Fuel

OPEC’s first oil market outlook for 2023 suggests no relief for squeezed consumers, with more crude needed from the group even though most members are already pumping flat out.

Canoo Inc. shares doubled in value after the struggling electric vehicle startup won an order for 4,500 vans from Walmart Inc.

The national average price of diesel dropped 10.7 cents in its third consecutive decline, according to Energy Information Administration data released July 11.

Truck makers Volvo Group, Daimler Truck and Traton Group announced their joint venture, launched in December 2021 to develop charging infrastructure in Europe, gained the final necessary regulatory approvals.

U.S. Energy Secretary Jennifer Granholm will use talks with nations including India and Japan to rally support for a new effort aimed at capping prices for Russian oil.

Volvo Cars AB is withdrawing from Europe’s car lobby, the second major automaker to do so in the past month, as the industry fractures over the transition to electric vehicles.

The U.S. Energy Information Administration on July 7 released fuel prices covering a three-week reporting delay, and the national average price for diesel fell 10.8 cents to $5.675 in its second straight decline.

Shell Plc said soaring margins from fuel production may have added more than $1 billion to the earnings of its refining business last quarter, when gasoline prices broke records in several countries.

Economic conditions in the country and in trucking remain relatively strong, but American Trucking Associations Chief Economist Bob Costello said he has concerns about early 2023 and puts the chance of a recession in the first quarter of the year at 50-50.

West Texas Intermediate crude futures dropped below $100 a barrel for the first time since May 11 as concerns grow that a global economic slowdown will ultimately hobble demand.