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Reducing the environmental impact of freight transportation in the face of increasing trade and economic growth in North America requires much more than continued progress on fuel economy and transport technology. It is estimated that the North American economy will grow by 70–130% between the years 2005 and 2030.
This growth is the result of an expected recovery in the global economy, with world gross domestic product (GDP, on an oil-weighted basis) assumed to rise by more than 3 percent per year. Offsetting this projected supply growth in 2010 are further declines in mature fields in Mexico, the United Kingdom, and Norway.
March appears to have been solid, on preliminary data, and April may even reach prior-year volumes thanks to strong government stimulus, but we do not see all of the lost volume being made up. The local industry is already recovering, with commercial vehicle plants re-opened.
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