National Average Price for Regular – Current: $2.662; Month Ago: $2.526; Year Ago: $2.380. National Average Price for Diesel – Current: $2.973; Month Ago: $2.945; Year Ago: $2.516.

Crude had risen since late last week as tensions in Iraq, OPEC’s second-largest producer, led to the halt of production at two Kirkuk fields. The resulting export curbs pushed oil in the U.S. to a three-week high on Wednesday but Brent has failed to breach last month’s peak and dropped below $58 following the inventory data. Prices reflect “oil bulls taking profit after the supply disruption in Iraq failed to drive Brent to new highs,” said Ole Hansen, head of commodity strategy at Saxo Bank A/S. “It’s a classic risk-off move. On balance, I believe yesterday’s EIA report was net bearish.” U.S. gasoline inventories expanded by 908,000 barrels last week, while distillate supplies climbed to 134.5 million barrels, according to the Energy Information Administration. Refinery utilization slipped as plants including Exxon Mobil Corp.’s Joliet refinery in Illinois were said to carry out maintenance. Click Read More below for additional information.

Randy Guillot, chairman of the American Trucking Associations and president of Triple G Express and Southeastern Motor Freight out of Jefferson, Louisiana, testified before the Senate Commerce Committee on the U.S. trucking industry’s response to the COVID-19 crisis—and on the role trucking will play in leading our economic recovery. Due to the U.S. Senate’s social distancing protocols, Guillot testified remotely via video conference from his home state of Louisiana. From his opening remarks: “Since the onset of the COVID-19 pandemic, the trucking industry has been thrust to the forefront of our national consciousness. While most activity ground to a halt across the country, America’s 3.5 million professional truck drivers kept moving. These heroes continue serving on the frontlines, ensuring everyone has the goods they need to get through these challenging times. “We hear the term ‘essential’ more frequently of late—as America wakes up to the gravity of what essential truly means. Truckers are the difference between a fully-stocked grocery store and one lined with empty shelves. They’re why doctors and nurses have PPE to protect themselves. They’re how test kits get to hot-spots for local officials to use to fight the virus’ spread.”