Government

A proposed U.S. Environmental Protection Agency rule designed to expand biofuel use actually has brought the biodiesel market “to a grinding halt,” because it does not allow most blends of soy oil, according to the National Biodiesel Board.

President Obama last week assured Mexican President Felipe Calderon that the United States remains committed to reaching a cross-border trucking agreement with its southern neighbor.

Rep. James Oberstar, chairman of the House Transportation and Infrastructure Committee, accused the White House of running for cover in its push to delay consideration of a new highway bill for 18 months.

Future U.S. economic vitality depends on an adequately funded rural road system that can accommodate heavier trucks, a South Dakota trucking company president told a Senate committee last week.

YRC Worldwide said it took another step toward financial health by winning approval from most Teamsters to cut pay by another 5% and halt pension benefits for 18 months, steps that will save at least $45 million a month.

In the face of growing pressure on the federal government to regulate oil markets and trading, the Federal Trade Commission has issued a new rule that could result in fines of up to $1 million if traders or companies are found manipulating fuel markets.

Gainey Corp., a Michigan fleet seeking to emerge from bankruptcy, has reached agreement with lenders and unsecured creditors on a plan to give an 80% holding in the reorganized company to Arizona investor Najafi Companies.

The average retail price of a gallon of diesel in the United States rose 7.5 cents last week to $2.625, the highest level this year, the Energy Department reported.

U.S. consumer confidence fell this month for the second straight month, according to the Reuters/University of Michigan monthly consumer sentiment index released Friday.

The consumer price index was unchanged in July, the Labor Department said Friday.