Fuel

Global oil prices are falling sharply after a retaliatory strike by Israel over the weekend targeted Iranian military sites rather than its energy infrastructure as had been feared.

The U.S. average diesel price edged up 2 cents, reaching $3.573 per gallon, according to U.S. Energy Information Administration data released Oct. 28.

Adjusted earnings before interest and taxes this year will be about $10 billion, down from a previous outlook for as much as $12 billion, the company said Oct. 28.

“Securing these two sites in California is a significant step forward in our mission to support the electrification of commercial fleets,” said Sylvia Hendron.

Weaker crude prices and refining margins are likely forcing four of the five supermajor oil companies to borrow money to fund $15 billion in share buybacks for the most recent quarter.

Tesla expects production of its Semi Class 8 tractor to accelerate to full throttle by the end of 2026, according to a senior executive, as the automaker offers more details about the vehicle.

Ioneer Ltd.’s Rhyolite Ridge Lithium-Boron Project in Nevada has received its federal permit from the Bureau of Land Management, according to a company statement Oct. 24.

“Just as mandates and regulations start to bite, the timing is not necessarily lining up very well, in that the purchase incentive support comes off,” GM Canada's president said. 

The company on Oct. 23 reported adjusted earnings of 72 cents per share for the quarter, above the average analyst estimate.

Shares of the Elon Musk-led company have fallen 12% this year through Oct. 22, while all of its Big Tech peers have advanced.