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The U.S. Energy Information Administration (EIA) expects the U.S. regular gasoline retail price to drop this year and next year, according to its latest short term energy outlook, which was released on May 6. According to that STEO, the EIA sees the U.S. regular gasoline retail price averaging $3.09 per gallon in 2025 and $3.07 per gallon in 2026. The EIA highlighted in the STEO that the U.S. regular gasoline retail price averaged $3.31 per gallon in 2024. In its latest STEO the EIA projected that the U.S. regular gasoline retail price will come in at $3.16 per gallon in…

Tenaz Energy Corp. has completed the acquisition of 100 percent of the shares of NAM Offshore B.V. (NOBV) from Nederlandse Aardolie Maatschappij B.V., a joint venture between Shell PLC and ExxonMobil Corporation. Tenaz has assumed the operatorship of NOBV, the company said in a news release. NOBV has been renamed Tenaz Energy Netherlands B.V. (TEN). The base consideration for the transaction was EUR 165 million, prior to closing adjustments and contingent payments, according to an earlier statement. The transaction has an effective date of January 1, 2024. The acquired assets include substantially all of NAM’s offshore exploration and production business,…

API Report Fuels Bearish Sentiment Ahead of EIA Data Traders reacted to American Petroleum Institute (API) data showing a surprise 4.3 million barrel build in U.S. crude inventories for the week ended May 9. The uptick added selling pressure, countering the broader rally seen earlier this week. While gasoline and distillate stocks showed significant draws—down 1.4 million and 3.7 million barrels respectively—the headline crude build dominated early sentiment. Market attention now shifts to official inventory figures from the U.S. Energy Information Administration, due later Wednesday. A Reuters poll suggests crude and gasoline stocksgasoline stocks likely declined, but expectations of a…

North American companies bought about the same number of robots in the first quarter of 2025 as they did a year ago, according to new data from the Association for Advancing Automation (A3). A total of 9,064 robots were ordered, up just 0.4% from Q1 2024. But the total value of those orders jumped 15% to $580.7 million, showing that companies are spending more on higher-end systems. What’s RelatedAutomakers led the way. Orders from automotive OEMs rose 42% in units and 78% in revenue, helping offset slowdowns in other sectors, including food, semiconductors, and metals. Orders from automotive parts suppliers…

Elon Musk thinks the future belongs to robots.Speaking on Tuesday at the US-Saudi Investment Forum in Riyadh, the Tesla CEO predicted that humanoid robots could eventually number in the tens of billions, transforming the global economy.”Everyone will want their personal robot,” Musk said. “You can think of it like having your own personal C-3PO or R2-D2 — but even better,” he said, referring to “Star Wars” characters. With that scale of automation, Musk said productivity could soar and usher in what he called a “universal high income,” where goods and services become so abundant that “no one wants for anything.”Musk…

Kimmeridge Energy Management Co. LLC has sealed agreements announced last year to supply Glencore Ltd. with 2 million metric tons per annum (MMtpa) of liquefied natural gas (LNG) from Commonwealth LNG and equivalent natural gas from Kimmeridge Texas Gas LLC (KTG). “Inclusive of agreements with Glencore, Commonwealth has 3 Mtpa of offtake under long-term agreement, with line of sight towards finalizing its commercial book ahead of a targeted final investment decision in Q3 2025 and anticipated first LNG production in 2029”, the parties said in a joint statement Tuesday. The volumes from KTG, which produces in the Escondido, Olmos, Austin Chalk…

Representatives of the EU’s 27 member states approved on Wednesday a new sanctions package against Russia, targeting another nearly 200 tankers of the shadow fleet Russia uses to ship its oil to markets. The 17th sanctions package is expected to be officially endorsed and adopted by a meeting of the EU’s defense ministers on Tuesday next week. The latest sanctions target the shadow fleet which Russia has been using for years to skirt the Western sanctions and the $60 per barrel price cap on its crude oil sales. The package also includes designations of Russian individuals over cyber attacks, sabotages, and human rights…

Volkswagen CEO Thomas Schäfer has confirmed plans to further develop the MEB EV platform with the MEB+, following longstanding rumours of a refresh. The platform refresh will begin with the launch of the new ID.2 supermini next year. Following the launch of the ID.2, Volkswagen will begin moving all of its electric cars to the MEB+ platform, including the ID.3, ID.4, and ID.7. This will be accompanied by a design refresh of the ID lineup. Confirming the news, Schäfer told Autocar: “The upgrade to MEB Plus comes next year, and we will roll out the cell-to-pack battery systems with LFP.…

Dozens of Chinese power companies have seen a presentation of Honduras’ rescue plan for its electricity industry as the government preps a 1.5 GW tender.Honduras’ state-owned National Electric Energy Company (ENEE) has presented the terms of a planned tender for 1.5 GW of generation capacity to the government’s Electric Energy Regulatory Commission (CREE).Honduran Energy Secretary Erick Tejada said, “Once the CREE issues its no-objection, we will be ready to officially launch the bidding process.”ENEE has proposed using a reverse auction to procure 975 MW of renewable energy generation twinned with energy storage capacity, and 525 MW…

Perplexity is extending its bet on chat-powered shopping, aiming to stand out in the crowded generative artificial intelligence market against OpenAI, Anthropic, and Google.The company said on Wednesday that it’s partnering with PayPal to let users make purchases directly in chat. U.S. customers will soon be able to book travel, buy products, and secure concert tickets without leaving the platform.Payments will be completed in the chat with PayPal or Venmo, and PayPal will handle processing, shipping, tracking, and invoicing. Purchases will be completed with one click, with the help of the payment company’s passkey checkout.”Perplexity wants to be wherever users…