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Federal officials have approved a permit for the southern leg of the Keystone XL pipeline that will run from an oil refinery in Cushing, Okla., to the Texas coast, the Associated Press reported.

Oil fell more than $1 in early trading Monday after jumping more than $7 on Friday to finish last week near $85 a barrel, Bloomberg reported.

Not long ago, getting rid of used oil was a problem for fleets. These days, for some fleets used oil is now a profit center.

President Obama urged Congress to bolster federal supervision of oil markets, including bigger penalties for market manipulation and more power for regulators, Bloomberg reported.

Trans Canada said it plans to build the portion of the Keystone XL Pipeline that would run from Cushing, Okla., to Texas refineries as a stand-alone project that could be completed next year.

PARK CITY, Utah — Shell Lubricants is introducing a fuel-efficient and long-life transmission and gearbox oil that meets the requirements of automatic transmissions used by Volvo Trucks and Mack Trucks, company officials said.

The proposed controversial Keystone XL pipeline from Canada to Oklahoma would supply a stable and secure source of energy for the United States and its trucking industry, and its construction should be approved, an American Trucking Associations official told the State Department this month.

The U.S. State Department said in a report that the planned Keystone XL pipeline, which would transport crude oil from tar sands in Alberta, Canada, to oil refineries in Texas, is unlikely to have a significant impact on the environment, Associated Press reported.