AAA Daily Fuel Gauge Report for Friday, 1/5/18

U.S. crude prices retreated after coming within striking distance of their 2017 high on Wednesday, raising questions about whether a rally that started in June has reached its peak. On the one hand, the trend of future oil prices suggests that a prolonged global glut of crude is coming to an end. But at these elevated levels, prices are also susceptible to disappointing data points and profit-taking as traders look to cash in on recent gains. Crude futures shed more than $1 a barrel on Wednesday after government data showed U.S. crude stockpiles declined less than earlier industry figures indicated. The Energy Department's report also showed U.S. oil exports hit an all-time high, while the nation's production crept toward record levels. Click Read More below for additional information.

The annualized turnover rate at both large and small truckload carriers rose by double digit percentage points in the third quarter as the industry began bouncing back from a COVID-19 induced slump. “After a calamitous second quarter, trucking – along with the rest of the economy – began recovering in the third quarter, leading to a tightening of the driver market,” said American Trucking Associations Chief Economist Bob Costello. “With a more robust freight market, we saw an increase in carriers seeking drivers, which led to increased turnover. Additionally, the driver pool has decreased this year for a host of reasons, including fewer new drivers coming into the industry as truck driver training schools train less drivers due to social distancing requirements.” In the third quarter, the turnover rate at truckload carriers with more than $30 million in annual revenue rose 10 percentage points to 92% on an annualized basis. The rate at smaller truckload carriers rose 14 points to 74%. Despite the increases, the 2020 average turnover rate is still running behind 2019.

National Average Price for Regular Unleaded Current: $3.481; Month Ago: $3.501; Year Ago: $3.803. National Average Price for Diesel Current: $3.807; Month Ago: $3.823; Year Ago: $4.103.