West Texas Intermediate pared earlier gains after U.S. Energy Secretary Jennifer Granholm told MSNBC that President Joe Biden may make an announcement to address high oil and gasoline prices this week.

As world leaders discuss the fight against climate change, global oil demand has bounced back above the key level of 100 million barrels a day last seen before the COVID-19 pandemic, according to BP Plc.

Legislation designed to enhance the safety of offshore pipelines recently was approved by a committee in the U.S. House of Representatives.

An unremitting shipping logjam in the waters outside of Los Angeles already has contributed to higher costs, delays and intermittent goods shortages across the U.S. Now, it could be to blame for California’s biggest oil spill in 27 years.

French energy giant TotalEnergies SE expects global oil demand to peak before the end of this decade, as more nations crack down on fossil fuels and promote cleaner power in transport and industry to mitigate global warming.

The Federal Trade Commission is examining ways to crack down on mergers in the oil and gas industry and investigate whether gas station franchises are driving up gas prices as part of a Biden administration effort to combat higher costs at the pump.

The region at the heart of the once-booming U.S. shale industry is signaling confidence in a nascent recovery after the pandemic crushed demand and curtailed oil and gas drilling.

The U.S. sees limited domestic oil production growth through next year despite rising oil prices and rebounding demand.

Global oil demand will recover to pre-pandemic levels late next year, the International Energy Agency predicted, urging OPEC and its allies to keep markets balanced by tapping their plentiful spare production capacity.

From bustling U.S. airports to surging demand for gasoline, all signs from this past Memorial Day weekend reaffirm the oil market’s bet that Americans will be out traveling in force this summer.