months have just added to the struggle. However, there may be some light at the end of the tunnel. As the country prepares to reopen, congress has a bipartisan opportunity through an infrastructure bill.
It’s been almost eight days since the chemical fire, outside of Deer Park, Texas, began at a petrochemical storage facility near the Houston Ship Channel that connects to the Gulf of Mexico. The fire that broke out over a week ago at Mitsui & Co’s Intercontinental Terminal sites (ITC) has caused major damage to 11 tanks each holding up to 3 million gallons of fuel used to make gasoline and plastics. After emergency workers were able to get the fire extinguished, flames began to erupt again which halted all efforts to remove any volatile fuels that leaked after a containment wall breached.
On May 22nd WTI Crude nearly reached $73 / barrel and since then prices have dipped almost 10%.
The US economy is growing and so is the population, both of which are leading freight companies of all types to see increased growth in the number and weight of goods shipped around the country. Truck load (TL) freight volumes increased 2.8% in 2017 over 2016 which is far higher in comparison to 2016 versus 2015. Fourth quarter of 2017 for TL alone was at 7% growth year over year.