Fuel

As negotiations over Michigan’s annual budget pick up the pace, fissures are developing between the Republican-led Legislature and Democratic Gov. Gretchen Whitmer over the perennial problem of road funding.

Oil in New York headed for the longest weekly winning streak since November 2017 as crises from Venezuela to Libya threatened supplies, while optimism over U.S.-China trade talks buoyed the outlook for demand.

Colorado’s Legislature passed a sweeping overhaul of the state’s oil and natural gas laws, giving local governments more power to regulate drilling in one of the nation’s top crude-producing regions.

The stubborn, sharp rise in Canadian heavy crude prices finally may falter later this year, when swelling output overwhelms a pipeline system that will be lacking a key project producers had counted on, according to Deloitte.

The looming adoption of a mandate that will require maritime vessels to burn cleaner fuel is projected to put upward pressure on diesel prices next year, but transportation experts are more concerned about how the change will affect the supply of diesel fuel for trucks.

Oil rose near $70 a barrel in London, a level last breached in November, as global crude supplies tightened while hopes for an end to the U.S.-China trade impasse lifted financial markets.

Grammer Industries Inc. announced it has acquired North Vass, N.C.-based Sterling Transport Co.

Royal Dutch Shell Plc’s position on climate change is misaligned with about half of the trade associations it’s a part of, and the company says its disagreement with one is so severe that it will let its membership lapse next year.

The U.S. retail diesel average price dipped 0.2 cent to $3.078 a gallon, the Department of Energy reported, as the price of crude oil surged past $61 a barrel amid tighter supplies.