AAA Daily Fuel Gauge Report for Friday, 7/16/21

National Average Price for Regular Unleaded Current: $2.895; Month Ago: $2.869; Year Ago: $1.772. National Average Price for Diesel Current: $3.080; Month Ago: $3.095; Year Ago: $2.445.

The trucking industry generated $791.7 billion in revenue in 2019, moving 11.84 billion tons of freight, according to the latest edition of American Trucking Associations’ annual data compendium – ATA American Trucking Trends 2020. “Despite a challenging year, the data contained in American Trucking Trends shows the industry was in good shape entering the global pandemic,” said ATA Chief Economist Bob Costello. “Trends continues to be an indispensable, one-stop resource for decision makers to have the latest information about the state of the trucking industry.”

Oil is struggling to regain the highs of January after a sell-off in global equities seeped into crude markets earlier this month. Surging U.S. production continues to challenge efforts by the Organization of Petroleum Exporting Countries and its friends to alleviate a global oversupply, with forecasts pointing to record output from the Permian shale basin. “Prices are vulnerable to the downside over the coming months,” said Giovanni Staunovo, an analyst at UBS Group AG in Zurich. “Though the market likes OPEC and its allies’ show of unity, we still need to see how U.S. shale companies will react on higher prices and eventually offset all the efforts of OPEC and others to reduce inventories.” The increase in U.S. production is not “a blip,” Brouillette said. “We are optimistic about 2019 and 2020 too.” Click Read More below for additional information.