AAA Daily Fuel Gauge Report for Friday, 2/17/23

National Average Price for Regular – Current: $2.447; Month Ago: $2.564; Year Ago: $2.229. National Average Price for Diesel – Current: $2.834; Month Ago: $2.834; Year Ago: $2.440.

Futures climbed as much as 1.3 percent in New York after declining 0.9 percent Tuesday. Inventories expanded by 1.44 million barrels last week, the American Petroleum Institute was said to report. That’s less than half the projected 3.9 million-barrel increase the government is forecast to report Wednesday. Some U.S. refiners are delaying maintenance to take advantage of strong margins. While oil has rebounded the past two weeks, crude in the U.S. has struggled to hold above $50 a barrel as prices beyond that level make some shale profitable and boost supply. At the same time, the Organization of Petroleum Exporting Countries and its allies are said to be discussing extending by more than three months the output cuts that expire in March. Iraq, the group’s second-biggest producer, has said production should be reduced by an additional 1 percent to help rebalance the market. Click Read More below for additional detail.

National Average Price for Regular Unleaded Current: $2.654 Month Ago: $2.530 Year Ago: $2.313 National Average Price for Diesel Current: $2.962 Month Ago: $2.955 Year Ago: $2.504