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Oil closed the trading day Wednesday near $51 a barrel on the New York Mercantile Exchange following an Energy Department report that showed gasoline inventories declined last week, Bloomberg reported.

Canadian transportation firm Mullen Group Income Fund said its first-quarter profit dropped 37.8% to C$31 million or 38 cents per unit, from C$49.8 million, or 62 cents per unit, a year ago.

Daimler AG said Tuesday it lost $1.68 billion in the first quarter, compared with a profit of $1.73 billion a year ago, the Associated Press reported.

Covenant Transportation Group said Tuesday it lost $5.5 million, or 39 cents per share, in the first quarter, compared with a loss of $7.8 million, or 56 cents, a year ago.

OXON HILL, Md. — The sale of used North American trucks to overseas markets may once again become a useful technique for maximizing revenue for sellers, industry executives said, but for now the recession has caused even that market to decline.

Cargo theft continues to be a problem for the freight transportation industry and could cause insurance premiums to increase, two experts said.

The California Air Resources Board has adopted a low-carbon fuel regulation that targets cutting greenhouse gas emissions from the state’s transportation fuels by 10% by the year 2020.

OXON HILL, Md. — The entire North American trucking industry is in the midst of a fundamental reshaping, which will lead to flat tonnage levels for fleets and fewer truck manufacturers producing much more expensive vehicles and mostly in Mexico, said a senior executive of Navistar Inc.

The Ontario Ministry of Transportation said it will begin issuing permits this summer allowing double, 53-foot trailers on selected highways in the province.