A.M. Executive Briefing - Jan. 9
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Crude Oil Prices Rise With Definite OPEC Cut
Crude oil prices rose in Tuesday based on certainty that the Organization of Petroleum Exporting Countries would cut oil production next week, Bloomberg reported.OPEC members have made statements in the last few days that they will definitely cut oil production by 1.5 million to 2 million barrels per day after their Jan. 17 meeting in Vienna, the article said.
In London, crude oil climbed 40 cents to $24.83 per barrel, while on the New York market crude oil gained 29 cents trading at $27.31 per barrel. Transport Topics
Florida East Coast Industries Names New CFO
Florida East Coast Industries Inc. (), the parent company of two transportation subsidiaries, said Tuesday that it has named Richard G. Smith its new chief financial officer.Smith joins the St. Augustine, Fla.-based company after serving as CFO of American Business Products in Atlanta, Ga.
FECI's transportation subsidiaries are the Florida East Coast Railway and trucking company International Transit Inc., which changed its name to Florida Express Carriers, Inc. on Monday. Transport Topics
Dorsey Trailers Gets Requested Financing
Truck-trailer manufacturer Dorsey Trailers, which recently filed for bankruptcy, said late Monday that it received the financing it was seeking from Foothill Capital Corporation. The agreement provides cash collateral to continue operations until March 3, 2001.
In a statement, Dorsey Chairman Marilyn Marks said the financing gives the company more time to recover from a slowing trailer market. Marks said the company is considering a sale of the entire operation or selling off its assets. Transport Topics
GM To Produce Hybrid Commercial-Truck Engines
Commercial trucks made by General Motors Corp. () will be 15% to 20% more fuel efficient with a hybrid gas-electric propulsion system that will begin production in 2004, the Wall Street Journal reported Tuesday.GM expects to sell the Paradigm hybrid systems without subsidizing the cost, a feat which rivals have yet to accomplish, according to the paper.
One system would add electric motors to a traditional front-wheel-drive vehicle, which would boost acceleration and add all-wheel-drive capacity. Transport Topics
Ford: Hybrid Engine Will Boost Explorer's Fuel Efficiency 42%
An electrical boost for acceleration is Ford Motor Co.'s () approach to the hybrid vehicle designs being unveiled at the Detroit Auto Show.Ford hopes to boost fuel efficiency of its Explorer sport utility vehicle by 42% in 2004, from the current 19 miles per gallon to 27 miles per gallon, according to the Tuesday New York Times.
The new device shuts down the gasoline engine when the vehicle stops, but restarts it when the driver touches the accelerator, the Times said. This instant restart will require an upgrade in the Explorer's electrical system to 42 volts from the current 12 volts. The higher voltage will also power other systems that allow air and gasoline to be mixed with greater precision, the paper said. Transport Topics
Headlines From Yesterday's P.M. Briefing
- Calif. Energy Crunch Leading to Production Cutbacks
- Chrysler to Cut 1Q Production by 26%
- TCA Joins OOIDA to Push Fuel Surcharge Bill
- U.S. Average Diesel Price Drops Slightly
- International Transit Changes Name to Florida Express Carriers
- Pa. to Renumber State Highway Exits
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