California voters rejected a ballot measure to repeal the recently passed gas tax hike slated for the repair of state roads, bridges and highways, media outlets reported.
The vote clocked in with 55 percent of voters opposed and 45 percent in favor, according to the San Francisco Chronicle.
Proposition 6 would have nixed state efforts to collect around $5 billion in annual tax revenue that was approved in 2017 as part of Senate Bill 1, a massive transportation package supported by Gov. Jerry Brown.
The law raised the state’s gasoline tax by 12 cents, from 29.7 cents to 41.7 cents a gallon, beginning last Nov. 1. The tax will go up another 5.6 cents next July 1.
Separately, the law raised the state tax on diesel fuel from 16 cents to 36 cents a gallon. It also raised the diesel fuel sales tax.
Although the trucking industry will take a big hit from the diesel taxes, the California Trucking Association was part of the coalition lobbying against the repeal. Truckers came on board after the transportation bill was modified allowing trucking companies to take more time to transition to cleaner trucks, the Sacramento Bee reported.
Here’s your weekly snapshot of how the markets are doing!
Uber is in talks with Middle Eastern on-demand cab hailing rival Careem for an acquisition deal that is expected to be made public this week.
Big data is opening up opportunities for shippers of all sizes, and used properly, it can help reduce shipping rates and improve customer service.
World’s biggest shipping line trials a backhaul voyage with biofuel in a bid to get jump on 2050 target for shipping industry to go zero carbon.
All ocean shipping, port and cargo operations remain shut at the world’s two largest dry bulk ports, Hedland and Dampier, owing to the passage of Severe Tropical Cyclone Veronica. Major liquefied natural gas export facilities along the north western Australian coast have also suspended operations. It’s the fourth consecutive day of suspended operations as Cyclone Veronica is moving very slowly. But there could be weeks of delay if Veronica soaks the landscape.
While the electronic logging device (ELD) mandate has indeed improved hours of service (HOS) compliance, a recent study found that the mandate’s potential safety impacts, which are often discussed, have not come to pass.
Manufacturing numbers are not looking as robust after a booming early 2018. The flatbed freight market may be in line for a big correction as well.
When a spread like that between gasoline and diesel come in this far and this fast, it can’t go on forever.
Venture investing in autonomous vehicles continues to heat up, and as startups mature expect late stage investing to increase.