Fuel

Shares of Chevron Corp. and Hess Corp. plunged after announcing an arbitration hearing with Exxon Mobil Corp. related to their $53 billion merger will be delayed until at least mid-2025.

The Environmental Protection Agency issued an emergency waiver of fuel rules in four Midwest states to address shortages tied to a power outage at an Exxon Mobil Corp. refinery in Joliet, Ill.

Toyota Motor Corp.’s global sales and output fell in the first half with sizable declines in Japan and China canceling out a resurgence of hybrids in North America.

LONDON — Oil giant BP said it will reward shareholders to the tune of $7 billion this year through the purchase of its own stock, even as it reported a 30% decline in profits in the first half of 2024.

The national average diesel price dropped 1.1 cents to $3.768 a gallon, according to U.S. Energy Information Administration data released July 29.

The Biden administration announced July 29 it has purchased 4.65 million barrels of crude oil for the nation’s emergency cache as it continues refilling the depleted reserve.

Brent crude slumped below $80 a barrel for the first time since June 10, driven by algorithmic trading and signs of poor demand from China, the world’s top oil importer.

Permian Resources Corp. will buy some of Occidental Petroleum Corp.’s West Texas assets for $817.5 million, it said in a statement.

Baker Hughes Co. lowered its expectations for U.S. shale activity, saying an anticipated recovery in oil drilling is no longer likely this year.

A rollback of policies that former President Donald Trump believes unfairly target fossil fuel-powered vehicles would be among the central priorities he'd tackle if re-elected this fall.