Oil

Drivers hitting the road over the holiday weekend are expected to face the highest gas prices in seven years, according to AAA.

Oil and gas producers Cabot Oil & Gas Corp and Cimarex Energy Co said on Monday they would combine to form a company with an enterprise value of about $17 billion, the latest in a sector rebounding from one of its worst downturns.

It could be a summer of pain at gas stations due to surging fuel demand and the possibility of more pipeline shutdowns.

The Russian ransomware group responsible for the Colonial Pipeline hack, Darkside, reaped just over $90 million in Bitcoin ransom payments from 47 victims before announcing it would cease operations, according to blockchain analytics firm Elliptic.

The communications system used by shippers on the Colonial Pipeline experienced intermittent disruptions.

In the wake of a cyberattack on the Colonial Pipeline that created a gas shortage in the southeastern U.S. last week, low supply and panic buying sent gas prices soaring.

Sen. John Barrasso, R-Wyo., on Sunday said the Biden administration has been "asleep at the switch" on supporting pipelines, making the United States more "vulnerable" in the aftermath of the cyberattack on Colonial Pipeline.

Gas delivered via Colonial Pipeline Co.’s system is reaching consumers in all the states it serves following a days-long network shutdown, the company announced Saturday.

The 7-Eleven convenience store chain said Friday it had completed a $21 billion acquisition of Marathon Petroleum Corp.’s MPC 2.21% Speedway convenience stores, amid disarray from U.S. antitrust enforcers who hadn’t agreed on what to do about a transaction they all said they believed was anticompetitive.