Truckers urge Bush to tap Strategic Petroleum Reserve

The head of the American Trucking Associations urged President Bush to release oil from the Strategic Petroleum Reserve in an attempt to burst the bubble in the crude oil market.

Bill Graves, ATA's president and chief executive officer, told Bush in a letter, We are very concerned that out-of-control energy prices will greatly magnify our current economic slowdown and delay our economic recovery.

Fuel now exceeds labor as the largest operating costs for many carriers, Graves said.

The industry is on a pace to spend an unprecedented $135 billion on diesel fuel this year, $22 billion more than 2007.

He said trucking companies are working to conserve fuel by lowering speeds and using auxiliary power units or similar equipment to reduce fuel consumption when trucks idle.

It is easy to see why many trucking companies are reporting that higher fuel prices have greatly suppressed profits, if they are making a profit at all, he added.

Mr. President, even with our conservation efforts we still need help, Graves wrote. 

Source: American Shipper