5/12/22 Why The Northeast Is Quietly Running Out Of Diesel The East Coast of the U.S. is reporting its lowest seasonal diesel inventory on record. And some trucking companies appear spooked. The East Coast typically stores around 62 million barrels of diesel during the month of May, according to Department of Energy data. But as of last Friday, that region of the U.S. is reporting under 52 million barrels. The sharp increase of diesel prices has been a major stressor in America's $800 billion trucking industry since the beginning of 2022. According to DOE figures, the price per gallon of diesel has reached record highs - a whopping $5.62 per gallon. It's even higher on the East Coast at $5.90, up 63% from the beginning of this year. When relief is coming isn't yet clear, and experts say higher prices are the only way to attract more diesel into the Northeast. 5/12/22 EV Startup Looks To Former Utility Chief EV Edison, a startup looking to develop fast-charging solutions for electric vehicles, has named the former head of Public Service Electric & Gas as its president. The one-year-old Kearny-based company is hoping to grow its business with a novel premise - attracting clients by offering both mobile charging and stationary charging technologies to help develop high-power national EV charging hubs. David Daly headed up PSE&G for four years and was part of the utility's efforts to move toward green energy. EV Edison's flagship project is already underway at a 130-acre site in Kearny, a strategic location near Interstate 95 at Port Newark, the largest port on the East Coast, and Newark Liberty International Airport. The startup hopes to build a 200-megawatt supercharging hub on the site formerly owned by U.S. Steel. 5/13/22 Merchants Say It's Time for Fed to Resolve Debit Routing and Fees As the U.S. Senate confirmed Federal Reserve Chairman Jerome Powell for another term yesterday, the Merchants Payments Coalition called on the Fed to finalize a year-old proposal clarifying that merchants can choose which payment networks process debit card transactions regardless of whether purchases are made in stores or online. "It's been a full year since the Fed said it wanted to resolve this issue once and for all, and the Senate has now given Chairman Powell a vote of confidence to act on what's best for the American economy and consumers," said Leon Buck, a member of the MPC Executive Committee and vice president for government relations, banking and financial services at the National Retail Federation. 5/16/22 Labor Department Should Halt Overtime Rulemaking, NACS Says NACS last week joined with 92 other groups in signing a Partnership to Protect Workplace Opportunity (PPWO) letter urging U.S. Secretary of Labor Marty Walsh to abandon or at least postpone the Labor Department's proposed rulemaking altering the overtime regulations under the Fair Labor Standards Act (FLSA) for certain white-collar workers. . . Labor law attorneys expect the Department of Labor to recommend higher salary thresholds for the rule's white-collar exemptions, meaning more employees would be eligible for overtime pay. As of January 1, 2020, employers are required to pay overtime for all employees earning $684 a week (or $35,568 per year) or less per year. 5/16/22 NACS Seeks to Block California Zero-Emission Vehicle Mandate NACS on May 13 filed a petition in federal court in Washington, D.C., to challenge the Environmental Protection Agency's grant of a waiver that would allow California to impose a zero-emission vehicle (ZEV) mandate and related limits on greenhouse gas emissions. The California regulations depart from federal standards. The state's ZEV mandate has been adopted by 15 states around the nation. "We strongly favor more development of competitive markets for electric vehicles, hydrogen fuel-cell vehicles and other technologies," said Doug Kantor, NACS general counsel. "But technology mandates will reduce incentives for environmental gains from a range of vehicle fuels and technologies. We should encourage innovation to meet environmental performance goals. That would be far more effective in reducing emissions and delivering the competitive prices, goods and services that American consumers deserve." 5/16/22 NJ MVC Could Be Forced To Make Things More Convenient For Drivers
Lawmakers want to force the Motor Vehicle Commission to end its policy of having some agencies available only for license transactions and others only for vehicle-related ones, a change its chief is reluctant to end because it's more efficient for the state. Assemblyman Dan Benson, D-Mercer, said things wouldn't go back to all walk-in, with waiting in line. But appointments would be available for all transactions at all locations. "With all the efficiencies of having so many transactions being online now, surely that frees up enough space to do what we were always doing prior," Benson said. The Assembly transportation committee endorsed a bill (A3916) at its Thursday meeting requiring the change. Benson said it might mean buying more cameras for REAL ID and scheduling extra shifts but that the MVC shouldn't settle for people making long drives to agencies just because they're less frequent. 5/17/22 Consumers Say Inflation Is a Big Problem Inflation tops Americans' list of the biggest problems facing the country, with 7 in 10 Americans saying inflation is a very big problem for the country, followed by the affordability of health care (55%) and violent crime (54%), according to Pew Research. The consumer price index for food at home rose 10% between March 2021 and March 2022, and 7 in 10 consumers said they intentionally took steps to save money as a result of rising inflation in April, according to a Morning Consult poll. However, despite higher prices, consumers' reported grocery spending was 1.5% lower in March than it was the same month a year ago, and Morning Consult says that grocery demand is relatively inelastic, but higher prices are driving more consumers to opt for less costly alternatives, such as generic or store brands instead of name brands. Last month, 43% of consumers reported buying generic brands to save money, up from 36% in October 2021, when Morning Consult began tracking. 5/17/22 Congress Considers Energy Price-Gouging Legislation The U.S. House of Representatives is expected to vote this week on legislation that would prohibit "excessive" or "exploitive" fuel prices. The bill, H.R. 7688 "The Consumer Fuel Price Gouging Prevention Act," would give the president authority to issue an energy emergency proclamation for 30 days over any U.S. jurisdiction, and it can be renewed in 30-day periods. During the emergency, it would be illegal to sell consumer fuel at a price that is "unconscionably excessive" and "exploitive." In addition, the bill would give the Federal Trade Commission power to issue penalties for price gouging. Consumer fuels are defined as gasoline, jet fuel, aviation gasoline, biofuel, home heating oil and liquid propane used for residential heating or energy generation. 5/17/22 An Opportunity For Relief The Pump - GSI With gas prices reaching record highs across the U.S., New Jersey's high taxes on gas adds insult to motorists who are on the verge of paying $5.00 a gallon in many locations. At an average price of $4.654 per gallon of unleaded regular on Tuesday, a new record high, New Jersey's price at pump has increased by 52% compared to last year. With skyrocketing inflation across the board, the increase in fuel prices is leading to tighter family budgets while also causing businesses to raise prices for essential goods and services. But there very well could be a solution for some relief in front of us: a self-service option. Although a non-starter to many New Jersey drivers who have become accustomed to (or spoiled by) an attendant pumping their gas, there could be a tangible drop in prices by allowing customers to pump their own gas. |
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