Fuel

NEW YORK — Oil companies swam in record profits over the last few months at a time when Americans struggled to pay for gasoline, food and other basic necessities.

In its heyday, Fitzgerald Glider Kits was the nation’s top glider truck manufacturer, building and selling thousands of the new truck cab bodies powered by older rebuilt engines.

A breakthrough deal between Sens. Chuck Schumer and Joe Manchin includes the extension of a popular consumer tax credit for the purchase of electric vehicles, a big win for EV makers such as General Motors Co., Tesla Inc. and Toyota Motor Co.

Union Pacific, the second-largest U.S. railroad, is spending $1 billion to modernize 600 trains.

Sen. Marco Rubio (R-Fla.) wants the U.S. to sanction China’s purchases of oil and other energy supplies from Russia in an effort to cut off funding for that country’s war against Ukraine.

WASHINGTON — A joint venture between General Motors and South Korean battery company LG Energy Solution is set to receive a $2.5 billion loan from the Energy Department to build battery cell factories for electric vehicles in three states.

Diesel’s national average price continued its downward path, shedding 16.4 cents to $5.268, according to Energy Information Administration data released July 25.

SAVANNAH, Ga. — The state of Georgia and local governments are giving $1.8 billion in tax breaks and other incentives to Hyundai Motor Group in exchange for the automaker building its first U.S. plant dedicated to electric vehicles near Savannah, according to the signed agreement disclosed July 22.

The saying “Time flies when you’re having fun” could likely apply to developing new engine oils. And some time has passed since the last diesel engine oil category was introduced in 2017 when the American Petroleum Institute (API) announced CK-4 and FA-4.