AAA Daily Fuel Gauge Report for Friday, 11/18/22

National Average Price for Regular Unleaded Current: $3.126; Month Ago: $3.086; Year Ago: $2.179. National Average Price for Diesel Current: $3.245; Month Ago: $3.185; Year Ago: $2.438.

After jumping 2.2 percent on Monday, futures added 1 percent in New York on Tuesday. European and Asian stocks rose as President Donald Trump faced resistance to plans for a series of import tariffs, while a diplomatic breakthrough with North Korea also boosted optimism. Still, the International Energy Agency’s warning that OPEC production cuts will unleash a supply surge from the U.S. and other producers maintained a note of caution in the market. The production cuts that helped push prices above $60 a barrel are triggering a flood of supply from OPEC’s rivals including Brazil and Canada, which will cover all growth in global demand until 2020, the IEA said. The agency may also raise its forecast for U.S. output if oil stays above $60 a barrel, Birol said during the CERAWeek oil conference in Houston. Non-OPEC growth is so strong that the oil market will change for years, he said. Click Read More below for additional information.

The United States and European Union have penned a framework agreement on transatlantic trade in which they agree US commodities including cattle, soy and wood pose zero deforestation risk. The US has been assigned a "low risk" status along with EU states. A new "neglibible status" is being discussed in Europe. If this status come in to being than the US would seek this status. A product is considered "neglible risk" when due diligence processes find there is no cause for deforestation concern.