Key Currency Exchange Rates for Friday, 4/7/23

Last month, U.S. Senator Susan Collins announced a $7.89 Million grant for a project to improve rail infrastructure in Northeastern Maine. NBM Rail Services has been awarded the contract to repair and upgrade 22 rail bridges on the Madawaska Subdivision of the Maine Northern Railway. Fourteen bridges will require minor repairs, three bridges require superstructure replacements, and one bridge will be replaced completely. The funding, through the FASTLANE grant program, will help create jobs, improve competitiveness and provide an economic boost for the State of Maine. Following project completion, the 151-mile section will be capable of carrying 286,000 pounds of rail car weight. “This major rail link is used daily by manufacturers and customers across our state, and these improvements will significantly increase capacity and efficiency throughout the corridor,” said Senator Collins, Chairman of the Senate Appropriations Subcommittee. Click Read More below for additional detail.

National Average Price for Regular Unleaded Current: $3.761; Month Ago: $3.765; Year Ago: $3.399. National Average Price for Diesel Current: $5.308; Month Ago: $4.884; Year Ago: $3.623.

Futures rose as much as 1 percent in New York. Saudi Arabia, OPEC’s largest producer, will limit exports to 6.6 million barrels a day in August, 1 million lower than year earlier, Minister of Energy and Industry Khalid Al-Falih said after a meeting with fellow producers. The nations gathering in St. Petersburg, Russia, made no major changes to their wider supply agreement, stopping short of capping output of Libya and Nigeria. "Some countries continue to lag" in their compliance "which is a concern we must address head on," Al-Falih told reporters before the meeting ended. While other producers support the recovery in output from Libya and Nigeria "the committee, however, should monitor the impact of such growth in supply on global supply-demand balances." Click Read More below for additional detail.