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Prince Abdulaziz bin Salman Al-Saud, Minister of Energy of Saudi Arabia arrives for the 178th meeting of the Organization of Petroleum Exporting Countries (OPEC) in Vienna, Austria, on March 6, 2020.
Alex Halad | AFP | Getty Images

Disagreement within OPEC could trigger a more a volatile period for oil, with prices jumping on lack of new supply or sinking suddenly if member countries decide to release crude independently.

Oil prices initially surged to a six-year high on news that the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, ended their meeting Monday with no action and no new meeting date. A proposed plan by OPEC, Russia and other allies to bring 400,000 barrels a day back to the market was disrupted by the United Arab Emirates’ objection to other aspects of the deal.

West Texas Intermediate crude futures for August traded as high as $76.98 Tuesday before falling back to settle down 2.4% at $74.53 per barrel. Many analysts had expected oil to rise on the discord among members of OPEC, and say prices could still climb despite the sell-off.

“It’s going to get worse before it gets better. I still think $85 to $90 per barrel should be the upper end,” said John Kilduff, partner with Again Capital. “You’ll see more oil produced. They’re not going to go crazy, but they’re not going to live within the current structures. Russia will lead the charge.”

“It could become a free for all,” he said.

Some analysts had already expected oil spikes into the $100 per barrel range over the course of the next year. The feuding between Saudi Arabia and the United Arab Emirates opens a new fissure in OPEC, which now means oil could also tank if members decide to open the spigots.

“Realistically, I don’t think anybody wants to go this way. I suspect cooler heads or rational thinking will prevail,” said Bart Melek, global head of commodity strategy at TD Securities. Melek said there are some wild cards for OPEC that could affect prices. A major one is whether the U.S. and Iran strike a deal on Iran’s nuclear programming, allowing it to return more than 1 million barrels a day back to the market.

Another risk is whether the variants of the Covid virus could affect the economy’s recovery and crimp demand for travel.

OPEC and its partners were able to agree to return 400,000 barrels a day to the market starting in August. But the UAE sought to also have its production baseline increased from 3.1 million barrels a day to 3.8 million barrels, and that was the sticking point with Saudi Arabia.

After three days of meetings, there was also a deadlock over whether the deal would include an extension of the the plan to the end of 2022, which was opposed by the UAE. Without an agreement, 5.8 million barrels a day, cut from production last year, will remain off the market even as demand rises.

“I think OPEC event risk is back. We had pretty smooth sailing this year, and now this was not priced at all,” said Helima Croft, global head of commodity strategy at RBC Capital Markets. “Once people start focusing on 5.8 million barrels off the market, I think they might get nervous. How they come back will be important.” The market will be affected much differently based on whether the oil trickles back or the producing countries flood the market with supply.

The friction between Saudi Arabia and the UAE, formerly strong OPEC allies, comes at a time when the market is increasingly in need of more supply. Analysts expect the world is short of upwards of 2 million barrels a day, based on current production levels and increasing demand. That means oil is being taken from storage, and there could be increasing pressure on prices as the economy rebounds and demand rises.

The U.S. is producing about 2 million barrels a day less than it did pre-Covid, and output has remained at a steady level even as prices rise. The U.S. industry has become more disciplined, due to demands from shareholders and lenders. Oil companies also face sustainability demands and pressure to reduce carbon.

But U.S. drillers do have capacity to increase drilling. “Certainly, $90 oil would encourage a lot of drilling in not only the Permian, but in the Bakken and Rockies,” Andy Lipow, president of Lipow Oil Associates said. “I think as prices creep up, one of the things [OPEC+ members] are worried about is a spike higher that would encourage lots of drilling in other parts of the world.”

Lipow said OPEC will also be careful about falling prices and the potential for even lower levels. “If prices fall $5 a barrel, they’ll come to an agreement to signal the market they’re not going to flood it with supplies,” he added.

It also comes as gasoline prices continue to rise and are nearly $1 per gallon higher than this time last year. The national average for unleaded was $3.13 per unleaded gasoline Tuesday, following a weekend where prices at the pump were the highest in seven years for the Fourth of July holiday, according to AAA. If crude prices continue to rise, so will gasoline prices.

“I think gasoline prices could remain above $3 a gallon for the balance of the summer,” said Lipow.

The White House Tuesday said there have been a number of high-level conversations with officials in Saudi Arabia, the UAE and other partners.

“If prices were rising, I think that would be more of a catalyst for the White House to get involved,” said Croft. “If you have a sell-off you may have people in the administration saying why do I need to be involved in this.”

Kilduff said he does not think the situation will last much longer. “I think we’re in the last innings of it right now. I’m targeting in mid-August, you’re going to start to see gasoline demand going down because kids are going back to school. Refiners will start to dial back,” he said.

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VW says its cars will get Supercharger access and adapters in June (Updated)

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VW says its cars will get Supercharger access and adapters in June (Updated)

Volkswagen says that its electric cars will be able to charge at Tesla’s Supercharger network starting in June, reports PC Magazine.

In 2022, Tesla announced it would open its charging network, lured by big money promised in President Biden’s federal EV charging grants.

For a while it seemed like a bit of a hail mary, as many thought that most of the industry was already committed to the SAE CCS standard for fast charging.

But then, in 2023, Ford announced it would adopt Tesla’s connector, and all the dominos started to fall. Soon enough, basically the entire industry had announced a shift to Tesla’s charging standard.

For a time, though, VW was a holdout. It wasn’t until December 2023 – half a year after Ford’s announcement – that VW committed to switching to NACS in 2025 (though really, they were just waiting for SAE’s certification of the standard, which was completed a few days prior).

Well, now we’re here in 2025, and VW says they’re ready to step up.

Today at CES, VW PR director Mark Gillies confirmed to PC Magazine that “we get access to the network in June/July, when we have an official VW adapter.”

This means that the VW EVs available in the US – the ID.4 crossover SUV (which just restarted sales after a door handle recall) and the brand new ID. Buzz minivan, should be able to charge within months… as long as everything goes as planned.

Currently, VW isn’t even listed on Tesla’s NACS page, which mentions that Ford, Rivian, GM, Volvo, Polestar, and Nissan vehicles can all charge on Tesla’s charging network. The only manufacturer currently listed as “coming soon” is Mercedes-Benz, and generally manufacturers have spent a few months on that page before gaining access.

So this is a bit of a surprise announcement from VW, but certainly welcome. Then again, we have witnessed miscommunications in this respect before, so maybe Tesla just didn’t want to jump the gun again, like it did with Nissan. (Update: It turns out VW jumped the gun this time, as a previous version of this article quoted VW saying it will get access in March, not June).

In the past, adapters have taken some manufacturers time to make and ship out. Ford, for example, not only delayed its adapter rollout, but also had to replace some adapters – so caution might be warranted here.

VW’s confirmation today doesn’t specify whether its sub-brands, Audi and Porsche, would be on the same timeline. But since the three brands committed to NACS in a joint announcement, it stands to reason that they could be on the same timeline to get access and adapters.

Update: A previous version of this article stated that VW cars will get access in March, and adapters in June. It turns out, both access and adapters will come in June.

Electrek’s Take

Given that VW was one of the last manufacturers to officially adopt NACS, it’s nice to see them keeping to their timeline – and possibly beating some other manufacturers to the punch too.

This could also be a sign that we’ll start seeing more of a flood of manufacturers getting access soon. The transition is supposed to happen “throughout 2025” after all, and, well, that’s where we are. But the casual nature with which VW has confirmed this timeline suggests that perhaps this transition is really about to get on a roll.

So, look forward to having a lot more interesting sights to see at Superchargers, as the menagerie gets more varied throughout the year.


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Cox Automotive: 1 in 4 vehicles sold in 2025 will be electric

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Cox Automotive: 1 in 4 vehicles sold in 2025 will be electric

US EV sales will continue to grow in the year ahead, accounting for 1 in 4 vehicles sold in 2025, according to Cox Automotive’s 2025 Outlook.

Cox Automotive is kicking off 2025 with a bright outlook for the auto market. After wrapping up 2024 on a high note, the US auto industry seems to be on a solid path forward, despite some uncertainties. In fact, Cox is predicting that it’s going to be the best year for the auto market since before the pandemic, in 2019.

With the exception of Stellantis and Tesla, nearly every automaker posted higher sales year-over-year overall in 2024. General Motors was the top-selling automaker in 2024, while Honda and Mazda delivered strong growth.

The US market posted record EV sales in 2023 and 2024, and this trend is expected to continue in 2025. Cox Automotive predicts that EVs will account for approximately 10% of the market total in the year ahead, up from roughly 7.5% in 2024.

Hybrids and plug-ins will account for about 15% of the market, and sales of ICE vehicles will tumble to 75% of total volume, the lowest level on record.

EV growth will be supported by around 15 additional EV models entering the market, consumers deciding to buy before the Trump administration cuts the $7,500 tax credit, and state-level incentives countering potential federal cuts. The rapid expansion of the EV charging network is also contributing to this growth.

Cox asserts that “consumers are feeling better about the road ahead, as the US election was smoothly settled, interest rates are below their peaks, and the job market has stabilized.”

Read more: ‘EVs right now are the best deals in the market’ – Kelley Blue Book


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Here are the EVs you can still lease for under $300 a month in January

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Here are the EVs you can still lease for under 0 a month in January

With more models hitting the market and massive incentives, electric vehicles are more affordable than ever. However, with Trump’s transition team reportedly planning to end the EV tax credit, the savings may soon disappear. Here are the EVs you can still lease for under $300 a month in January.

2024 was another record year for EV sales in the US. Many automakers, including GM, Ford, Hyundai, Kia, and Honda, sold significantly more electric cars last year than in 2023.

According to Cox Automotive, electric vehicles are expected to represent 7.5% of all US auto sales in 2024. Although all December and full-year 2024 sales numbers have yet to be released, EV sales hit a record in November. With over 116,000 units sold, electric cars achieved an 8.5% market share.

A big reason behind the growth was new models, like the Honda Prologue, which was the third best-selling EV in the US in November. That’s after deliveries began in just March.

Honda sold over 33,000 Prologues in the US last year, with nearly 7,900 in December alone. With over 114,000 EVs sold, GM outpaced Ford’s roughly 97,900. Meanwhile, Hyundai, Kia, and others reported record EV sales in 2024.

Although a big reason behind the sales surge is due to new options, massive incentives have made EVs even cheaper to lease than gas-powered cars.

EVs-lease-$300-January
2024 Hyundai IONIQ 5 (Source: Hyundai)

What EVs are for lease for under $300 in January 2025?

With additional discounts on top of the $7,500 federal EV tax credit, some discounts are reaching as high as $10,000 to $20,000 off MSRP. In Q3, EV incentives averaged over 12% of the average transaction price (ATP), nearly double the industry average of 7%.

Despite having a starting MSRP almost double that of a Civic Sedan, you can lease a Honda Prologue for less in many parts of the US.

EVs-lease-$300-January
2024 Honda Prologue Elite (Source: Honda)

The 2024 Honda Prologue is listed at just $229 for 36 months in California and other ZEV states. With $1,299 due at signing, the effective monthly payment is $265. That’s for the EX (FWD) trim, which has a range of up to 296 miles.

In other parts of the country, don’t worry — Honda is still offering Prologue leases starting at $249 per month. You can also opt for a 0% APR.

Lease From Term
(months)
Due at Signing Effective rate per month
(including upfront fees)
2025 Kia Niro EV $149 24 $3,999 $315
2024 Kia EV6 $159 24 $3,849 $319
2024 Hyundai IONIQ 5 $189 24 $3,999 $355
2024 Hyundai IONIQ 6 $159 24 $3,999 $326
2024 Fiat 500e $211 42 $211 $216
2024 Toyota bZ4X $219 39 $2,999 $296
2024 Honda Prologue $229 36 $1,299 $265
2024 Subaru Solterra $279 36 $279 $287
Tesla Model 3 $299 36 $2,999 $382
Tesla Model Y $299 36 $2,999 $382
2024 Chevrolet Equinox EV $299 24 $3,169 $431
Best EV lease deals for under $300 a month in January 2025

Using data from auto intelligence firm CarsDirect, we’ve gathered the top EVs you lease for under $300 a month this January. You can view offers in your area at the bottom.

Several other electric crossovers and SUVs, including the 2024 Subaru Solterra, Toyota bZ4X, and Hyundai IONIQ 5, are available to lease for under $300.

EVs-lease-$300-January
2024 Hyundai IONIQ 5 (left) and IONIQ 6 (right) at a Tesla Supercharger (Source: Hyundai)

The 2024 Hyundai IONIQ 5 is listed as low as $189 for 24 months. With $3,999 due at signing, the effective rate is $355. Hyundai is offering big savings to clear inventory with the upgraded 2025 models arriving at US dealerships.

Hyundai’s other dedicated EV, the IONIQ 6, is listed at just $159 for 36 months. With $3,999 due at signing, the monthly effective rate is $326.

EVs-lease-$300-January
2024 Subaru Solterra (Source: Subaru)

Subaru is offering 2024 Solterra leases starting at $279 per month (36 months). With just the first month’s payment due up front ($279), the monthly rate is $296. Although Toyota’s bZ4X is listed for as little as $219 for 39 months, with $2,999 due at signing, it’s slightly more with an effective rate of $296.

Tesla’s Model Y and Model 3 can be leased for just $299 per month (36 months). With $2,999 due at signing for an effective rate of $382.

EVs-lease-$300-January
Chevy Equinox EV (Source: GM)

The 2024 Chevy Equinox EV can be leased for as little as $299 for 24 months. With $3,169 due upfront, the monthly rate is $431.

Meanwhile, a November report by Reuters claimed that Trump’s transition team aimed to eliminate the $7,500 federal tax credit. If true, many of these savings could soon disappear.

Are you ready to find your new EV? We’ve got you covered. You can use our links below to find the best deals on popular electric vehicles in your area.

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