AAA Daily Fuel Gauge Report for Friday, 4/9/21

National Average Price for Regular Unleaded Current: $3.179; Month Ago: $3.495; Year Ago: $3.285. National Average Price for Diesel Current: $4.680; Month Ago: $5.178; Year Ago: $3.571.

Futures dropped 1.1 percent in New York after a third weekly loss. Russia, which along with Saudi Arabia is trying to garner support for lifting output limits, was said to have boosted production earlier this month to above the level envisioned by OPEC. Meanwhile, the number of rigs drilling for crude in the U.S. inched higher, signaling output may extend a record. Saudi Arabia and Russia, among the countries with spare capacity to raise production, signaled last month they may restore output even though they hadn’t yet consulted most other producers. Oil prices have fallen more than 7 percent since the two nations made their proposal public. Click Read More below for additional information.

U.S. President Joe Biden does not intend to invoke a federal law to prevent a port strike on the East Coast and Gulf of Mexico if dockworkers fail to secure a new labor contract by an Oct. 1 deadline, an administration official said on Tuesday. The International Longshoremen's Association, negotiating on behalf of workers at three dozen U.S. ports from Maine to Texas that handle about half of the nation's ocean imports, warned again on Tuesday that its members are prepared to stop work in two weeks. Their current six-year agreement with the United States Maritime Alliance (USMX), which includes employers like Maersk's (MAERSKb.CO), opens new tab APM Terminals and SSA Marine, expires on Sept. 30. U.S. presidents can intervene in labor disputes that threaten national security or safety by imposing an 80-day cooling-off period under the federal Taft-Hartley Act, forcing workers back on the job while negotiations continue.