Fuel

Oil extended gains above $40 a barrel in New York as shrinking crude stockpiles and speculation that the Federal Reserve will keep interest rates low raised hopes that an economy ravaged by the pandemic may be on the mend.

The role of aerodynamic devices to boost fuel efficiency and reduce emissions has been tapped, but not exhausted, for tractors and trailers, the North American Council for Freight Efficiency found in recently released updates of two confidence reports first issued in 2016.

General Motors Co.'s future electric vehicles are expected to be powered by five drive units and three motors known as “Ultium Drive,” which will help the company transition its lineup to all-electric, the automaker said Sept. 16.

Tesla, a company best known for its industry-first electric vehicles and unconventional CEO, is scheduled to enter the tractor OEM space in the coming years. Here are photos of its electric Semi Class 8, which was unveiled in 2017 and is slated to enter production in 2021.

The national average price of diesel dropped 1.3 cents a gallon to $2.422, the Energy Information Administration reported Sept. 14. Diesel costs 56.5 cents a gallon less than it did a year ago after the second straight weekly drop.

Automaker Daimler AG and subsidiary Mercedes-Benz USA have agreed to pay $1.5 billion to the U.S. government and California state regulators to resolve emissions cheating allegations, officials said Sept. 14.

Nikola Corp. made a fuller-throated denial of a report last week that claimed the electric-truck maker had deceived investors, accusing a short seller of mischaracterizations and distortions.

Senate-passed legislation meant to promote access to electric vehicles around the country will be under consideration before the U.S. House of Representatives this month.

Hurricane Sally will begin hammering the U.S. Gulf Coast with flooding rains late Sept. 14, before making landfall between New Orleans and Mobile, Ala., and potentially causing as much as $3 billion in losses and damage.

Developing countries’ difficulty in containing the spread of the coronavirus pandemic will keep a lid on global oil demand, particularly in India, the OPEC cartel said Sept. 14 as it cut its forecasts.