Fuel Prices Decline and Truck Driver Shortage

Fuel Prices Decline and Truck Driver Shortage

Bob Larson
Bob Larson
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.

**State and federal officials and some California water districts have agreed to a tentative $2.6 billion plan to improve water quality in the Sacramento-San Joaquin Delta.

State and federal agencies would fund much of the plan that would include payments to rice farmers who fallow land to save water.

Modesto and Turlock irrigators are expressing concerns over the plan.

**Fuel prices declined again as COVID cases surged in China, and President Biden announced the U.S. would release 180 million barrels from the Strategic Petroleum Reserve.

According to GasBuddy, the average gas price fell 5.4 cents to $4.17 per gallon last week, while diesel prices fell 3.7 cents to $5.08 per gallon.

But the national average is up 25.5 cents from a month ago and $1.31 higher than a year ago.

**Recently introduced legislation could help the current truck driver shortage.

American trucking companies experienced a record deficit of about 80,000 drivers in 2021 due to hiring and retention challenges.

The bipartisan Strengthening Supply Chains Through Truck Driver Incentives Act would create a two-year refundable tax credit of up to $7,500 for Class A truck drivers who drive at least 1,900 hours in the year.

It would also create a refundable tax credit of up to $10,000 for new truck drivers or those in trucking apprenticeships.

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