The economic impact of fuel-efficient technologies such as trailer aerodynamics can be categorized in three ways.
Green Jobs
First, there is job creation attributable directly to production, distribution and installation. According to a formula used by the U.S. Congress to calculate the impact of the Diesel Emissions Reduction Act, every million dollars spent on emissions-reducing technologies for trucks creates or saves as many as 25 jobs. These jobs are green jobs. Particularly during a difficult economic period for the trucking industry, durable goods orders for fuel-efficient technologies can mitigate the slowdown in capacity expansion. Trained assembly line workers can put thier skills to use by retrofitting trailers with rear-mounted aerodynamic devices.
Cost Savings
Even during prosperous economic periods, trucking fleets often operate with profit margins of as low as 1%-3% – and do so with limited capital reserves. The second way that fuel-efficient technologies affect the economy is by generating cost savings that can be used by trucking fleets either or to raise razor-thin profit margins or to offer shippers lower rates, which may be passed on to consumers. Trucking accounts for 69% of tonnage of shipped goods in the U.S., and fuel, next to labor, is trucking's largest cost.
Cost-Effective Tools
Finally, fuel-efficient technologies provide trucking fleets with tools to take advantage of regulatory incentives aimed at reducing petroleum consumption and carbon dioxide emissions. Trucking is arguably as essential to the modern economy as personal mobility and reliable electricity. But while owners of passenger vehicles have the option of purchasing hybrid cars, and electric utilities are able to develop renewable energy source, trucking fleets do not have a broad range of transformational technologies at their disposal.
Fortunately, those technologies which are available, including trailer aerodynamics, can yield by the year 2020 a net economic benefit of $100 per ton of carbon dioxide reduced, according to the McKinsey Global Institute.
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To discuss the impact of fuel-efficient technologies for freight transportation on jobs and the economy, please contact us at policy@atdynamics.com.
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