The Nation

NEW YORK — Oil prices soared Tuesday, driving gasoline and diesel prices even higher as Russia stepped up its war on Ukraine. The national average price of diesel rose 4.9 cents to $4.104 a gallon in its latest increase, according to Energy Information Administration (EIA) data released on Monday. Diesel costs $1.032 more per gallon than it did at this time in 2021. The price of a gallon of diesel increased in all 10 regions in EIA’s weekly survey, with the largest being 8.2 cents in New England. Gasoline took a bigger leap, climbing 7.8 cents nationally to reach $3.608 a gallon. The price hike is eating into the bottom lines for many truckers, especially independent owner-operators. Rick Sanders, who has just one rig operating out of Nebraska, said he isn’t sure how much longer he will be able to eat the cost of rising fuel prices. “It’s like they don’t care about the little man,” Sanders said. “You see all this aid and stuff going to other places, but who is doing something to help us? When is someone going to give us a break? We pay our taxes, we do what we are supposed to do, but there always seems to be something holding us back from making our share of the pie.” To help ease some of the pain, the International Energy Agency’s 31 member countries agreed Tuesday to release 60 million barrels of oil from their strategic reserves — half of that from the United States — “to send a strong message to oil markets” that supplies won’t fall short after the Russian invasion of Ukraine. Meanwhile, stocks fell as investors tried to measure how the conflict will impact the global economy. The S&P 500 index fell 1.6% as of 12:04 p.m. Eastern. The Dow Jones Industrial Average fell 687 points, or 2%, to 33,204 and the Nasdaq fell 1.5%. The bigger moves came from the markets for oil, agricultural commodities and government bonds. Oil has been a key concern because Russia is one of the world’s largest energy producers. The latest bump in prices increases pressure on persistently high inflation that threatens households around the world. U.S. benchmark crude oil prices jumped 10.6% to $105.82 per barrel, reaching the highest price since 2014. Brent crude, the international standard, surged 9% to $106.82. The crisis in Ukraine prompted an extraordinary meeting of the International Energy Agency’s board, which resulted in all 31 member countries agreeing to release 60 million barrels of oil from their strategic reserves. Russia’s invasion of Ukraine has also put more pressure on agricultural commodity prices, which were also already getting pushed higher with rising inflation. Wheat and corn prices rose more than 4% per bushel and are already up more than 20% so far this year. Ukraine is a key exporter of both crops. Investors continued putting money into bonds. The yield on the 10-year Treasury fell sharply, to 1.71% from 1.83% late Monday. It is now back to where it was in January. In February, it had crossed back above 2% for the first time in over two years. The 10-year Treasury yield is used to set interest rates on mortgages and many other kinds of loans. The conflict in Ukraine has shaken markets globally and added to worries about economic growth in the face of rising inflation and plans from central banks to raise interest rates. The U.S. and its allies have been putting significant pressure on Russia’s financial system as that nation continues its push into Ukraine and its key cities. The value of the Russian ruble plunged to a record low Monday after Western countries moved to block some Russian banks from a key global payments system. Also Monday, the U.S. Treasury Department announced more sanctions against Russia’s central bank. Various companies have announced plans to scale back or pull out from ventures in Russia, or to suspend operations in Ukraine due to the conflict. The Russian central bank has also raised its key rate to 20% from 9.5% in a desperate attempt to shore up the plummeting ruble and prevent a run on banks. Russia’s stock market remained closed on Tuesday. Investors are closely monitoring developments in Ukraine while awaiting the latest updates from the Fed and U.S. government on the economy. Fed Chair Jerome Powell is to testify before Congress later this week and that could offer clues on the path ahead for raising interest rates. A report on Friday will also show whether strength in the U.S. jobs market continued in February, allowing the Fed more leeway to raise rates. The Associated Press contributed to this report.  

FRANKFORT, Ky. – Kentucky Gov. Andy Beshear and Ohio Gov. Mike DeWine announced Monday that they will jointly pursue up to $2 billion in federal funding to drastically reduce traffic congestion on and around the Brent Spence Bridge, which connects Covington, Kentucky, to Cincinnati, Ohio. The governors said they plan to request up to $2 billion in funding from the U.S. Department of Transportation for the long-discussed Brent Spence Bridge Corridor Project. The funding is part of the bipartisan federal infrastructure bill, which includes at least $39 billion for bridge projects. If awarded to Kentucky and Ohio, the requested funds would primarily be used to build a new companion bridge over the Ohio River to give drivers an alternative to the Brent Spence Bridge. As part of Monday’s announcement, the governors signed a memorandum of understanding confirming the states’ intention to work together on the bridge project. The memorandum also directs transportation officials in both states to begin preparations for construction. A more detailed interstate agreement will be signed later this year. “With today’s signing, the Commonwealth of Kentucky and the State of Ohio are aligning our efforts to make this project a reality,” Beshear said. “This memorandum spells out our obligations and positions us to quickly apply for these federal dollars, which will allow us not only to build this new bridge, but to do it without tolls! And just as important: This project shows what we in government can do when we embrace cooperation and progress and simply do what is best for our people.” “For decades, the backups on the Brent Spence Bridge have frustrated drivers, hindered economic development and slowed supply chain deliveries. Today, a solution is in reach, and we are committed to aggressively working together to secure this funding to help us fix this transportation nightmare once and for all,” DeWine said. “Not only will this project improve quality of life for drivers in Ohio and Kentucky, but keeping this major transportation network open and moving will also have a significant positive impact on our national economy and national security.” The Brent Spence Bridge was constructed in the 1960s to carry around 80,000 vehicles a day, but the daily I-75 and I-71 traffic load has reached 160,000 vehicles in recent years. Because I-75 is a key freight corridor stretching from Canada to Florida, the slowdowns also impact commerce throughout the eastern United States. The teams at the Kentucky Transportation Cabinet and Ohio Department of Transportation have been planning the Brent Spence Bridge Corridor Project for nearly two decades, completing the critical groundwork that has made this project nearly shovel ready. Because of this previous planning, project construction could potentially begin in 2024 if funding is received. “The Brent Spence Bridge is the critical link in this important corridor,” KYTC Secretary Jim Gray said. “New funding will support the construction of a new bridge – not a replacement – as well as updates to the existing bridge and the interstate network throughout the corridor. The Brent Spence Bridge is safe and structurally sound and will serve a critical transportation need for decades to come.” “The signing of this document is a very clear and public show of action by both states,” Dr. Jack Marchbanks, director of ODOT, said. “This critical step will help be competitive in the federal grant process and will allow the bi-state team to start moving this project forward.” The planned transportation project will not replace the Brent Spence Bridge, because the bridge remains structurally sound. The new funding would cover the bulk of the cost for KYTC and ODOT to construct the new companion bridge to the west of the current bridge. The project would also make improvements to the existing bridge surrounding the eight-mile interstate corridor. The second bridge would add much-needed capacity by separating local and through traffic to ease the ongoing traffic backups. The project would also provide an opportunity to invest in local businesses and a growing workforce by improving safety and travel along this critical national corridor for commerce and freight. The states will apply for the federal grant funding together once application guidance is released by the U.S. Department of Transportation. If funding is granted, both states have agreed to contribute any required matching funds. Additional bipartisan statements of support for the Brent Spence Bridge Corridor Project are below. Senate Minority Leader Mitch McConnell, D-Ky., said: “I’m glad Kentucky and Ohio’s governors are taking this important step today to make sure this project gets done. I was proud to support last year’s landmark bipartisan infrastructure deal because I know the vast, positive impact it will have on our state and economy. Already, Kentucky is slated to receive more than $5 billion in federal funds to improve our roads, bridges, riverports, railways, broadband and more. The bill also created several competitive grant programs for which states like Kentucky and Ohio can apply to help address major projects like the Brent Spence Bridge.” Sen. Rob Portman, R-Ohio, said: “Today’s announcement is great news for Cincinnati, as well as the larger region, and it brings us one step closer to a new companion bridge, which will ease traffic along the Brent Spence Bridge Corridor. Ohio’s transportation needs were a top priority for me during negotiations for the bipartisan Infrastructure Investment and Jobs Act, which has helped pave the way for today’s MOU signing. I will continue to work with state and federal partners to ensure this project comes to fruition.” Senator Sherrod Brown, D-Ohio, said: “I am proud that after decades of neglect and empty promises, we are finally on the verge of building a new companion bridge to the Brent Spence, because of the bipartisan infrastructure law. I wrote the Bridge Investment Act with Brent Spence in mind, a nationally-significant crossing that is vital to Ohio’s economic future. Today’s announcement is an important step toward creating new jobs and making Ohio and our country more competitive. I congratulate Governors DeWine and Beshear and transportation leaders in both states for moving this critical project forward under the infrastructure law. My focus over the coming months will be working with President Biden and Secretary Buttigieg to help Ohio and Kentucky receive the largest possible grant for the new bridge.”  

WESTON, Mass. — First responders rescued a truck driver from an icy river on Sunday after his tractor-trailer ran off the road. Dramatic video posted on Twitter by the State Police Association of Massachusetts caught the moment of the wreck, showing the driver splashing into the frigid waters. Photos of the aftermath were posted by a variety of different agencies. EXCLUSIVE FOOTAGE: Never before seen video of the major TT crash Saturday in Weston Click here for more:https://t.co/CRRpYWhfAS (@MassStatePolice, @WESTON_FIRE, @NewtonFireDept, @SPAMPresident, @wbz, @WCVB, @7News, @NBC10Boston, @boston25, @bostonherald, @LiveBoston617) pic.twitter.com/ZUmJJbXF6Z — State Police Association of Massachusetts (@MSPTroopers) February 27, 2022 The tractor-trailer went off the road near the ramp from Interstate 95 to Interstate 90 and slid down a long embankment into the Charles River, according to a tweet from Weston Fire Department. The driver managed to escape the cab before it went underwater. More photos of yesterday’s TT incident these photos show where the driver was standing on our arrival of our remarkably he was able to get out of the cab on his own before it sunk the second photo is of our crews removing him to shore through the water great work by all involved! pic.twitter.com/sX5A7C651G — Weston Fire (@WESTON_FIRE) February 27, 2022 “(The) driver, who cannot swim, was standing atop (the) truck,” the tweet stated. “Weston firefighters safely brought the driver to land. No injuries [were] reported.” The Newton Fire Department, which also assisted, said that the driver was taken to a Boston-area hospital “conscious and alert.”

WASHINGTON – The Biden Administration and the U.S. General Services Administration (GSA) have announced major land port modernization and construction projects funded through the Bipartisan Infrastructure Law signed into law last year. The law includes $3.4 billion for GSA to build and modernize land ports of entry on the country’s northern and southern borders. The investments are designed to improve commerce and trade, create good-paying construction jobs and incorporate new and innovative sustainability features. “America’s land ports are vital to our economy and our security, with billions of dollars in goods and services crossing our borders each and every day,” said GSA Administrator Robin Carnahan. “These bipartisan investments are a historic opportunity to modernize our land ports in ways that will create good-paying jobs and strengthen supply chains, while enhancing safety and security.” “Our underfunded and outdated infrastructure has real costs to families, our economy, and our global competitiveness,” said Senior Advisor & White House Infrastructure Coordinator Mitch Landrieu. “President Biden’s Bipartisan Infrastructure Law is investing in strengthening our supply chains, including our land ports which are vital for moving goods across our borders.” Billions of dollars in goods and services pass through U.S. land ports each and every day. But commercial capacity at many land ports is limited by outdated infrastructure, resulting in long lines and wait times for commercial traffic. Most of the 26 major modernization projects that will be funded through the law have elements that will enhance commercial processing capabilities. These projects will also support U.S. Customs and Border Protection’s mission to safeguard America’s borders. For example, many of these modernization projects will allow CBP to more effectively deploy the latest technology to identify high risk activity and shipments, combat drug trafficking, and increase operational security. “This is a once-in-a-generation investment that will enhance CBP’s mission to facilitate lawful trade and travel while protecting the American people and strengthen our borders,” said CBP Commissioner Chris Magnus. “CBP’s ability to identify, screen, and inspect high-risk persons or cargo depends greatly on the operational utility of its land port of entry inspection facilities. This investment will improve our operational capabilities and facility infrastructure, as well as help mitigate the negative economic impact of border wait times, facilitate the economic development and growth in the border communities, and benefit the American economy on the border and beyond.” The $3.4 billion in direct spending by GSA is estimated to support, on average, nearly 6,000 annual jobs over the next 8 years; add $3.23 billion in total labor income across the United States; contribute an additional $4.5 billion to the National Gross Domestic Product; and generate hundreds of millions of dollars in tax revenue for state, local, and federal governments. “The land ports of entry create important investment opportunities in local communities. We are excited to work with local communities to maximize the quality of connections, achieve sustainability goals, and create local jobs and business opportunities,” said Public Building Services Commissioner Nina Albert. Examples of port modernization projects that will move forward under the plan include (estimates subject to change): More than $200 million* for a new commercial port in Douglas, AZ. to better facilitate the crossing of commercial goods, produce, and equipment as well as to act as a regional economic engine. More than $100 million to complete the final phase of the Calexico West LPOE modernization and expansion project, reducing border wait times and enhancing U.S. Customs and Border Protection’s ability to conduct its mission. More than $115 million to complete the modernization of the San Luis I Land Port of Entry (LPOE) in San Luis, AZ., an important port for the U.S. food industry and related supply chains. Nearly $150 million for an expansion of the existing port in Highgate Springs, VT. to accommodate greater movement of commercial goods and services between the U.S. and Canada. More than $20 million to increase the number of inspection lanes at the Pacific Highway Land Port of Entry in Blaine, WA. to significantly reduce wait times for both commercial and non-commercial traffic. Approximately $250 million to complete a major land port modernization project at International Falls, MN, the highest traffic volume port in Minnesota, to expand processing and inspection capacity. More than $187 million to modernize the Alcan, AK. land port of entry, originally constructed in 1972, to enhance security and facilitate trade, and ensure a safe living environment for CBP staff operating in the remote location. *Note: Estimated project costs are planning estimates and subject to change due to time and market conditions. For more information on GSA’s Land Ports of Entry, click here. The major projects moving forward under the law are: Alcan, Alaska San Luis, Arizona Douglas, Arizona Raul Hector Castro, Arizona Calexico, California Porthill, Idaho Coburn Gore, Maine Calais-Ferry Point, Maine Fort Fairfield, Maine Limestone, Maine Houlton, Maine International Falls, Minnesota Grand Portage, Minnesota Dunseith, North Dakota Rouses Point, New York Trout River, New York Bridge of the Americas, Texas Brownsville-Gateway, Texas Highgate Springs, Vermont Alburg Springs, Vermont Beebe Plain, Vermont Norton, Vermont Richford – Route 139, Vermont Sumas, Washington Lynden, Washington Pac Highway Lane Expansion, Blaine, Washington

WASHINGTON — The U.S. Department of Transportation’s Federal Motor Carrier Safety Administration (FMCSA) has declared a Texas-licensed trucker to be an imminent hazard to public safety after a wreck on Feb. 3 that killed a Tennessee sheriff’s sergeant. Christopher M. Savannah was served the federal order, which directed him to immediately cease operating any commercial motor vehicle (CMV), on Feb. 17, according to an FMCSA news release. The FMCSA news release stated that Savannah failed to stop his rig after encountering a roadblock conducted by Sergeant Chris Jenkins of the Loudon County Sheriff’s Office. Jenkins had activated the emergency lights in his patrol vehicle to retrieve a ladder that had fallen on to the interstate. Savannah struck two vehicles stopped ahead of the roadblock and then struck Jenkins, who had exited his patrol vehicle, according to the FMCSA. Jenkins was killed, and the driver of another vehicle sustained injuries. Savannah was subsequently issued multiple traffic citations and the State of Tennessee has filed criminal charges against him. During the post-crash investigation, Savannah admitted to using marijuana the morning of the crash, and marijuana was also found inside the vehicle. A drug influence evaluation conducted after the crash determined that Savannah was under the influence of marijuana and not able to operate a vehicle safely. Additionally, at the time of the crash, Savannah did not have a record of duty status for that date and the previous seven days as required. Follow up investigations by FMCSA revealed Savannah previously tested positive for marijuana during a pre-employment controlled substances test on March 31, 2020.  As a result, he was prohibited from operating a CMV in interstate and intrastate commerce and was designated as “prohibited” in FMCSA’s Drug and Alcohol Clearinghouse. His commercial driver’s license was also downgraded because he failed to maintain a current medical certificate as required by the FMCSA. “Despite all these prohibitions, Savannah continued to operate a CMV in blatant disregard of federal and state regulations and the safety of the motoring public,” according to the FMCSA. FMCSA’s imminent hazard out-of-service order states that Savannah’s “blatant and egregious violations of the Federal Motor Carrier Safety Regulations and disregard for the safety of the motoring public demonstrated by these actions substantially increases the likelihood of serious injury or death to you and/or the motoring public.” Failing to comply with the provisions of the Federal imminent hazard order may result in civil penalties of up to $1,951 per violation.  Knowing and/or willful violations may result in criminal penalties.