AAA Daily Fuel Gauge Report for Friday, 2/25/22

Brent crude oil prices spiked to the highest level in 2½ years on Monday on news that a major pipeline in the U.K.'s North Sea will shut down for repairs. The Forties pipeline system will close for several weeks while its operator, INEOS, repairs a crack in a pipe discovered last week. The pipeline carries about 450,000 barrels a day of Forties crude from offshore fields in the North Sea to a processing plant in Scotland. 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.

The Prince Estate and the Pantone Color Institute™ have created a standardized custom color to represent and honor international icon, Prince. The (naturally) purple hue, represented by his “Love Symbol #2” was inspired by his custom-made Yamaha purple piano, which was originally scheduled to go on tour with the performer before his untimely passing at the age of 57. The color pays tribute to Prince’s mark on music, art, fashion and culture.