The American Trucking Associations hailed the release of oil from the Strategic Petroleum Reserve but urged the White House to expand offshore drilling.
Trucking consumes roughly 97.7 million gallons of diesel a day, said ATA President and CEO Bill Graves. He called for a longer-term solution to oil and energy concerns.
“The 30 million barrels the Obama administration will release into the market is enough crude oil to supply our nation for just a couple of days,” Graves said.
“The administration must act quickly and decisively to implement a longer term solution by expanding access to domestic supplies of oil by expanding offshore production.”
The Obama administration yesterday said it will release 30 million barrels of light, sweet crude oil from the U.S. Strategic Petroleum Reserve.
Refiners will be able to bid on that oil, which will be used to produce fuel.
Partner countries in the International Energy Agency release another 30 million barrels, mainly as distillate fuel product used by consumers in Europe.
The action should drive down the price of fuel for truckers, railroads, airlines and ship operators. The price of oil dropped more than $8 yesterday.
Trucking companies and businesses that ship goods have been hit hard by high fuel costs in recent months, he said, as operating costs and trucking prices rise.
Higher fuel costs also cut into consumer purchasing of other goods and reduce freight volumes shipped. Higher fuel prices in part are blamed for slow economic growth.