Russian conflict

Government, Business, Fuel

Biden Tells US Oil Refiners Record Profits ‘Not Acceptable’

The BP Plc Whiting Refinery in Whiting, Ind. The BP Plc Whiting Refinery in Whiting, Ind. (Luke Sharrett/Bloomberg News)

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, 2022
Government, Business, Safety, Logistics

De-Mining Ukraine’s Ports May Take Months

Ukraine port The Izmailskaya hopper barge moored at the Izmail Sea Commercial Port in the waters of the Kiliia River estuary of the Danube in Izmail, Ukraine. (Andrei Pungovschi/Bloomberg)

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.

Aine Quinn | Bloomberg News
June 9, 2022
Government, Business

Renault to Sell Russian Operations to Moscow

Moskvich cars Vintage Moskvich automobiles. Moscow's mayor says the city would bring back the Moskvich brand. (David Turnley/Corbis Historical/Getty Images via Bloomberg)

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, 2022
Government, Business, Fuel

Biden’s Team Puts Up Over $3 Billion to Boost Battery Output

A bottle of nickel sulfate, right, on display at the InterBattery exhibition in Seoul, South Korea. A bottle of nickel sulfate, right, on display at the Electric Vehicle and Battery Expo in Seoul, South Korea, in March. About $3.16 billion in grants will be made available to produce key metals like nickel in the U.S. (SeongJoon Cho/Bloomberg News)

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, 2022
Business, Safety

Transportation Sector Rallies to Provide Help to Ukrainians

Ukraine

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.

Connor D. Wolf | Staff Reporter
April 22, 2022
Business, Equipment

Volvo Takes $423 Million Hit as Russia Business Halted

Volvo VNL Volvo VNL 760 (Volvo Trucks)

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.

Rafaela Lindeberg | Bloomberg News
April 8, 2022
Fuel

Nations to Release Millions of Barrels of Oil Amid War

Fatih Birol Fatih Birol, executive director of the International Energy Agency, says events in Ukraine "are becoming more distressing by the day." (Simon Dawson/Bloomberg News)

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, 2022
Government, Business, Technology

Russia War Could Further Escalate Auto Prices, Shortages

BMW logos Krisztian Bocsi/Bloomberg News

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.

Tom Krisher and Kelvin Chan | Associated Press
April 4, 2022
Business, Technology, Fuel

Visa, Mastercard to Ease Rules, Allowing Stations to Raise Pump Limit

A driver returns a fuel nozzle to a gas pump at a Chevron gas station in San Francisco. A driver returns a fuel nozzle to a gas pump at a Chevron gas station in San Francisco. (Bloomberg News)

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.

Jenny Surane | Bloomberg News
April 1, 2022
Government, Business, Fuel

Europe Heading for a Diesel Shortage, Traders Say

Chart tracking diesel prices in Europe

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

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