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Flames burn off at an oil processing facility in Saudi Aramco’s oilfield in the Rub’ Al-Khali desert in Shaybah, Saudi Arabia, in October 2018.
Simon Dawson | Bloomberg | Getty Images

Oil prices could “very easily” hit $100 a barrel in the aftermath of the failed OPEC+ talks, former U.S. Energy Secretary Dan Brouillette told CNBC on Tuesday.

“You could very easily see oil hitting $100 a barrel — potentially even higher,” he told CNBC’s Hadley Gamble. 

On the flip side, it’s “equally possible” that prices could collapse too.

“If there isn’t any agreement on production, and countries tend to go off and do their own thing, or do their own production, you could have a collapse of oil prices,” said Brouillette, who U.S. energy secretary from 2019 to 2021.

OPEC and its allies, referred to collectively as OPEC+, twice failed to reach a deal on oil output last week. On Monday, another attempt to resume talks broke down, and discussions were put off indefinitely.

The energy alliance, which includes Russia, had sought to increase supply by 400,000 barrels per day from August to December 2021 and proposed extending the duration of cuts until the end of 2022. Last year, to cope with lower demand due to the pandemic, OPEC+ agreed to curb output by almost 10 million barrels per day from May 2020 to the end of April 2022. 

I think countries recognize that $100 barrel oil would not be in (their) interest.
Dan Yergin
vice chairman, IHS Markit

The United Arab Emirates had indicated that, while it was supportive of the proposal to increase supply, it objected to the terms of the extension.

Prices soared to three-year highs following the collapse of those talks on Monday. On Tuesday during Asia trading, they surged even higher. U.S. crude pushed past $76 per barrel and international benchmark Brent was higher than $77 per barrel.

Oil prices topping $100 would destroy demand, warned oil expert Dan Yergin, who said that it would not be in the interest of countries.

“I think countries recognize that $100 barrel oil would not be in (their) interest,” Yergin, the vice chairman of IHS Markit, told CNBC’s Street Signs Asia on Tuesday. “You would see governments pour more incentives into electric cars, and see the impact on demand.”

‘Striking’ that UAE and Saudi are on divergent paths

OPEC+ is led by Saudi Arabia, a close ally of the UAE. But the breakdown of those talks, and UAE’s objection to the terms, reflect a rare public disagreement between the allies.

The discord between Saudi Arabia and the UAE has been “striking,” Brouillette and Yergin both said.

“I find it striking that the UAE has stepped away from Saudi Arabia, a longtime ally within OPEC and OPEC+,” Brouillette said. 

Yergin, too, said the contention between both countries was striking, given that both countries until recently had “pretty much marched in lockstep.”

“I think that one side or the other is gonna have to give in … there’s going to have to be … a lot of, as they say, horse trading, to get to a deal and keep it together,” he told CNBC on Tuesday.

While they are on divergent paths in this matter, both actually have similar goals and require revenue from oil production for new investments, Brouillette pointed out.

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Mitsubishi debuts EV battery swap network for cars AND trucks in Tokyo

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Mitsubishi debuts EV battery swap network for cars AND trucks in Tokyo

Mitsubishi is partnering with Ample and Yamoto Transports to deploy an innovative new battery swap network for electric cars in its Japanese home market — but it’s not just for electric cars. Mitsubishi Fuso commercial trucks are getting in on the action, too!

Despite a number of early EV adopters with an overdeveloped concept of ownership, battery swap technology has proven to be both extremely effective and extremely positive to the overall EV ownership experience. And when you see how simple it is to add hundreds of miles of driving in just 100 seconds — quicker, in many cases, than pumping a tank of liquid fuel into an ICE-powered car — you might come around, yourself.

That seems to be what Mitsubishi thinks, anyway, and they’re hoping they’ll be your go-to choice when it’s time to electrify your regional and last-mile commercial delivery fleet(s) by launching a multi-year pilot program to deploy more than 150 battery-swappable commercial electric vehicles and 14 modular battery swapping stations across Tokyo, where the company plans to showcase its “five minute charging” tech in full view of hundreds of commercial fleets and, crucially, the executives of the companies that own and manage them.

How battery swap works for electric trucks
How battery swap works for electric trucks; via Mitsubishi Fuso.

A truck like the Mitsubishi eCanter typically requires a full night of AC charging to top off its batteries, and at least an hour or two on DC charging in Japan, according to Fuso. This joint pilot by Mitsubishi, Mitsubishi Fuso Trucks, and Ample aims to circumvent this issue of forced downtime with its swappable batteries, supporting vehicle uptime by delivering a full charge within minutes. The move is meant to encourage the transport industry’s EV shift while creating a depository of stored energy that can be deployed to the grid in the event of a natural disaster — something Mitsubishi in Japan has been working on for years.

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Trucks like the eCanter already serve a number of roles throughout the global truck market, including municipal waste collection, regional delivery support, and more.

The pilot is backed by Tokyo Metropolitan Government’s “Technology Development Support Project for Promoting New Energy,” with local delivery operator Yamato Transport testing swappable EVs for delivery operations on both its eCanter light-duty trucks and Mitsubishi Minicab kei-class electric vans.

Electrek’s Take


Fuso eCanter battery swap; via Mitsubishi.

Electrifying the commercial truck fleet is a key part of decarbonizing city truck fleets – not just here in the US, but around the world. I called the eCanter, “a great product for moving stuff around densely packed city streets,” and eliminating the corporate fear of EV charging in the wild just makes it an even better product for that purpose.

Here’s hoping we see more “right size” electric solutions like this one (and more battery swapping tech) in small towns and tight urban environments stateside somewhat sooner than later.

SOURCES | IMAGES: Mitsubishi, Fuso.


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Opel Grandland Blitz AWD electric SUV should give US Jeep fans hope

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Opel Grandland Blitz AWD electric SUV should give US Jeep fans hope

After becoming the first European brand to offer fully electric versions of every model it sells — and at the same price as the ICE models — Opel is going even further, with a new, AWD electric SUV that should give American Jeep fans hope for a new electric Cherokee!

Now part of the Stellantis, rather than GM portfolio of brands, Rüsselsheim-based Opel showed off the first official pictures of its new Opel Grandland Electric AWD — the company’s first all-electric SUV to feature the “Blitz” performance emblem and all-wheel drive.

“Our top-of-the-range Grandland SUV is a milestone for Opel,” says Opel CEO Florian Huettl. “Customers already have a choice of battery-electric drive, plug-in hybrid and hybrid with 48-volt technology. We are now offering even more choice with the Grandland Electric AWD and thus ensuring that our customers can enjoy maximum efficiency and safety in diverse weather and road conditions, combined with plenty of driving fun.”

Stellantis gets it right in Europe


Opel says its new, AWD Grandland is its most aerodynamically efficient model yet, with a drag coefficient (Cd) of just 0.278. That efficiency, paired with similarly efficient electric motors and a 73 kWh li-ion NMC battery give the electric crossover a 501 km (311 mile) WLTP range, while a combined 325 hp and 375 lb-ft of torque should make for suitably spirited acceleration to go along with all that green cred.

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Suspension and handling, too, are promised to deliver on what Opel claims is a “typical” Teutonic driving experience in the Grandland AWD:

Both driving pleasure and comfort are further emphasized by dampers with frequency selective damping technology. This unique technology comes as standard on the Grandland Electric AWD and incorporates a second hydraulic circuit in the damper chamber to mechanically adapt the damping force in relation to the frequency. Depending on the situation, road surface conditions and driving style, it enables different damping characteristics for comfortable gliding at high frequencies – i.e. with short impacts such as on cobblestones or a manhole cover – as well as for a sporty, ambitious driving style with more direct contact with the road at low frequencies. The Grandland reacts even more immediately and directly to any command from the driver and, as is typical for Opel, remains stable when braking, cornering and at high speeds on the Autobahn.

OPEL PRESS RELEASE

The Opel Grandland Electric AWD ships with four standard drive modes that include “normal,” eco, sport, and 4WD mode, which simulates locking axles and true 4×4 off-road performance. The ESP and traction control systems adopt specific settings to enhance grip in 4WD mode as well, and maximum power and torque are instantly available.

Electrek’s Take


2026 Jeep Cherokee Electric SUV
2026 Jeep Cherokee Electric SUV; via Chat GPT.

As you maybe could tell by now, feeding European Stellantis EVs into an AI image generator and asking it to “make them into Jeeps” is one of my new favorite things to do. This new Opel is no different, and the resulting image (above) paired with the models’ stated specs give me hope that the next wave of Jeep EVs will do better than the Wagoneer S at attracting buyers. All they really need, I think, is the right name — and the right price, to be winners.

SOURCE | IMAGES: Opel.


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With $25,000 off, is the Jeep Wagoneer S the best EV deal going?

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With ,000 off, is the Jeep Wagoneer S the best EV deal going?

Like a 90s “gifted” kid that was supposed to be a lot of things, the electric Jeep Wagoneer S never really found its place — but with dealers discounting the Jeep brands forward-looking flagship by nearly $25,000, it might be time to give the go-fast Wagoneer S a second look.

SKIP THE STORY: get straight to the deals.

Whether we’re talking about Mercedes-Benz, Cerberus, Fiat, or even Enzo Ferrari, outsiders have labeled Jeep as a potentially premium brand that could, “if managed properly,” command luxury-level prices all over the globe. That hasn’t happened, and Stellantis is just the latest in a long line of companies to sink massive capital into the brand only to realize that people will not, in fact, spend Mercedes money on a Jeep.

That said, the Jeep Wagoneer S is not a bad car (and neither is its totally different, hideously massive, ICE-powered Wagoneer sibling, frankly). Built on the same Stellantis STLA Large vehicle platform that underpins the sporty Charger Daytona EVs, the confusingly-named Wagoneer S packs dual electric motors putting out almost 600 hp. That’s good enough to scoot the ‘ute 0 to 60 mph in a stomach-turning 3.5 seconds and enough, on paper, to convince Stellantis executives that they had developed a real, market-ready alternative to the Tesla Model Y.

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With the wrong name and a sky-high starting price of $66,995 (not including the $1,795 destination fee), however, that demand didn’t materialize, leaving the Wagoneer S languishing on dealer lots across the country.

That could be about to change, however, thanks to big discounts on Wagoneer S being reported at CDJR dealers in several states, according to our friends at the Car Dealership Guy podcast.

  • Jimmy Britt Chrysler Dodge Jeep Ram in Georgia, has a Wagoneer S with an MSRP of $67,590 listed at $43,104 ($24,486 off)
  • In Florida, Taverna Chrysler Dodge Jeep Ram Fiat has a $67,590 Wagoneer S slashed to $43,138 ($24,452 off)
  • Chris Nikel Chrysler Jeep Dodge Ram Fiat in Oklahoma has a Wagoneer S listed for $43,425 ($24,165 off)

“Stellantis bet big on electric versions of iconic American brands like Jeep and Dodge, but consumers aren’t buying the premise,” writes CDG’s Marcus Amick. “(Stellantis’ dealer body) is now stuck with expensive EVs that need huge discounts to move, eating into already thin margins while competitors focus on [more] profitable gas-powered vehicles.”

All of which is to say: if you’ve found yourself drawn to the Jeep Wagoneer S, but couldn’t quite stomach the $70,000+ window stickers, you might want to check in with your local Jeep dealer and see how you feel about it at a JCPenneys-like 30% off!


SOURCES | IMAGES: Car Dealership Guy, CarScoops, and CarsDirect.


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