Oil

The national average is now 3.8 cents higher than it was a month ago and nearly 92 cents higher than a year ago.

Exxon Mobil on Friday posted its biggest quarterly profit in more than a year that also topped analysts' estimates as demand for oil, gas and chemicals rebounded, quelling some investor concerns over its recent weak performance.

Chevron Corp on Friday reported its highest profit in six quarters and joined an oil industry stampede to reward investors with share buybacks, as rebounding crude oil prices carried earnings and cash flow to pre-pandemic levels.

Oil prices fell on Friday but were on track to post solid gains for the week with demand growing faster than supply, while vaccinations dampen the impact of a resurgence in coronavirus cases worldwide.

Fuel shortages are threatening travel in Nevada and other regional airports remain at risk.

American Airlines has sounded the alarm that further fuel shortages are expected across the country, according to a report.

The nation's average gas price fell about 2.9 cents per gallon from a week ago to $3.14 per gallon, according to GasBuddy data.

Maglan Capital president David Tawil argued on Thursday that the "supply-demand imbalance" could lead to "a serious" global crisis within three to five years.

U.S. stock markets suffered their steepest single-day declines of the year on Monday as the recent rise in COVID-19 infections stoked fears of an economic slowdown.

John Catsimatidis, the owner and CEO of New York City supermarket chain Gristedes, warned on "Varney & Co." on Monday that inflation will lead to even higher grocery prices by October.

The OPEC rift has been smoothed over with a production cut, but experts warn it won't be enough long term.

OPEC+ ministers agreed on Sunday to boost oil supply from August to cool prices which have climbed to 2-1/2 year highs as the global economy recovers from the coronavirus pandemic.

Gasoline demand has "likely" peaked as the price of oil continues to drop, according to one expert.

GasBuddy analyst Patrick De Haan noted on Monday that demand for gas “continues to go up,” but argued that he is “starting to feel like we are getting closer to a top” in the price rally.

California denied 21 oil drilling permits this week in the latest move toward ending fracking in a state that makes millions from the petroleum industry but is seeing widespread drought and more dangerous fire seasons linked to climate change.