Oil

California drivers are paying an average $4.03 per gallon, which is more than $1 per gallon higher than the national average. Why is anyone surprised?

Crude output in the United States, which turned into the world's top producer last year, last week edged back to its record high at 12.2 million barrels per day while net imports jumped 900,000 bpd, EIA data showed.

Investors may be starting to question how long the bull market can keep going.

Occidental puts the value of its deal at $57 billion, including debt and book value of noncontrolling interest.

Crude oil prices rose after the Trump administration said it would stop issuing waivers to countries that import from Iran.

Despite the move by Washington, spare capacity from other suppliers such as Saudi Arabia might be able to ensure oil markets cope with a cut in Iranian exports.

On the positive side, U.S. energy companies may start to recover some lost profits from the last set of waivers, but at the gas pump the pain will be felt.

Oil prices climbed to the highest level so far this year

Oil prices jumped as the U.S. said it won't extend waivers to buy Iranian crude oil for Turkey, South Korea, China, India and Japan when those waivers expire in early May.