AAA Daily Fuel Gauge Report for Friday, 2/2/24

National Average Price for Regular – Current: $2.934; Month Ago: $2.813; Year Ago: $2.358. National Average Price for Diesel – Current: $3.203; Month Ago: $3.080; Year Ago: $2.504.

Major oil-producing countries moved on Friday toward an agreement to jointly raise exports, a decision that has driven considerable division among them but that could temper criticism from President Trump. Officials from the Organization of the Petroleum Exporting Countries, as well as other major producers like Russia, were set to increase their total output by less than 1 percent of the global oil supply. Though a relatively small addition to the world energy market, the move nevertheless signals a willingness by international suppliers to address rising prices. Click Read More below for additional information.

Disruptions caused by attacks on cargo ships in the Red Sea have once again created volatility in retail supply chains, leading to delays and increased costs. That's according to the Global Port Tracker report by the National Retail Federation and Hackett Associates. Jonathan Gold, NRF VP for supply chain and customs policy, noted that retailers are working with their carrier partners on mitigation strategies to limit the impact of the disruptions caused by the attacks, "but we are seeing longer transit times and increased costs as a result.” To help retailers navigate supply chain challenges, NRF 2024: Retail’s Big Show will feature a special one-day program — Supply Chain 360 Summit — on Sunday, Jan. 14, 10:00 a.m. - 3:45 p.m. (ET), at the Javits Convention Center, New York City.