AAA Daily Fuel Gauge Report for Friday, 11/19/21

The American Trucking Associations thanked the U.S. Department of Transportation for its commitment to expanding the nation’s truck parking capacity. In a letter to ATA President and CEO Chris Spear, U.S. Transportation Secretary Pete Buttigieg pledged the Administration’s support for increasing the availability of safe parking options for America’s professional truck drivers through its Trucking Action Plan, grant funding under the Bipartisan Infrastructure Law, and increased coordination with state departments of transportation and the trucking industry.

Full electrification of the U.S. commercial truck fleet would require nearly $1 trillion in infrastructure investment alone, according to a new report from Roland Berger released today by the Clean Freight Coalition. The study forecasts a realistic infrastructure buildout for the electrification of medium- and heavy-duty commercial vehicles, exposing what the CFC calls a massive investment gap as state and federal policymakers mandate increased adoption rates of battery-electric commercial vehicles. Key findings: Preparing today’s commercial vehicle fleet for electrification would require the commercial vehicle industry to invest upwards of $620 billion in charging infrastructure alone, including chargers, site infrastructure and electric service upgrades. Utilities would need to invest $370 billion to upgrade their grid networks to meet the demands of just commercial vehicles. This nearly $1 trillion expenditure does not account for the cost of new battery-electric trucks, which according to market research can be two to three times more expensive than their diesel-powered equivalents.

Oil prices were mixed Friday as investors waited to see the potential impact of Tropical Storm Nate on U.S. Gulf Coast oil infrastructure. “As we come into the weekend, the market is focusing on the implications of Tropical Storm Nate and how big any disruptions will be” on crude production and refining capacity, said Richard Mallinson, an analyst at consultancy Energy Aspects. As with Hurricane Harvey in August, the “tendency is for the focus to be more on refinery shutdowns, which is probably more positive for product prices and probably a little bearish for crude prices,” Mr. Mallinson said. Click Read More below for more of the story.