National Average Price for Regular Unleaded Current: $4.599; Month Ago: $4.134; Year Ago: $3.041. National Average Price for Diesel Current: $5.530; Month Ago: $5.093; Year Ago: $3.179.

Oil prices plunged on Friday as reports said OPEC and Russia are considering lifting production by as much as 1 million barrels a day to meet the shortfall in supply from Iran and Venezuela. The losses came after media reports hit saying the Organization of the Petroleum Exporting Countries and Russia are discussing plans to lift their production for the first time since 2016. Bloomberg said the major producers are considering pumping between 300,000 and 800,000 more barrels of oil a day, while Reuters said the number could be as high as 1 million barrels. Click Read More below for additional information.

Oil is losing steam after rising more than 5 percent last month as Trump repeatedly raises the stakes against China, rattling markets. Along with other risky assets, oil took a blow on concern the escalating tension will threaten growth that drives energy demand amid record U.S. output. That could hinder the efforts of the Organization of Petroleum Exporting Countries and its allies to curb a global glut and prop up prices. “The market is currently concerned for the escalating China-U.S. trade war tensions,” said Bjarne Schieldrop, chief commodities analyst at SEB AB. “And with good reason, since this will be bad for global growth and oil demand growth further down the road.” Click Read More below for additional information.