Borderlands is a weekly update on developments in U.S.-Mexico cross-border trucking and trade. This week’s highlights include: Texas truckers taking their labor protest to New York City, a rise in exports of Mexico-built cargo trucks in August, Mexico’s largest bank opening a nearshoring office in Houston, and Stonepeak’s acquisition of a 1.1 million-square-foot logistics property in Texas.
Texas Truckers Take Labor Protest to New York
Members of the Texas-based Truckers Movement for Justice (TMJ) are planning a protest on Wednesday outside BlackRock Inc.’s headquarters in New York. The protest aims to raise awareness of wage theft and poor working conditions faced by truck drivers in the Permian Basin. TMJ founder Billy Randel explained that the group is targeting major Wall Street firms, including BlackRock, Vanguard, and State Street, which have financial ties to frac sand companies in the region. The protest will focus on demanding fair pay for driver detention time and equal wages for Mexican B1 drivers and their U.S. counterparts to prevent companies from exploiting drivers.
Randel emphasized that BlackRock’s extensive investments in the Permian Basin’s oil and gas industry make it a key target. BlackRock, a multinational investment firm with over $10.6 trillion in assets, holds stakes in numerous companies involved in fossil fuel and mining operations. While BlackRock did not respond to requests for comment, the protest is expected to feature picketing and protest signs, with support from groups like the Teamsters.
The Permian Basin, spanning West Texas and southeastern New Mexico, is one of the world’s largest oil and gas-producing regions, accounting for 40% of U.S. crude oil and 17% of its natural gas production. TMJ members, including Randel, haul frac sand, a critical component in the hydraulic fracturing process used to extract oil and gas from shale. Despite a previous protest in Texas, frac sand companies have largely ignored the truckers’ demands, though more drivers are expressing interest in joining the movement.
Mexico-Built Cargo Truck Exports Surge in August
Exports of heavy-duty trucks manufactured in Mexico saw a 7.5% year-over-year increase in August, with 16,251 units exported, according to Mexico’s National Association of Bus, Truck, and Tractor Producers (Anpact). The U.S. received the majority of these exports (95.6%), followed by Canada (3.3%) and Colombia (0.5%). Freightliner and International Trucks were the top producers and exporters of heavy-duty trucks in Mexico.
BBVA Mexico Opens Nearshoring Office in Houston
BBVA Mexico has opened an office in Houston to support companies interested in nearshoring opportunities. The new office will provide investment advisory services, financial tools, and connections to supply chain companies that do business with BBVA. The bank aims to assist foreign companies in navigating the complexities of entering the Mexican market.
Stonepeak Acquires Major Logistics Property in Texas
Investment firm Stonepeak has acquired a 1.1 million-square-foot logistics property in Fort Worth, Texas, located within the AllianceTexas development. The property benefits from proximity to two Class I railway lines, the BNSF Alliance intermodal terminal, and the Fort Worth Alliance cargo airport. Stonepeak’s acquisition highlights the importance of real estate near transportation infrastructure in sustaining supply chain operations.