In the near term, increased refinery operations should squeeze crude oil direct balances. That’s what analysts at Macquarie Bank Limited said in a report sent to Rigzone on Thursday, adding that they expect a “tightening” third quarter. “We are slightly bullish on crude oil direct balances as we expect an increase in refining series [around] 3.5 to 4.0 million barrels per day as units ramp up after transformations, new kits increase output in Middle East and China, and OPEC+ cuts begin,” they analysts said in the report. “In our view, the most likely path for crude oil through the remainder…
Author: Automotivedealernews.com
Jim Farley predicts substantial cost savings for electric vehicles from 2030 to 2035 due to simpler assembly with fewer parts and less labor. for Brad Anderson comments comments 2 hours ago Ford’s chief executive has suggested that electric vehicles may not reach cost parity with equivalent internal combustion cars until after 2030. Although electric vehicle prices have started to come down and are close to reaching price parity in some cases, Jim Farley believes they will continue to cost more to produce for quite some time. In fact, while recently speaking with Reuters at an investor conference, Farley said that…
The Lemoore Police Department will host its inaugural “Cars & Cops” car show on August 5 at the Lemoore Sports Complex from 9 a.m. to 1 p.m.It costs $30 to register a vehicle for the event, but admission to the public is free. Proceeds from the event will go to the Police Activities League and the department’s Explorers programs.According to Lemoore Police Detective Katarina Escobar, the inspiration for the new event began when Lemoore officers saw the success of a car show a few months ago in Caruthers.”We saw how many people had come to their car show, and it…
On 1 June 2023, the new Competition Law (Motor Vehicle Agreement Block Exemption) Order 2023 (“MVBEO”) came into force. Agreements that hinder competition are normally prohibited by UK competition law; however, certain exemptions are available where the agreements provide sufficient benefits to offset any anti-competitive aspects. The new MVBEO will provide a UK block exemption for certain vertical arrangements in the automotive aftermarket relating to the purchase, sale or resale of aftermarket goods or the provision of repair and maintenance services (‘MVA arrangements’ ). The MVBEO replaces the similar EU Motor Vehicle Block Exemption Regulation (‘MVBER’) which was retained after…
ADNOC Drilling Company PJSC recently announced that it has signed a $75 million deal for the purchase of six new-build hybrid land rigs. The rigs will gradually enter the fleet from the second quarter of 2024, “with partial revenue and EBITDA contribution from 2024 and full-year contribution from all rigs in 2025,” ADNOC Drilling noted. Honghua Golden Coast will build the rigs, ADNOC Drilling revealed. In its announcement, ADNOC Drilling highlighted that it has ordered a total of 16 newbuild hybrid land rigs through 2023. All of these are part of the mid-term guidance to reach an own rig count…
Comment on this storycommentAs multiple subsidies seem insufficient to entice crowds to buy electric vehicles, President Biden is resorting to a labyrinthine industrial policy to supply what people don’t demand. A buyer of an electric vehicle is eligible for tax credits of up to $7,500, Yes:If the final assembly of the vehicle took place in North America. And if a minimum of 40 percent (80 percent by 2027) of the minerals in the battery and 50 percent (100 percent by 2029) percent of the vehicle components come from the United States or a country with the which has a “free…
By Efosa Taiwo With rising fuel prices here to stay, car owners across the country will have to find ways to survive despite the rising cost. Whether it’s to work, go grocery shopping at the mall, pick up a significant other, or attend religious meetings, saving fuel during these trips has now become relevant. To ensure, as a car owner, you save fuel; here are 9 ways to do it: Avoid idling The fact is that today’s engines use a lot of fuel, therefore; the need, according to Automotive Fleet, for drivers to turn off their engines when idling their…
I WILL SEE: Teen who survived wrong-way drive-by shooting speaks out Payton Washington, one of two Texas cheerleaders shot in April after her friend accidentally opened the wrong car door, is speaking out for the first time since the attack that left her in critical condition. “My spleen ruptured. My stomach had two holes. And my diaphragm had two holes. And then they had to take out a lobe of my pancreas. I had 32 staples,” Washington said. Washington, 18, described the terrifying incident in an exclusive interview with “Good Morning America” co-host Michael Strahan, airing Friday at 7 a.m.…
Is it too risky to buy my dream 1970 Camaro at an online auction?Diagnosing Trouble Code PO300 on a 2017 Chevy Cruze.The tried and true method of finding the source of an antifreeze leak.Q: I drive a 2016 Mazda CX-5. I did not register for SXM satellite or Pandora, and I get a “no signal” message on the radio. I have only listened to HD FM radio. I refuse to pay the $230 dealer charges for diagnostic services. So if there is a designated auto shop that can fix the problem that won’t drain my pocket I would appreciate it.…
India will avoid building new coal-fired power plants in the next five years as it aims to increase its use of renewable energy to generate electricity, according to the Central Authority of India’s updated National Electricity Plan. ‘Electricity of the country published on Wednesday. The plan is seen as a step towards India’s goal of increasing the share of renewable energy in its energy mix by 2030, increasing its non-fossil fuel energy capacity to 500 gigawatts by 2030 and achieving zero net emissions by 2070. The targets were announced by Indian Prime Minister Shri Narendra Modi at COP26 in 2021.…