To: Nathan who wrote (57586 ) 12/30/1999 11:51:00 AM From: JGreg Respond to of 95453
All: Here's some news about higher fuel prices. I don't think the American people are going to put up with higher fuel prices and this administration will do whatever it takes, especially in an election year, to satisfy them. Low energy prices are our "birthright!" I am invested in the oil & gas patch and I wish I am wrong, but politics are designed for today without concern for tomorrow. I still hope Doug Fant is right about the demand vs less supply, but I think something will be done to keep the prices artificially lower. Will Boom 2K be bigger than the present U.S. government? Comments please? Thursday December 30 10:06 AM ET FedEx to Implement Fuel Surcharge MEMPHIS, Tenn. (Reuters) - Federal Express Corp., which has seen rising fuel costs hamper earnings in the past two quarters, said on Thursday that it was adding a 3 percent fuel surcharge to most domestic and international services, effective Feb. 1. The world's largest air express package carrier also said it will add a surcharge of 10 cents a kilogram to FedEx International Airport-to-Airport and FedEx International Express Freight shipments, also effective Feb. 1. ``Fuel costs remain high,' Alan Graf Jr., chief financial officer of FedEx parent FDX Corp. (NYSE:FDX - news) said in a news release. ``In order to continue to provide the unmatched service and reliability which FedEx customers rely upon, the price of our services must appropriately reflect our increased costs.' FDX has said that rising fuel costs cut earnings in the past two quarters. In the fiscal 2000 second quarter ended Nov. 30, FDX said rising fuel costs shaved $55 million of the company's operating income during the quarter. Graf said the company held off implementing a surcharge to allow customers to get through the peak holiday shipping season. Several passenger airlines that also ship cargo have implemented cargo fuel surcharges in recent days. On Wednesday, Atlanta-based package shipper United Parcel Service (NYSE:UPS - news) announced its usual year-end rate increases. But while those take into account fuel costs, the company does not plan a separate fuel surcharge. ``We have no plans to implement a fuel surcharge at this time,' spokeswoman Peggy Gardner said.