Q1 media coverage of the freight and logistics industry majors was less than favorable for much of the quarter. Perceived holiday season fumbles by United Parcel Service (NYSE: UPS) and FedEx (NYSE: FDX) were frequent targets for pundits, but the vast majority of the industry performed well over the past six months. Given the consistent (albeit slower than hoped for) pace of growth in US GDP, it’s no wonder that the transportation and logistics industry appears healthy. However, that is not to say that the industry is without imminent challenges. Recent industry polls show that more than three-quarters of F&L executives are worried about high and/or volatile energy costs, and over two-thirds are concerned about both over-regulation in carbon emission and road use restrictions. Also concerning is the growing product diversification in the railroad segment (see “Industry Segments” section) which threatens to steal market share from other overland freight segments.