Oil

FOX Business' Stuart Varney discusses the need to raise energy production in the U.S. amid surging inflation

Oil prices rose more than $1 on Tuesday to a more than seven-year high on worries about possible supply disruptions after Yemen's Houthi group attacked the United Arab Emirates, escalating hostilities between the Iran-aligned group and a Saudi Arabian-led coalition.

Energy experts Patrick De Haan and Tom Kloza predict U.S. gas prices will exceed $4 in 2022.

A severely corroded pipeline ruptured and spilled more than 300,000 gallons of diesel fuel just outside New Orleans after the operator delayed needed repairs, according to federal records.

The national average for a gallon of gasoline in the U.S. increased by two cents over the past week to $3.30, according to estimates by AAA.

Currently, prices at the pump are standing at $3.29 per gallon, an increase of 2.3 cents from a week ago, according to GasBuddy, which compiles data from price reports covering over 150,000 gas stations across the country.

The bull case for rising crude prices makes sense, says one oil watcher.

John Catsimatidis, the billionaire owner and CEO of New York City supermarket chain Gristedes, called for the for the White House to “stop the war on North America” amid rising inflation.

GasBuddy's Patrick De Haan told FOX Business that the decline doesn't necessarily have a significant impact on consumers, "it does bear monitoring over the weeks ahead."

The move comes after officials from OPEC countries, led by Saudi Arabia, and their allies, including Russia, had already approved an increase in production of 400,000 barrels per day for the month of January amid growing fears over the omicron variant's impact on the global economic recovery.