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The Postal Service hired consulting firm Alvarez & Marsal in recent days to develop a plan, Postmaster General David Steiner said March 4 in an interview.

A bipartisan group of senators recently introduced the Railway Safety Act, reviving legislation aimed at bolstering safety standards three years after a high-profile derailment in Ohio.

With ships unable or unwilling to transit the Strait of Hormuz, producers cannot export, supertanker costs are skyrocketing and storage at many Persian Gulf refineries is filling up fast. 

President Donald Trump said the U.S. would provide insurance guarantees and naval escorts to ensure safe passage for oil tankers and other vessels through the Strait of Hormuz.

“Spain has absolutely nothing that we need other than great people,” President Trump said. “They have great people, but they don’t have great leadership.”

Energy Minister Tim Hodgson gave further details on the package March 3, including C$44 million for upgrades to the Northwest Transmission Line in northern British Columbia.

A decision to tap the Energy Department’s Strategic Petroleum Reserve could help stanch price spikes, at least temporarily. The reserve currently holds about 415 million barrels.

Shipowners and brokers are demanding more than $200,000 a day for LNG tankers in the Atlantic Basin, roughly double what they were commanding less than a day earlier, according to sources.

Agriculture traders rushed to adjust positions with the escalating conflict in Iran threatening to disrupt supply chains from corn and soybean meal to fertilizer and sugar.

Some carriers are canceling bookings temporarily, skipping some port calls, warning of delays and implementing surcharges to transport containers through the conflict zone.