Data: FactSet; Graphic: Axios Visuals US oil prices fell to their lowest level since Russia’s attack on Ukraine upended global energy markets early last year. With the numbers: West Texas Intermediate crude oil prices fell more than 4% to around $68 a barrel on Wednesday. What happened: US crude inventories grew much more than expected last week, suggesting the country’s economic engine is slowing as the Federal Reserve tightens rates.Why it matters: The drop in oil prices, about 29% from a year ago, should reduce inflation in the coming months, a factor that could help pave the way for the…
Author: Automotivedealernews.com
Canadian convenience store operator Alimentation Couche-Tard Inc. agreed to buy nearly 2,200 gas stations in Europe from TotalEnergies SE for 3.1 billion euros ($3.3 billion). Couche-Tard said on Thursday it had made a firm offer for all of the French oil company’s retail assets in Germany and the Netherlands, as well as a 60% stake in businesses in Belgium and Luxembourg. The Canadian company, whose brands include Circle K, has been looking for acquisitions since its bid to buy French retailer Carrefour SA failed two years ago amid government opposition. The deal comes as gas stations prepare to transition from…
TR FILE PHOTO During Monday night’s meeting, the Marshalltown City Council approved the purchase of two new 2023 Chevy Tahoe police vehicles. The MPD has struggled to find available vehicles amid a national shortage. During an interview Tuesday, Marshalltown Police Chief Mike Tupper was candid in his assessment of how the department was finally able to acquire two new police vehicles through a connection he had with someone at Karl Chevrolet in Cedar Rapids. “We’ve been lucky,” Tupper said. As part of the consent agenda during Monday night’s meeting, the city council approved the purchase of two…
Get instant alerts when news breaks about your stocks. Claim your free 1-week trial at StreetInsider Premium here. PARIS–(BUSINESS WIRE)– Regulatory news: TotalEnergies (Paris: TTE) (LSE: TTE) (NYSE: TTE) and Canadian convenience store leader Alimentation Couche-Tard (“Couche-Tard”) have signed agreements covering TotalEnergies’ retail networks in four European countries. Under these agreements, TotalEnergies will partner with Couche-Tard in Belgium and Luxembourg and sell its networks in Germany and the Netherlands to the Canadian company: In Belgium and Luxembourg, TotalEnergies and Couche-Tard will form a joint company (TotalEnergies 40%, Couche-Tard 60%) that will own and operate 619 service stations. TotalEnergies is the…
During the last two years of energy market turbulence, almost everyone has come to recognize that the US, and the rest of the world, will continue to require refineries and refined products for decades to come. It is also likely, however, that US refiners, like their European counterparts, will need to do more to reduce carbon dioxide (CO) volumes.2) and other greenhouse gases (GHGs) generated during the process of breaking down crude oil and other raw materials into gasoline, diesel, jet fuel and other valuable products. And, thanks to new federal incentives, it might even make sense for refineries to…
San Diego is on the map when it comes to integrating technology into the automotive industry, thanks to the work being done at Qualcomm Technologies in Sorrento Valley. With its suicide doors and futuristic looks, the Snapdragon Digital Chassis concept car may have you saying “hello,” but that’s nothing compared to what’s under the hood. “It’s the combination of the Snapdragon cockpit platform, our travel platform and our telematics platform,” said Robert Yeh, senior director of automotive product management at Qualcomm Technologies. We won’t get more technical than that, but know that together, these three platforms form the main driver…
SPHERICAL INSIGHTS LLPAccording to a research report published by Spherical Insights & Consulting, the global specialty chemicals market size was valued at USD 723.43 billion in 2021 and the global specialty chemicals market size is expected to reach to $1016.5 billion by 2030. Companies Covered: 3M, Akzo Nobel NV, Huntsman International LL, DuPont, Clariant AG, Solvay, Lanxess, Sika AG, Evonik Industries AG, Croda International Plc, Ashland LLC., Corteva, The Lubrizol Corp., BASF SE, Albemarle Corp. , Koninklijke DSM NV, Sumitomo Chemical Co., Ltd., PPG Industries Inc., Nouryon, Merck & Co., Inc., Lion Specialty Chemicals Co., Ltd. and among others.New York,…
With U.S. crude increasingly leaving American shores in large supertankers, private equity-backed Sentinel Midstream LLC wants in on the action, bringing its new port online deep water by 2026. The tight-knit company’s proposed Texas oil terminal that will handle the world’s largest ships expects to receive all permits in the first quarter of next year, with construction to follow, Sentinel CEO Jeff Ballard. Called Texas GulfLink, the port aims to load up to 1 million barrels of oil a day, helping to usher in the massive growth in US crude exports expected by the end of the decade. Crude shipments…
Volkswagen hasn’t revealed official details about the battery size, but has described the drivetrain, battery and charging technology as “particularly efficient.” It is understood that the batteries will use lithium-iron-phosphate prismatic cells. volkswagen claims that the ID 2all will be able to complete a 10-80% charge in around 20 minutes, suggesting a charge rate of up to 200kW. The car has a top speed of 99 mph and a 0-62 mph time of less than 7.0 seconds. Mindt said Volkswagen is “transferring the DNA of our icons into the future”, adding that the ID 2all is “therefore also a tribute…
Improving fleet fuel economy is an ongoing task for fleet managers and owners. Fuel economy is often a priority for fleets; after driver wages and benefits, fuel represents the largest cost of ownership expense. Technology and training methods to improve efficiency are constantly evolving. This often means that the role motor oils can play in improving engine performance and, in turn, fuel economy is overlooked. Low viscosity fuel economy For fleets looking to improve engine efficiency and reduce fuel consumption, low viscosity motor oils should be a key consideration. With the ability to flow more easily through the engine while…