Key Currency Exchange Rates for Friday, 2/11/22

National Average Price for Regular Unleaded Current: $3.918; Month Ago: $4.495; Year Ago: $3.177. National Average Price for Diesel Current: $4.990; Month Ago: $5.515; Year Ago: $3.289.

A group of transportation and trucking stakeholders is calling on Congress to repeal the Federal Excise Tax (FET) on heavy-duty commercial vehicles. This century-old tax is impeding the deployment of cleaner, more environmentally friendly trucks on our nation's roads, according to a letter from the American Trucking Associations, American Truck Dealers, and Zero Emission Transportation Association sent to Congressional leadership. The heavy-duty excise tax was established in 1917 to defray the costs of World War I and today adds 12% to the cost of a new truck, creating a major disincentive for trucking fleets small and large to modernize their equipment and replace older tractors with new, low-emission power units. The FET can add more than $50,000 to the price of the latest low- or zero-emission vehicle, making these investments cost-prohibitive for smaller fleets. Over 90% of U.S. motor carriers operate six or fewer trucks. “If Congress is serious about safety, the environment and jobs, then repealing the FET should be front-burner," said ATA President and CEO Chris Spear. "It’s time to shelve this World War I era tax and starting putting the best equipment on our roads.”

Futures were little changed in New York, up more than 9 percent in September. Oil this week returned to a bull market on signs the persistent crude surplus was finally starting to shrink, while Trafigura Group and Citigroup Inc. warned of the potential for a further supply squeeze in 2018. The Organization of Petroleum Exporting Countries and Russia have hailed the success of their agreement to cut production and urged their allies to stay focused on finishing the job. U.S. Gulf Coast refiners restarted after last month’s hurricanes. Click Read More below for additional detail.