Morning Minute | June 4, 2025

The ⁠Federal Motor Carrier Safety Administration (FMCSA) has revealed plans to cut its workforce by approximately 7%⁠, eliminating 89 full-time and part-time positions primarily at its headquarters, while simultaneously requesting a slight increase in funding, bringing its total budget to over $1 billion for the next fiscal year.  The ⁠DOE benchmark diesel price has fallen to a milestone low⁠, reaching its lowest point since September 2021, with the average weekly retail price now at $3.45 a gallon, marking a decline over seven of the past eight weeks. Despite this trend, futures prices moved up even after news that OPEC Plus would increase output, indicating a continued unwinding of their 2023 production cuts.  Furthermore, the ⁠labor dispute involving Canada Post continues to intensify⁠ after the state-owned corporation rejected a proposal for binding arbitration from the Canadian Union of Postal Workers (CUPW). This rejection prolongs uncertainty following the union's refusal to work overtime since May 23rd, which has already caused delivery slowdowns and a significant drop in Canada Post's parcel volumes, pushing e-commerce retailers to alternative carriers.  Looking ahead, FreightWaves is hosting several key events, including the ⁠Enterprise Fleet Summit on July 23rd⁠. Additionally, the ⁠Supply Chain AI Symposium is scheduled for July 30th⁠ in Washington D.C., with opportunities for interested speakers. Learn more about your ad choices. Visit megaphone.fm/adchoices