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The U.S. president would have the authority to declare an emergency that would make the sale of gasoline at “excessive” prices illegal under legislation House Democrats plan to bring to the floor next week.

California’s carbon market was supposed to be a model for the U.S., harnessing the power of capitalism to fight climate change in the world’s fifth-biggest economy. But nearly 10 years after “cap and trade” began, there’s little proof the system has had much direct impact on curbing planet-warming pollutants.

“No reasonable jury could find that Mr. Musk did not act recklessly.” That’s the upshot of a federal judge’s review of Tesla Inc. CEO Elon Musk’s 2018 tweets about taking the company private, as revealed in an order that was made public May 10.

Retail gasoline and diesel prices rallied to a record just ahead of the nation’s summer driving season, a challenge for President Joe Biden and the Federal Reserve as they face the fastest inflation in decades.

The national average price of diesel posted its second double-digit increase in as many weeks, rising 11.4 cents to $5.623 a gallon and a new all-time high, according to Energy Information Administration data released May 9.

The Environmental Protection Agency is proposing its first new rules governing heavy-truck nitrogen oxide emissions in two decades, but engine manufacturers say the proposals would be difficult to meet and counterproductive because they could slow the move to cleaner technology.

Shell Plc is in talks to sell its fuel stations in Russia as it withdraws from the country in response to the invasion of Ukraine.

Experts worry that a continuing rise in diesel costs will affect prices at your local grocery store, on top of the inflation that has already caused prices to soar. And currently that pain is particularly acute in New England, where diesel prices have vaulted past the $6-a-gallon mark.

The Biden administration announced a plan May 5 to begin purchasing oil to refill the nation’s emergency reserve.

LONDON — OPEC and allied oil-producing countries decided May 5 to gradually increase the flows they send to the world, even as Europe’s plan to sanction Russian oil threatens to yank millions of barrels off a global market already thirsty for crude.