There's a personnel shortage that may put a kink in your summer road trip. Let's get into it. 🚚 TRUCKERS NEEDED So you're all vaxxed up and ready to hit the road this summer for a long overdue vacay. There's still just one problem — finding gas.
No, there isn't a looming shortage of crude oil or gasoline, CNN Business Chris Isidore explains. Rather, it's a shortage of tanker truck drivers to haul it.
THE NEWS Once again, the issue is something of a pandemic hangover. Tanker truck drivers left the business a year ago when gasoline demand cratered. Now demand is surging, and drivers are hard to find.
There are a few reasons for that:
In response, tanker operators are raising pay to try to fill their drivers' seats. But that won't fix the near-term shortage.
RIPPLE EFFECTS If gas stations don't have fuel, they don't have business. Even if brief outages happen at a few stations, that could spark a run on gasoline as drivers will top off their tanks to avoid running dry down the road.
"Imagine the hoarding with toilet paper and topping off of gas tanks that we see after hurricanes and you can see what might happen," said Tom Kloza, chief oil analyst for the Oil Price Information Service. "It doesn't take much — crowd behavior can provoke shortages."
💰 NUMBER OF THE DAY $55.3 billion We expected a strong earnings report from Google's parent company, but this was wild: Alphabet reported $55.3 billion in revenue for the first three months of the year — a 34% jump from the same period last year. It made $18 billion in profit, shattering estimates.
There are moments — agonizing, terrible moments — when you realize you've been on the wrong side of history. Times when your firmly held beliefs, be they political, cultural, spiritual or sartorial, become suddenly anachronistic. Thus, I hang my head low and accept the truth:
Crocs are OK. Maybe even cool.
My moment came Sunday night, as Questlove strolled into the Oscars — the Oscars! — wearing a custom-made pair of gold Crocs. Yes, those ugly foam clogs I have long maintained cannot be comfortable enough to justify wearing outside.
As if to twist the knife of shame: Crocs reported Tuesday that sales surged 64% in its first quarter, to $460 million. And it expects revenue for the year to increase as much as 50%. Crocs shares (my god, these things are publicly traded?) surged 16% on Tuesday.
My colleague Parija Kavilanz has more on the bizarre cultural phenomenon that is the Croc.
🚀 QUOTE OF THE DAY A bunch of people probably will die. Elon. Elon, Elon, Elon. The rocket man Elon Musk may be Earth's biggest hype man for going to Mars and he underscored his devotion yet again in an interview with Peter Diamandis, the founder of nonprofit XPrize. "It's uncomfortable. It's a long journey. You might not come back alive." RELATED: I wish this were a joke, but it's not: Musk has been tapped to host "Saturday Night Live" on May 8. Some SNL cast members don't seem too excited about it. A live broadcast of a demonstrably not-funny CEO with a well-documented history of Twitter trolling ... what could go wrong?
WHAT ELSE IS GOING ON? 📈GameStop has cashed in with a sale of more than $550 million in stock. Shares in the Reddit favorite have surged 800% this year.
💸 Global banks have lost at least $10.4 billion from the failure of Archegos, a New York-based hedge fund that almost no one had heard of before its stunning collapse last month.
🍔 Beyond Meat is replacing its signature plant-based burger with a new version designed to taste more like real beef.
🏡 A man in California tried to cash in on the NFT craze by auctioning a house. It didn't work. All CNN Newsletters | Manage Profile
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