Fuel

The Trump administration is signaling that it could increase fuel economy standards, possibly compromising on its push to freeze them at 2020 levels.

Oil traded near a six-week low as industry data showing an increase in U.S. crude stockpiles reaffirmed expectations that global markets will be oversupplied in the first part of the year.

The Trump administration’s plan to allow liquefied natural gas to be shipped by rail, in trains with as many as 100 tanker cars, lacks essential safeguards and exposes communities nationwide to the risk of lethal fires and explosions, representatives of California and other states said Jan. 13.

Starting Jan. 1, the vast majority of the world’s ships were forced to change the fuel they use. Some big winners — and potential losers — are starting to emerge from what was a historic switch for the world’s oil refining and maritime industries.

The U.S. average retail price of diesel fell 1.5 cents to $3.064 a gallon, the Department of Energy reported Jan. 13. Oil plunged more than $5 a barrel as fears of war with Iran faded.

Oil was steady after the biggest weekly drop since July as an easing of geopolitical tension in the Middle East turned attention back to a flood of new supply set to hit the market this year.

As a commitment to a post-carbon future of zero-emissions electric vehicles, General Motors Co. is converting its Detroit-Hamtramck Assembly plant to the manufacture of electric trucks. At the same time, it is introducing for the first time diesel versions of its Chevy Tahoe and Suburban SUVs, and the Silverado pickup.

General Motors Co. is moving forward with plans to revive its polarizing Hummer brand, this time as an electric truck instead of an emblem of gasoline consumption, according to people familiar with the matter.

Oil is headed for its biggest weekly loss since July as the prospect of an immediate confrontation between the U.S. and Iran abated, allaying fears of disruption to Middle East energy supplies.