America's Truckin' Network

Tuesday morning, I covered the Trucking industry reacting to the DEA proposal to downgrade marijuana. Some are now taking about whether this will become a "potent" political issue during the November presidential election. The Federal Reserve's preferred inflation gauge, The Core Personal Consumption Price Index (PCE) report has been released; what this means regarding potential interest rate cuts at their meeting Sept. 17-18. U.S. Manufacturing Purchase Managers' Index was released, is the trend up or down. The Commerce Department revised its initial Gross Domestic Product (GDP), the total output of goods and services. Crude oil reacts to pessimism about demand uncertain supply increases; lackluster data from the U.S. and China as well as awaiting crude oil inventory reports.

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Kevin looks at the Fleet Intel Report Qtr. 2 Driver Pay Trend Tracker Report. Huge shipping company files for Chapter 11. Where have all the hurricanes gone? How the possible restart of Libyan crude oil production and exports, the weaker-than-expected Chinese manufacturing Purchasing Managers Index, the expected increase in the U.S. Summer driving season failure to materialize, and the sluggish European economy are affecting oil prices.

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Trucking organizations reacted to the DEA Proposal, downgrading marijuana from a Schedule 1 to a Schedule III Controlled Substance Act violation. Crude oil prices responded to light trading due to the Labor Day holiday, oil exports at major Libyan ports halted, OPEC and OPEC+ plans to increase oil output in October, and evidence that China's economy is not recovering as expected with the report that manufacturing activity sank to a six-month low.

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Shout out to truckers who will be working over this holiday weekend. California Trucking Association ends AB 5 (eliminating independent contractors) legal challenges. Oil Change International issues report claiming Countries are preparing to waste hundreds of billions of dollars on Carbon Capture technology. The Guardian mocks Climate Change stupidity. Biden-Harris Administration doles out $400 billion of EPA grants to its "Environmental Justice Advisers!" Oil reacts to crude oil supply disruptions in Libya. Iran announced plans to lower output, expectations that the Federal Reserve "may" start cutting interest rates in September, and indications of less oil demand in the U.S. and Europe.

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Kevin discusses the Consumer Confidence Index released on Tuesday. Because of a bill signed into law by Gov. Tim Walz, in 2023, Minnesota fuel taxes to jump in 2025 through 2027. A new fuel analysis by the Tax Foundation shows the states with the highest to the lowest diesel and gas TAXES. Estes acquires 7 leased terminals previously operated by bankrupt Yellow Corp. Crude oil prices react to a smaller-than-expected draw on crude stockpiles; China's struggling economy and slowing oil demand; the potential loss of Libyan oil output and escalating fighting between Israel and Hamas and Hezbollah.

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Durable goods orders report released, good news or bad news? Another merger/acquisition involving companies servicing the trucking industry. Additional information involving Ford's EV division. Fire breaks out at Illinois EV manufacturing facility. GM lays off 1,000 employees, which division and why. Surface temperature of the Atlantic Ocean is changing at a rapid rate, nobody seems to know why; how will this affect storm forecasts? Oil reacts to worries of slower economic growth in the U.S. China and Germany; major disruptions in Libya's crude oil production; lower crude oil stockpiles and the escalating conflict in the Middle East.

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Kevin's take on the final night of the DNC Convention. During Federal Reserve Chairman Jerome Powell's speech at the annual Jackson Hole Wyoming conference said “The time has come for policy to adjust...” does that mean interest rates will be cut in September or not? Robert F. Kennedy, Jr. endorses Donald Trump and will be part of the campaign; what does that signal? Some are hinting at $3.00/gal by Thanksgiving, reality or wishful thinking? How are crude oil supply concerns, escalating and expanding conflict in the Middle East, major crude oil production cuts in Libya and possible interest rate cuts affecting oil prices.

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Federal Reserve meeting minutes released, what does it say about the timing of interest rate cuts. Bureau of Labor Statistics' (BLS) "preliminary annual benchmark review" of employment data indicated the largest adjustment in 15 years! Was it up or down? Ford makes a major decision regarding EV SUVs and next generation electric pickups. Oil reacts to the BLS jobs data, falling U.S crude oil stocks, gasoline and distillate inventories, economic weakness in China, Mid-East ceasefire talks and the Houthi attacks on two oil tankers in the Red Sea.

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American Trucking Associations (ATA) celebrates rejection of tax proposal. U.S. Leading Indicators index released - what are they and what do they mean. ATA July For-Hire Truck Tonnage Index released, what does it tell us. U.S. Job Growth far less than reported, not a surprise to listeners of ATN. How are crude oil prices reacting to easing Middle East supply concerns and economic weakness in China.

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Kevin's thoughts on Day 1 at the DNC. Near historic levels of bankruptcy and liquidations in the first half of 2024. Two historic companies are victims of the current economy. Giant shipping firm faces liquidation, ripple effect will be felt throughout the industry. Oil reacts to mid-east peace talks, China's economic problems and escalation of the Russian-Ukraine war.

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