Broker Bond Revision October 2013 - Diesel Fuel Pricing Drops
The Federal Motor Carrier Safety Administration is preparing to implement the Map-21 Act. This act otherwise known as the “Moving Ahead for Progress in the 21st Century Act allows the FMCSA to begin implementing 29 new rules within a 27 month period. These new rules include a bond increase for brokers and forwarders.
The bond for brokers and forwarders will increase from $10,000 to $75,000. The FMCSA has scheduled the effective date for October 1, 2013. This date is later than the expected July 1, 2013 which was originally planned to take effect one year from the President signing the bill into law. This gives broker and forwarders an additional 90 days to comply with the new bond requirements.
This new requirement does not require a rule making process and is not be open for a public comment period. The requirement will fall under the Unified Registration System (URS) 2 Rule. This rule will incorporate and implement all the new registration requirements including fees for brokers and freight forwarders.
THE NATIONAL AVERAGE DIESEL FUEL PRICE DECREASES AGAIN
This week’s national average price of diesel fuel decreased as did the prices in all but two regions as well. The current national average for a gallon of diesel is $4.079, a decrease of $0.007 from last week. By comparison, the national average price for a gallon of gasoline, which decreased as well, is $3.804, a decrease of $0.022.
Bloomberg Energy reports that as of Monday, October 1, the spot price for a barrel of West Texas Intermediate oil is $92.99 which is $1.36 higher than last week’s price.