AAA Daily Fuel Gauge Report for Friday, 1/10/25

American Dollar to Canadian Dollar = 0.757962; American Dollar to Chinese Yuan = 0.147635; American Dollar to Euro = 1.184131; American Dollar to Japanese Yen = 0.009583; American Dollar to Mexican Peso = 0.047867.

Labor talks at U.S. ports on the East Coast and Gulf of Mexico are a looming risk for retailers, manufacturers and other shippers already grappling with longer transit times and higher costs. The International Longshoremen's Association contract covering 45,000 dockworkers at three dozen ports stretching from Maine to Texas expires on Sept. 30. If there is no deal by then, the union could call a strike that would hit during the vital holiday container shipping season and labor-friendly U.S. President Joe Biden's bid for reelection. The ILA on Monday called off this week's planned start of talks with the U.S. Maritime Alliance, citing one member of that employer group's use of automation technology in violation of prior agreements.

Oil last week rose to levels last seen in 2014 amid growing geopolitical risks, with investors anticipating that retaliation against Assad would threaten production in the region, while tensions between Saudi Arabia and Iran-backed rebels in Yemen also added to concerns. Still, surging U.S. output continues to weigh on investor sentiment even as the International Energy Agency says the Organization of Petroleum Exporting Countries is close to reaching its target of eliminating a global crude glut. Meanwhile, in the U.S., working oil rigs rose by seven last week to 815, the highest since March 2015, according to data from Baker Hughes. The rig fleet has expanded in 10 of the past 12 weeks. The expansion came after the Energy Information Administration data showed that American oil production rose to a fresh record of 10.5 million barrels a day. Click Read More below for additional information.