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U.S. economic activity remained generally weak in late April and May, and some trucking companies reported having difficulty passing on high fuel costs to their customers, the Federal Reserve said Wednesday.

The International Energy Agency lowered its forecast for global oil demand this year, while thousands of European truckers protested high fuel prices, the Associated Press reported Tuesday.

Soaring fuel prices have driven trucking bankruptcies up 143% over the same time last year, and industry analysts said the market may need to consolidate more before it improves for those companies that survive, the Associated Press reported.

The U.S. trade deficit grew 7.8% in April to the highest level in more than a year, on surging energy costs, the Commerce Department said Tuesday.

The U.S. average diesel price took a break last week from its dizzying climb, dipping 1.6 cents a gallon to $4.707, the Department of Energy reported.

Saudi Arabia plans to call for a summit between oil-producing and consuming nations to discuss soaring crude prices, the Associated Press reported Monday.

Two bills circulating in Congress would eliminate a loophole that permits foreign producers of biodiesel to get a tax credit if they “splash” their product with petroleum-based diesel in the United States and then sell it overseas.

Canadian transportation firm Mullen Group Income Fund said Thursday it would buy the transport unit of Essential Energy Services Trust for C$135 million.

General Motors Corp. is closing four North American truck and sport utility vehicle plants, in light of high fuel prices that are pushing consumers to smaller vehicles, the Associated Press reported Tuesday.