AAA Daily Fuel Gauge Report for Friday, 2/23/24

National Average Price for Regular Unleaded Current: $3.077; Month Ago: $2.985; Year Ago: $2.085. National Average Price for Diesel Current: $3.208; Month Ago: $3.125; Year Ago: $2.420.

The Finnish Transport Workers' Union (AKT) has ended a two-week stevedores' strike. The union made the announcement shortly before 8pm on Wednesday. The AKT board unanimously accepted the deal, union boss Ismo Kokko said. "A new collective agreement has been born," he told Yle. According to Kokko, there will be salary increases of 6.3 percent over the two-year contract period. On top of this, he said there will be a so-called "delayed instalment" amounting to 1,100 euros per worker. Earlier in the evening, the National Conciliator's office said in a tweet that a negotiation result had been reached in the labour dispute. The dockworkers' strike, which has been going on for two weeks, has virtually halted all exports and imports through Finland’s harbours and slowed postal deliveries.

Oil has advanced for the past three months amid optimism that output cuts by Organization of Petroleum Exporting Countries and its partners are helping to balance the market. Yet U.S. rivals have been expanding their operations, with drillers adding two oil rigs to reach 749 last week, the highest level since late September, according to Baker Hughes. “The OPEC deal will mostly work for non-OPEC,” said Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt. “Even if OPEC delivers the cuts promised, and prices stay high long enough, the main result will be that U.S. shale adds on close to 1 million barrels a day of additional production.” Click Read More below for additional information.