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Within the electric vehicle world in recent months, there’s been all kinds of debate and handwringing about how the big EV tax credits or rebates that are included in expected Democratic legislation in Congress should be structured — how much should union-built EVs versus American-built EVs versus just simply built EVs get in subsidies? There’s also been excitement about billions of dollars for EV charging ($7.5 billion in the infrastructure bill that’s been lingering for several months). Furthermore, there’s support for solar power and other clean energy technologies in the infrastructure and reconciliation bills that we’ve been patiently (and impatiently) waiting for the US Congress to pass. There’s one problem, though: all of this legislation might die. Also, as crazy as it is, it might all die because of one senator who was actually once a member of the Green Party but is now seemingly not even a Democrat on this stuff.

First of all, I already wrote about the problem of Joe Manchin. Indeed, he’s a coal man and a total corporate servant who won’t fight for the American people, and certainly not for the relatively poor people of West Virginia. While he’s still clearly a problem, he has a long history of coming around at the last minute, and other Democratic politicians in the US Congress have argued that he’d come through again when needed … if only someone could get Senator Kyrsten Sinema on board. The problem is: no one seems to know how to get her on board, and there’s suspicion that, at the end of the day, she has no desire to get on board. There’s concern (quickly turning into rage) that she has gone 100% to the dark side and simply will not vote for legislation to strongly expand climate solutions and a better social safety net in the US.

Oddly, Sinema grew up extremely poor, homeless at times, and as already noted, was once a member of the Green Party in Arizona. The bisexual atheist, however, has flipped so far from those roots that she might be a good candidate for the US women’s gymnastics team. There are a couple of possibilities of what happened. She might have sat in the Arizona sun for far too long and fried her brain, or she might have just discovered it’s comfy quickly becoming a millionaire and taking money from billionaires and large corporations to do nothing. The latter is the more likely scenario, and Will Bunch of The Philadelphia Inquirer has written an absolutely scathing and brilliant piece on what he thinks has happened. The title of his frustrated examination of Kyrsten Cinema and US politics as a whole is “The trainwreck of Sen. Kyrsten Sinema is the cost of not getting money out of politics.” The subtitle is: “An Arizona Democrat’s unfathomable opposition to progress is a win for her hedge-fund, Big Pharma donors, and a huge loss for democracy.”

Sinema has been raising a lot of money from large pharmaceutical companies and certain billionaires in that arena, and now the payback seems clear: block Congress from doing anything.

Sinema’s opaque obstructionism has become the grapes of wrath for President Biden and their fellow Democrats seeking to invest $350 billion a year to continue child tax credits for the middle class, expand child care, fight climate change and offer free community college,” Bunch writes. “The plan is foundering largely because of vague but obstinate opposition from Sinema and her money-soaked doppelganger Sen. Joe Manchin of West Virginia, when Democrats need all 50 of their senators onboard. Advocates believe the real problem is how Biden and his allies want to pay for this: Largely by raising taxes on Sinema’s filthy rich patrons such as Price and Gates.”

It’s wild to see that Sinema has the power to block essentially all of President Joe Biden’s/Democrats’ agenda, all serious Democratic legislation. It’s crazy that she can pander to corporations and the wealthiest among the wealthy while ignoring the challenges and needs of our climate, our working class and poor, and our democracy. But that’s where we are. On the cleantech front alone, we may never get the EV tax credits, EV rebates, EV charging infrastructure, and solar power subsidies that we’ve been hoping for all week, month, and year. That’ll hurt.

Featured photo by Gage Skidmore (CC BY-SA 2.0 license)

 

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Exxon earnings fall on lower oil prices as OPEC+ raises production

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Exxon earnings fall on lower oil prices as OPEC+ raises production

An Exxon Mobil gas station in Lorton, Virginia, US, on Monday, Oct. 27, 2025.

Luke Johnson | Bloomberg | Getty Images

Exxon Mobil on Friday reported third quarter earnings that fell year over year, as oil prices tumbled due in large part to OPEC+ increasing production.

Exxon’s net income fell 12% to $7.55 billion, or $1.76 per share, compared to $8.6 billion, or $1.92 per share, in the year ago period. Excluding one-time items, the oil major posted earnings per share of $1.88.

U.S. crude oil prices have fallen about 16% this year as OPEC+ is increasing production and President Donald Trump’s tariffs have the market worried about an economic slowdown.

Exxon shares were down more than 1% in premarket trading.

Here is what Exxon reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

  • Earnings per share: $1.88 adjusted.
  • Revenue: $85.3 billion, vs. $87.7 billion expected

CEO Darren Woods said Exxon posted its highest earnings per share compared to similar quarters when oil prices were falling. Profits also took a hit due to bottom-of-cycle margins in its chemicals business.

However, production in Exxon’s lucrative offshore assets in the South American nation of Guyana hit a quarterly record of more than 700,000 barrels per day. Its assets in the Permian Basin also set a production record of nearly 1.7 million bpd.

Overall, Exxon produced 4.77 million bpd in the quarter.

Exxon’s production business recorded earnings of $5.68 billion, while its refining business posted a profit of $1.8 billion. Its chemicals product business saw earnings of $515 million.

The oil major’s capital expenditures stand at about $21 billion so far this year. It expects spending in 2025 to come in slightly below the lower end of its guidance range of $27 billion to $29 billion.

Exxon gave back $9.4 billion to shareholders in the quarter and raised its fourth-quarter dividend to $1.03 per share.

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Chevron earnings beat Wall Street estimates as oil production hits record boosted by Hess acquisition

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Chevron earnings beat Wall Street estimates as oil production hits record boosted by Hess acquisition

Signage outside the Chevron Corp. headquarters in Houston, Texas, US, on Wednesday, Oct. 8, 2025.

Mark Felix | Bloomberg | Getty Images

Chevron on Friday reported third-quarter financial results that beat Wall Street estimates, as the company achieved record production due in part to its acquisition of Hess Corporation.

The oil major’s net income declined 21% to $3.54 billion, or $1.82 per share, compared with $4.49 billion, or $2.48 per share, in the same period last year. Its earnings decreased year over year due to falling oil prices and a $235 million loss on transaction costs associated with the Hess acquisition.

Excluding costs associated with Hess and foreign currency impacts, Chevron earned $1.85 per share, beating Wall Street estimates of $1.71 per share.

Here is what Chevron reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

  • Earnings per share: $1.85 adjusted vs. $1.71 expected
  • Revenue: $49.73 billion vs. $49.01 billion expected

U.S. crude oil prices have fallen about 16% this year as OPEC+ increases production and President Donald Trump’s tariffs have the market worried about an economic slowdown.

Even with lower prices, Chevron pumped a record 4.1 million barrels per day, a 21% increase compared with the same period last year. Higher production came from the Hess acquisition, the Permian Basin, the Gulf of Mexico and Kazakhstan, according to the company.

Chevron’s U.S. production business posted a profit of $1.28 billion, down 34% compared with $1.95 billion in the third quarter of 2024. It pumped 2 million barrels per day, up 27% from 1.6 million bpd in year-ago period.

International production recorded earnings of $2 billion, down 24% compared with $2.64 billion in the same quarter last year. Production increased 16% to 2 million bpd compared with 1.76 million bpd in the year-ago period.

Profits increased more than 300% to $638 million in Chevron’s downstream U.S. refining business, compared with $146 million in the third quarter of 2024. International refining posted earnings of $499 million, up 11% from $449 million in the year-ago period. Refining profits increased year over year due to higher margins on product sales.

Capital expenditures increased 7% to $4.4 billion over the year-ago quarter due to spending on legacy Hess assets. Chevron’s adjusted free cash flow increased about 50% to $7 billion over the year-ago period.

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California quietly kills e-bike voucher program, funnels funds into cars instead

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California quietly kills e-bike voucher program, funnels funds into cars instead

California’s ambitious statewide electric bicycle incentive program is officially dead – and it didn’t even get a funeral. After years of buildup, delays, and surging public interest, the California Air Resources Board (CARB) has quietly ended the program, rolling the remaining $17 million of the original $30 million budget into its “Clean Cars 4 All” initiative without even making an official announcement.

The California E-Bike Incentive Project was originally hailed as a groundbreaking effort to make electric bikes affordable for low-income residents. Vouchers – not rebates – were designed to let buyers walk into a participating shop and ride out without covering the full price upfront. Base vouchers were worth $1,000, with up to $2,500 available for those purchasing cargo or adaptive e-bikes in priority communities. It was a model that other states were watching closely.

But from the outset, the program was plagued by setbacks. Years of delays meant the first vouchers weren’t distributed until late 2024, and even then, only after a chaotic launch that saw the website crash under the weight of tens of thousands of applicants vying for just 1,500 vouchers. A second launch attempt in April 2025 failed completely, locking out eligible users. While a final distribution round in May went more smoothly, an estimated 90% of eligible applicants were turned away due to limited supply.

To make matters worse, the program’s administrator, Pedal Ahead, came under fire for questionable practices in San Diego, further undermining confidence.

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Now, with no formal announcement or update on the program’s official website, CARB has quietly absorbed the funds into its Clean Cars 4 All program.

Electrek’s Take

This is an enormous letdown.

The California E-Bike Incentive Project had the potential to reshape car-heavy communities by giving low-income Californians access to clean, affordable micromobility. Instead, it was starved by mismanagement and then cannibalized to prop up car-centric policy.

It’s not that electric cars don’t deserve support, but this move reflects a broader failure of imagination. If we want a future with fewer cars, not just cleaner ones, then we need to start funding real alternatives. This was a huge missed opportunity to invest in a more livable California.

via: Streetsblog

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