President Joe Biden told U.S. oil refiners that unprecedented profit margins are unacceptable and called for “immediate action” to improve capacity as the soaring price of gasoline feeds record inflation and fears of a recession.
June 15, 2022Russian conflict
De-Mining Ukraine’s Ports May Take Months

Removing sea mines near Ukraine’s key ports could take months, and hundreds of seafarers still are stranded in the region after Russia’s invasion of the country, according to the United Nations agency responsible for shipping safety.
June 9, 2022Renault to Sell Russian Operations to Moscow

Russia will take control of French car manufacturer Renault’s operations in the country and resurrect a Soviet-era auto brand, officials said May 16, marking the first major nationalization of a foreign business since the war in Ukraine began.
May 16, 2022Biden’s Team Puts Up Over $3 Billion to Boost Battery Output

The Biden administration will spend more than $3 billion to support the domestic manufacturing of advanced batteries used in electric vehicles and energy storage, officials said May 2.
May 2, 2022Transportation Sector Rallies to Provide Help to Ukrainians
The transportation industry has stepped up to assist the people of Ukraine in the wake of Russia’s invasion of the country that triggered a refugee crisis.
April 22, 2022Volvo Takes $423 Million Hit as Russia Business Halted
Volvo AB said Russia’s war in Ukraine has forced it to make provisions in the first quarter totaling $423 million that will have a negative impact on operating income.
April 8, 2022Nations to Release Millions of Barrels of Oil Amid War

PARIS — The International Energy Agency said April 7 that its member countries are releasing 60 million barrels of oil from their emergency reserves on top of previous U.S. pledges to take aim at energy prices that have soared since Russia invaded Ukraine.
April 7, 2022Russia War Could Further Escalate Auto Prices, Shortages
DETROIT — BMW has halted production at two German factories. Mercedes is slowing work at its assembly plants. Volkswagen, warning of production stoppages, is looking for alternative sources for parts.
April 4, 2022Visa, Mastercard to Ease Rules, Allowing Stations to Raise Pump Limit

Visa Inc. and Mastercard Inc. are planning a raft of changes to rules for gas stations to allow larger transactions after a surge in fuel prices across the U.S. made it hard for some drivers to fill up using credit cards.
April 1, 2022Europe Heading for a Diesel Shortage, Traders Say
Europe is facing the prospect of a shortage of diesel as flows from Russia dwindle in the aftermath of its invasion of Ukraine, senior executives at three trading houses said.
March 22, 2022