Fuel

LONDON — Bentley Motors is pouring billions into upgrading manufacturing to accelerate its electric vehicle development plan, joining other auto brands shifting away from gasoline engines, the luxury automaker said Jan. 26.

The U.S. Department of Energy announced the loan of 13.4 million barrels of crude oil from its strategic reserve as part of a renewed effort by the Biden administration to contain oil prices that have surged to their highest level since 2014.

General Motors Co. plans to spend $6.5 billion on an electric pickup plant and battery factory in Michigan thanks in part to a $1.8 billion incentive package put together by the state to make sure the automaker didn’t take a big piece of its EV business elsewhere.

The national average price of a gallon of diesel reached its highest cost in more than seven years, rising 5.5 cents to $3.78, according to Energy Information Administration data released Jan. 24.

Lawmakers who support the rival petroleum and ethanol industries have joined forces to oppose the Biden administration’s push to electrify the federal vehicle fleet, marking a rare moment of unity between oft-warring interests.

Paccar is in the initial stages of designing a new Class 8 electric truck platform freed from the constraints of having a diesel powertrain and a complex exhaust system.

Cummins has closed on its acquisition of a 50% equity interest in Momentum Fuel Technologies from Rush Enterprises, the companies announced Jan. 18.

Cummins Inc. and Isuzu Motors announced an agreement to create a prototype medium-duty, battery-electric truck to demonstrate in North America.

Shale oil companies are using almost all of the fracking equipment and crews available as exploration expands, accelerating cost inflation and pointing to worsening supply chain disruptions across the industry.

Demand for oil is nearing pre-COVID levels and producers globally are investing too little in supply, Saudi Aramco said.