Fuel News

TRENTON, N.J. — The New Jersey Legislature is considering charging gas and oil producers fees, and creating a Climate Superfund to clean up toxic waste.

The Biden administration is weighing new, harsher sanctions against Russia’s lucrative oil trade, seeking to tighten the squeeze on the Kremlin’s war machine.

Exxon Mobil will raise capital spending next year as its $60 billion purchase of Pioneer Natural Resources increases its oil production plans, threatening to worsen an expected crude glut.

OPEC cut oil demand growth forecasts for this year and next for a fifth straight month, making its deepest reduction to the 2024 outlook so far after agreeing to extend its supply curbs.

The U.S. reversed its forecast for a crude glut next year and is now calling for a small oil-market deficit.

Almost 600 of the Volvo Group AB unit’s battery-electric straight trucks and tractors are now operational in the U.S. and Canada, collectively driving more than 200,000 miles every week.

Ascend Elements said it will start to market lithium carbonate, a key component in EV batteries, that it has been able to recycle and refine at its Covington, Ga., facility.

The decline represents the largest weekly drop since Dec. 11, 2023, when prices fell 10.5 cents. At the national level, diesel remains 52.9 cents cheaper than the same week in 2023.

Mack Trucks now has 65 electric vehicle certified dealers in North America, it said.

The Biden administration plans to sell drilling rights in the Arctic National Wildlife Refuge, a last-minute maneuver that could complicate the incoming administration’s plans.