National Average Price for Regular Unleaded Current: $3.454; Month Ago: $3.519; Year Ago: $3.825. National Average Price for Diesel Current: $3.778; Month Ago: $3.866; Year Ago: $4.218.

The American Trucking Associations was joined by eight trucking organizations and affiliates in a renewed effort to repeal the outdated and counterproductive federal excise tax, or FET, on heavy-duty trucks and trailers. The coalition sent a letter to the leaders of Senate Finance Committee and House Ways & Means Committee to express strong support for the Modern, Clean, and Safe Trucks Act. The bipartisan legislation would repeal the FET and immediately reduce the cost of new, cleaner, and safer trucks by 12 percent, making it easier for fleets to upgrade their equipment. “Eliminating this tax will remove a barrier to retiring older trucks that lack modern emissions control and safety technologies, allowing owners to replace them with modern, clean models that are safer and more environmentally friendly,” the coalition wrote.

Futures added 1.5 percent in New York. China’s crude imports last month jumped to the second-highest on record, customs data show, while U.S. government data on Thursday showed crude inventories fell by 2.75 million barrels last week. OPEC is said to expect a global oil glut will be gone a year from now. President Donald Trump is expected on Friday to disavow a deal with Iran that helped revive its oil exports, while stopping short of abandoning it. Oil has rebounded from the biggest weekly loss since May on signs that output cuts led by the Organization of Petroleum Exporting Countries are draining a surplus. OPEC expects the effort to succeed by the end of the third quarter of next year, said people familiar with the group’s internal forecasts. The prediction assumes that production in Libya and Nigeria will remain at current levels and U.S. shale output will expand by no more than 500,000 barrels a day next year, two people familiar with the matter said. Click Read More below for additional information.