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How Gas Prices Are Affecting the Trucking Industry & Global Supply Chain

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How Gas Prices Are Affecting the Trucking Industry & Global Supply Chain

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How outrageous are these fuel prices?
In this video, Liam breaks down the recent highlights in the oil industry and how it is affecting the trucking industry and global supply chain as a whole. From OPEC practices and recent developments, to what truckers can expect in the coming months.

Do you for-see an upcoming chance within this industry? How do you think truckers will continue to be affected, and what can we do to improve our experiences in this time? Leave a comment below and let us know!!

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Chapters:

00:00 Introduction- the relentless rise of fuel prices 2023
00:44 Truck drivers are starting to feel the weight of fuel prices 2023
01:08 Creating higher shipping costs
01:28 Ripple affect causing wait times and problems in the supply chain
01:50 When gas prices rise, it becomes more expensive to ship from country to country
02:01 Rising gas prices create friction in the supply chain
02:12 How organizations and governments are responding to these challenges of rising fuel prices
02:25 OPEC- Organization of Petroleum Exporting Countries
02:56 Increasing or decreasing production and affect on global supply chain
03:33 Factors OPEC needs to consider
04:03 Reasons OPEC has stated for their decision to cut oil production
04:25 OPEC may opt to cut production to be strategic to save revenue
05:39 During recession, demand for oil may waiver
06:00 What OPEC does before considering production cuts
07:19 Implementing fuel subsidies to invest in alternative energy sources
07:46 US government initiated strategic petroleum reserve supply
08:46 US government actively promoting clean and renewable energy sources
09:22 Canada aims to balance it's responsibility to global markets with domestic energy needs
09:58 What truckers can do to promote fuel efficiency
11:38 Government incentives for clean energy transportation
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#opec #truckingindustry #oilprices #fuelrates2023

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