Despite President Biden’s best efforts, U.S. fossil-fuel production continues to grow, and it’s supporting the economy he touts. That’s one notable finding from the Bureau of Economic Analysis’s recent report on state GDP growth in 2023 that is always instructive about regional and industrial economic trends.

Oil prices gave up nearly all of early Friday’s gains after an Iranian official told Reuters that there hadn’t been a missile attack against Iran.

Oil surged by as much as $3 per barrel in Asian trade early on Friday after a U.S. official told ABC News today that Israel launched missile strikes against Iran in the early morning hours today. After briefly spiking to above $90 per barrel early on Friday in Asian trade, Brent fell back to $87.10 per barrel in the morning in Europe.

The Biden administration has signaled that it could reimpose oil sanctions on Venezuela on Thursday in response to what U.S. officials see as President Nicolas Maduro's failure to meet his commitments for free and fair elections this year.

Barring any last-minute concessions by Maduro, the U.S. has made clear it is not likely to renew a six-month license that granted the OPEC member partial sanctions relief from October, following an election deal reached between the government and the Venezuelan opposition. It expires just after midnight EST (0400 GMT Thursday).

Heading into an election in which energy prices figure to be a key issue, President Biden and some of the country’s biggest oil companies have reached a surprising detente.

The truce comes after years of acrimony: The White House routinely slammed windfall oil-and-gas profits as pump prices surged in 2022, and industry executives bemoaned Biden’s campaign promise to transition the U.S. away from oil.

DETROIT (FOX 2) - Michigan gas price averages over the weekend were the highest they have been this year.

According to AAA, a gallon of unleaded gas cost an average of $3.57 on Saturday. The previous record-high price, $3.45, was set last week before the weekend jump.

Saturday's high fell one cent to an average of $3.56 ahead of Monday's data release. The price is 11 cents more than this time a week ago, 31 cents more than this time a month ago, and 1 cent more than a year ago.

It has been a revealing week in the media, to be sure. Following the release of the Robert Hur Special Counsel report declaring Biden mentally unfit to stand trial, the reactions have been at a high hysteria level. The past week of media hand-wringing, hair-pulling, pearl-clutching coverage has completely shredded any veil of non-partisan coverage of this administration. What we have long know in theory has been all but confirmed these past days.

Oil rose more than 3% on Wednesday as tensions mount in the Middle East and OPEC pledges to remain united in supporting prices.

The West Texas Intermediate contract for February gained $2.41, or 3.5%, to trade at $72.84. The Brent contract for March added $2.47, or 3.25%, to trade at $78.36.

Houthi militants, who are based in Yemen and backed by Iran, claimed Wednesday that they targeted the CMA CGM Tage container ship. French shipping giant CMA CGM told CNBC in a statement that the vessel “did not suffer any incident.”

Oil prices are on pace to close out the year about 10% lower as bearish sentiment has taken over due to worries that the market is oversupplied from record production outside OPEC.

The West Texas Intermediate contract for February gained 10 cents, or 0.14%, to trade at $71.87 to barrel on Friday. The Brent contract for March rose 12 cents, or 0.16%, to trade at $77.27.

But U.S. crude and the global benchmark were headed for the first annual decline since 2020 despite ongoing geopolitical risk in the Middle East due to the devastating war in Gaza.

American oil fields are gushing again, helping to drive down fuel prices but also threatening to undercut efforts to reduce greenhouse gas emissions.

Only three years after U.S. oil production collapsed during the pandemic, energy companies are cranking out a record 13.2 million barrels a day, more than Russia or Saudi Arabia. The flow of oil has grown by roughly 800,000 barrels a day since early 2022, and analysts expect the industry to add another 500,000 barrels a day next year.