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The latest production forecast for this year represents a drop of about 50,000 barrels a day from the Energy Information Administration’s previous projections in June.

A spokesperson said the Michigan facility is on schedule to open next year and will ultimately employ 1,700 workers as the company had projected when it downsized the project in late 2023.

The national average diesel price showed a modest post-holiday uptick, rising 1.2 cents a gallon to $3.739 a gallon, according to U.S. Energy Information Administration data released July 8.

U.S. stockpiles of diesel products have dropped to the lowest for the time of year since 1996, while in Europe benchmark futures are signaling a tight market.

Eight members of the OPEC+ alliance of oil exporting countries say they will boost production by 548,000 barrels per day in August in a move that could further reduce gas prices this year.

The Trump administration’s plan to scrap federal incentives for EVs will be a major speed bump for battery-powered transportation in the U.S., but not a brick wall, according to forecasts.

OPEC+ is discussing another 411,000 barrel-a-day production increase for August ahead of the group’s videoconference this weekend, according to delegates who asked not to be identified.

Top Chinese electric vehicle maker BYD has shelved plans to build a major plant in Mexico over geopolitical tensions and uncertainty stemming from President Donald Trump’s trade policies.

Trucking companies were provided some relief on fuel prices as they welcomed July, with the national average price of a gallon of diesel decreasing 4.8 cents to $3.727 a gallon.

Policy wins on commercial vehicle emissions have allowed industry leaders to shift their attention to other pressing issues, American Trucking Associations President Chris Spear said.