AAA Daily Fuel Gauge Report for Friday, 2/16/18

Wood-based biochemicals are renewable, recyclable, can shorten supply chains and boost local production. And they can be used to make almost anything. The future of wood is here. Soon all kinds of products – from bottles to de-icer to tyres – will be made from wood-based biochemicals, ushering in a new era of sustainability. It’s not a new idea. For years, if not decades, there has been discussion about how wood-based products could replace things made from fossil materials. Until now, this idea was mostly hypothetical. Now it is really happening.

Crude rebounded over 5 percent last month, recouping February’s losses, after U.S. President Donald Trump named hawkish officials to his government, signaling the nation may pursue a more hard-line stance toward Iran. Even so, concerns persist that a rapid increase in American production, which has topped 10 million barrels a day each week since early February, could undermine efforts by the Organization of the Petroleum Exporting Countries and its allies, which are trying to balance the market by cutting output. U.S. explorers cut the number of rigs by the most since November 2017 last week, bringing the total to 797, Baker Hughes data showed. Still, the count remains near the highest in three years, and with separate data showing nationwide crude inventories climbed 1.64 million barrels in the week ended March 23, jitters over increasing U.S. supplies remain. Click Read More below for additional information.

American Dollar to Canadian Dollar = 0.776214; American Dollar to Chinese Yuan = 0.150313; American Dollar to Euro = 1.161353; American Dollar to Japanese Yen = 0.008759; American Dollar to Mexican Peso = 0.051954.