The American Trucking Associations on March 24, urged President Bush to release oil from the Strategic Petroleum Reserve in an attempt to break the current run-up in crude oil prices before they further constrain the U.S. economy.
In a letter to Bush, ATA President and Chief Executive Officer Bill Graves cautioned that skyrocketing diesel prices will magnify the current economic slowdown and delay an economic recovery. Graves advocated for the Bush administration to implement policies that will ensure a steady, affordable supply of oil for the nation’s 3.5 million truck drivers and all American consumers.
“We are very concerned that out-of-control energy prices will greatly magnify our current economic slowdown and delay our economic recovery,” Graves says. “If households have to spend their forthcoming tax rebate checks on energy, the stimulus will be significantly limited. The more consumers spend on fuel, the less they have to spend on other goods or services.”
The trucking industry is on a pace to spend an unprecedented $135 billion on diesel fuel this year, $22 billion more than a year earlier.