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Oil prices may fall further as the world remains “massively oversupplied,” before markets tighten in 2016 when output growth outside OPEC grinds to a halt, according to the International Energy Agency.

Rep. Tom Rice (R-S.C.) introduced legislation that would raise federal fuel taxes by 10.1 cents per gallon, and index the new rate to inflation as a way to ensure the long-term solvency of the Highway Trust Fund.

The Department of Energy lowered its 2015 forecast for U.S. diesel prices 2 cents to $2.86 a gallon but held its 2016 projection at $3.03.

HOUSTON — BP will pay up to $18.7 billion in penalties to the U.S. government and five states to resolve nearly all claims from its deadly Gulf of Mexico oil spill five years ago in the largest corporate settlement in U.S. history.

The starting point for limiting diesel emissions can be traced to a provision in a bill reauthorizing and expanding the Clean Air Act of 1977 that was signed into law by President George H.W. Bush in 1990.

The U.S. Environmental Protection Agency is aiming to put more ethanol in gasoline even as it reduced the consumption target established in a 2007 energy law, an EPA official said.

Retail gasoline prices are falling in the United States just in time for Americans to take to the roads in record numbers for the July 4 holiday.

Diesel’s national average price declined 1.6 cents to $2.843 per gallon, the fifth consecutive decrease, the Department of Energy reported June 29.