Oil

Trucking Association of New York President Kendra Hems noted that record-high diesel prices are hurting the industry.

Oil prices dropped about 7% to settle at their lowest level in more than a week, as a worsening COVID-19 outbreak in China threatened to hurt energy demand. Hopes for progress in peace talks between Russia and Ukraine helped ease some concerns over risks to energy supplies.

The United Arab Emirates' energy minister doubled down Monday on an oil alliance with Russia that's helped buoy crude prices to their highest in years as Moscow's war on Ukraine rattles markets and sends energy and commodity prices soaring.

Currently, the national average for a gallon of regular gasoline has dipped to $4.24, down from the high of $4.33 earlier this month, according to AAA's latest figures.

President Biden acted on his campaign promise to “end fossil fuel” – and the result has been skyrocketing gas prices, an influential Republican committee claims in a memo obtained by Fox Business.

European leaders look to reduce reliance on Russian oil and natural gas, while before the Ukraine war, they were focused on combatting climate change. Now, those plans have been put on hold.

Oil prices went down on Sunday amid Shanghai authorities announcing the city will go through a lock-down in two stages in order for residents to undergo COVID-19 testing, and the city will be split for the exercise.

More people are choosing to carpool with gas prices still at record highs. A driver and passenger in a carpool service drive to and from work together every day. The money they're saving on gas makes up for the fee they're paying the company.

Canary CEO Dan Eberhart acknowledges the U.S. can pump more oil, but "it's going to take some time."

The US and EU are using natural gas to keep the pressure on Russia.