FUEL PRICES TROUBLES * WORLDWIDE

* Oil Prices Hit New High, House Passes Anti-OPEC Legislation

Washington,DC,USA -TruckingInfo -21 May 2008: -- Oil prices closed over $129 for the first time Tuesday, as the U.S. House of Representatives passed legislation that would seek to subject OPEC oil producers to U.S. antitrust laws and investigate energy market manipulation... Oil futures are now selling for about twice what they were just a year ago, and one analyst at the Oil Price Information Service called it "a runaway market," reported the Associated Press... Meanwhile, Reuters reports, the U.S. House of Representatives overwhelmingly approved legislation Tuesday allowing the Justice Department to sue OPEC members for limiting oil supplies and working together to set crude prices... The bill would subject OPEC oil producers to the same antitrust laws that U.S. companies must follow. The legislation also creates a Justice Department task force to investigate fuel price gouging and energy market manipulation... The White House has threatened to veto the bill, but the bill passed by a large enough margin to override...


* New Zealand - Trucking feels squeeze of diesel costs

The Road Transport Forum is concerned the rising cost of fuel may force some local trucking companies out of business

Auckland,New Zealand -TVNZ -May 20, 2008: -- ... The price of diesel is up more than 60% since the start of last year to almost $1.68 on Tuesday... Mike Dennehy from the Road Transport Forum says the way things are, many operators would be better off with their money in the bank... He is advising those in trouble to pass the cost on to their clients... Dennehy says in the past few months they have had several calls from transport operators who say if prices keep rising, they doubt they will be able to stay afloat... (Picture: from BigLorryBlog (UK): New International tractor and tanker trailer - "Hookers Caltex contract. 45,000litre HEIL Tanker with all the latest technology and safety equipment."...)


* UK - Diesel fuel hits £1.05/litre, crude oil hits $130

London,UK -Road Transport/Motor Transport, by Justin Stanton -21 May 2008: -- Data supplied by John Hall Associates (JHA) to the FTA shows a litre of bulk diesel selling for 105.72p. On 16 May 2007, a litre of bulk diesel cost ‘just’ 76.01p – thus it has risen 29.71p/litre in a year, or a whopping 39%... The JHA data incorporates a fortnight’s time lag, so this price does not reflect the current crude oil high of $129.45/barrel. This record has been driven by the weak dollar and continuing concerns about supply. Speculation that China will need to import more fuel in the aftermath of the earthquake is also having an impact, according to experts... Prices are expected to continue to rise... Analysis generated via the Motor Transport/RT.com Cost Tables reveals that a 1p/litre rise in the price of fuel equates to an extra cost £631 for a 44-tonner doing 100,000 miles a year; thus since 16 May 2007, that 44 tonner now costs an extra £18,747 a year to run... For that same 44-tonner, fuel now represents 40% of its total operating cost...