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A federal judge could issue a ruling on the District of Columbia’s proposed ban on the transportation of hazardous materials in the next two weeks, news services reported Wednesday.

An explosion at a BP petrochemical plant near Houston Wednesday temporarily closed the Houston Ship Channel and sent gasoline prices spiking, news services reported.

The price of crude oil on the New York Mercantile Exchange fell roughly 4% in trading Wednesday before closing down $2.22 at a two-week low of $53.81, news services reported.

Less-than-truckload giant Yellow Roadway Corp. said Wednesday it expected its first-quarter earnings to be “at or above the high end of its previously provided guidance of 80 cents to 90 cents per share.”

Truckload carrier Covenant Transport Inc. said Wednesday its first-quarter earnings would be between breakeven and a loss of 6 cents per share.

Truckload carrier Universal Truckload Services said it posted higher profits for the 2004 fourth quarter and year as freight demand remained strong and because the company expanded its network of owner-operators and brokers.

Union Pacific Corp., the nation's largest railroad, said Tuesday that it increased its 2005 first-quarter earnings guidance to 43 cents to 48 cents per share because revenue was higher than expected.

Rising gasoline prices could further cut into U.S. sales of sport utility vehicles because they are economically inefficient, according to Bloomberg News..

The U.S. Postal Service asked its governing board for permission to increase all rates between 5% and 6%, Bloomberg News reported..

The Federal Reserve on Tuesday unanimously raised the benchmark U.S. interest rate a quarter-point to 2.75%, the highest since October 2001, and again said it would carry out additional increases at a "measured" pace.