Key Currency Exchange Rates for Friday, 4/29/22

Oil in New York was unable to hold its advance above $50 a barrel last week as signs of rising global supply eroded optimism that output curbs by the Organization of Petroleum Exporting Countries and its partners are rebalancing the market. Compliance with cuts was 86 percent in July, according to a Bloomberg survey. “The market has recovered strongly from its lows on signs that the market is normalizing, but further upside at this stage seems unlikely,” said Ole Sloth Hansen, head of commodity strategy at Saxo in Copenhagen. Click Read More below for additional detail.

National Average Price for Regular Unleaded Current: $3.582; Month Ago: $3.366; Year Ago: $3.528. National Average Price for Diesel Current: $4.045; Month Ago: $4.055; Year Ago: $4.211.

American Trucking Associations applauded the introduction of the DRIVE Safe Act in both the U.S. House and Senate by a group of bipartisan legislators. The legislation addresses the economy’s growing shortage of professional truck drivers by expanding job opportunities for younger members of the trucking workforce, while also strengthening safety training and technology safeguards for select candidates looking to participate in interstate commerce early in their careers. While 49 states permit individuals to obtain a commercial driver’s license and operate large commercial vehicles before they turn 21, federal regulations prohibit those same drivers from crossing state lines until they turn 21. These restrictions bar a vital population of job seekers from interstate trucking, exacerbating the driver shortage as qualified candidates are lost to other industries. The DRIVE Safe Act would allow certified CDL holders already permitted to drive intrastate the opportunity to participate in a rigorous apprenticeship program designed to help them master interstate driving, while also promoting enhanced safety training for emerging members of the workforce.