Fuel

Oil extended gains after the close as a decision by the U.S. and other major economies to release emergency stockpiles failed to ease concerns of a major shortfall in supplies as sanctions mount on Russia.

Workhorse Group Inc. plans to kill its flagship electric delivery van after a recall last year, turning instead to two new models after what its CEO called a “costly misstep.”

FRANKFURT, Germany — The International Energy Agency’s 31 member countries agreed March 1 to release 60 million barrels of oil from their strategic reserves — half of that from the United States — “to send a strong message to oil markets” that supplies won’t fall short after the Russian invasion of Ukraine.

Lucid Group Inc. slumped after lowering its production target for this year to between 12,000 and 14,000 cars, down from a previous goal of 20,000, citing “extraordinary” challenges with logistics and its supply chain.

Autonomous vehicles are mostly electric so far. That’s one of the main conclusions of BloombergNEF’s just-published annual report analyzing the state of AV testing programs in the U.S. and China.

LONDON — Global oil and gas giant Shell said Feb. 28 that it is pulling out of Russia as President Vladimir Putin’s invasion of Ukraine continues to cost the country’s all-important energy industry foreign investment and expertise.

The national average price of diesel surged 4.9 cents to $4.104 a gallon, according to the Energy Information Administration’s latest survey, released Feb. 28

Chevron Corp. agreed to buy green diesel producer Renewable Energy Group Inc. for $3.1 billion in the biggest low-carbon deal of CEO Mike Wirth’s four-year tenure.

Hyliion Holdings Corp. announced private fleet GreenPath Logistics ordered 50 Hyliion Hypertruck ERX powertrains.

The U.S. and its allies are discussing a coordinated release of about 60 million barrels of oil from their emergency stockpiles after Russia’s invasion of Ukraine pushed crude prices above $100.