Fuel

The nationwide average price of diesel fuel increased 2.1 cents per gallon, according to U.S. Energy Information Administration.

In addition to essential supplies, truck drivers during the pandemic provided a service that is less tangible but no less important: boosting revenue for state transportation departments.

Many state transportation agencies continue to develop revenue forecasts to determine how much money they can expect to lose in fuel tax revenue, tolls and transit fares in the wake of the pandemic.

Oil is poised for a third weekly gain with positive COVID-19 vaccine developments paving the way for a more sustained recovery in oil demand.

China, the world’s biggest market for electric vehicles, isn’t so quick to dismiss the alternative to batteries. Officials are promoting the development of hydrogen-powered cars, trucks and buses, with Beijing offering to reward cities that achieve adoption targets.

General Motors says a pending breakthrough in battery chemistry will cut the price of its electric vehicles so they equal those powered by gasoline within five years. The technology also will increase the range per charge to as much as 450 miles.

Lightning EMotors, a company that focuses on fleet electrification and cutting out fuel consumption, is in advanced talks to go public through a merger with blank-check firm GigCapital3 Inc., according to people with knowledge of the matter.

Electric Last Mile Solutions, an electric vehicle startup, is in talks to go public through a merger with Forum Merger III Corp., according to people with knowledge of the matter.

With virus cases surging, hospitals filling up and more U.S. states imposing restrictions, Americans are likely to drive a lot less this Thanksgiving. Only 35% will travel by car this year, down from 65% a year ago, according to survey from retail fuel tracker GasBuddy.

Crude held onto a rally amid progress on the development of coronavirus vaccines, with investors shrugging off a smaller-than-expected U.S. inventory build.