ABU DHABI, United Arab Emirates — President Joe Biden is making no secret of his frustration with high gas prices and the oil companies making record profits as a result. With the support of Democratic allies in Congress, he is threatening to levy windfall taxes on energy firms, a prospect that’s prompted backlash from the industry.
The president on Monday tweeted: “The oil industry has a choice. Either invest in America by lowering prices for consumers at the pump and increasing production and refining capacity. Or pay a higher tax on your excessive profits and face other restrictions.”
The language sets up what looks like a standoff between the U.S. oil industry and the Biden administration at a time of high energy prices, soaring inflation and worries of a global crude supply shortage after years of under-investment in the industry and several months of sanctions on Russian commodities for its war in Ukraine.
But reports of animosity between the White House and America’s energy giants are overhyped, says Amos Hochstein, Biden’s special presidential coordinator, who liaises closely with energy industry leaders domestically and around the world.
The Biden administration is not anti-profit or anti-free market, he stressed; rather, it wants to see oil companies reinvest their profits in improving crude production and the country’s energy security.
“I talk to the CEOs, other senior members of the administration talk to the CEOs on a regular basis,” Hochstein told CNBC’s Hadley Gamble Monday, when asked about the administration’s relationship with industry executives.
“People know that. I don’t think that’s the issue. The issue is this: we want them to increase their capex, increase investment,” he said. “The price environment for the last year, over a year now, lends itself to investment. So take those profits that you’re making. We’re not against profits. What we do want, and the president said this last week — take those profits and invest them.”
Congressional Democrats argue that oil executives are prioritizing shareholder returns over reinvesting profits toward boosting production that could lower consumer prices. Hochstein held the position that shareholder returns are not an issue in themselves, but that increasing America’s energy supplies should be the priority.
“You want to pay some back to shareholders? Some is fine,” he continued. “But not excessively. You want to take these profits, that’s fine too. But not excessively. We’re in a war and you can do more to increase production.”
Record-breaking oil company profits
Several major oil companies have raked in record profits this year as consumers grappled with soaring gas and energy bills. ExxonMobil reported a record $19.7 billion net profit for the third quarter, and Biden this week accused the Texas-based company of using that to reward shareholders and buy back its own stock rather than investing in production improvements that could ease prices at the pump.
California-based Chevron made $11.23 billion in profits in the third quarter, just shy of the record it hit in the previous quarter. In the last two quarters, Chevron, ExxonMobil, ConocoPhillips and Britain’s BP, Shell and France’s TotalEnergies reportedly made over $100 billion in profits — more than they earned in the entirety of 2021.
Exxon Mobil CEO Darren Woods, speaking to CNBC last week, said his company was committed to addressing both shareholder returns and improving production, regardless of who was in the White House.
“We don’t really look to satisfy one administration or the other. We look to make sure we’re doing the best we can using our shareholders’ money appropriately, finding advantaged projects that allow us to grow production and grow value. We’re also looking at reducing our emissions,” he told CNBC’s “Squawk Box.”
But Hochstein says he doesn’t see sufficient investment on a broad scale.
“All I see is record profits that are not translating to sufficiently increased investment and where investments are not keeping up with average ratios of investment-to-price increase,” he said.
Many in the oil industry argue that a windfall tax is counterproductive and would harm production and investment. Still, the threat of such taxes from the Democratic leadership is likely more of a pressure tactic than a plausible policy proposal in the near-term since Congress is not in session. And it could even become impossible to carry out if Republicans, who largely oppose such a move, win one or both houses in the November midterm elections.
A changing White House tone on fossil fuels
Biden came into office campaigning hard for an end to fossil fuel use and a transition to renewables as part of his climate-focused agenda, laying out a bevy of regulations on oil and gas exploration and production. Supporters of Biden’s green energy goals say this aggressive push was needed to reverse what they describe as damage done by former President Donald Trump, who rolled back years of work on environmental protections and pulled the U.S. out of the Paris Climate Accords.
But it was that policy push, those in the fossil fuel industry argue, that helped throttle investment in oil and gas production and subsequently led to the energy supply shortages and higher prices we see today. Now, faced with a tightening global oil and gas market, climbing demand, and a war in Europe, the administration is taking a different tone.
“Look, it’s no secret that the Biden administration and oil industry do not see eye-to-eye on the long term role that oil will play in the economy,” Hochstein said. “However, we have to do two things. We need more investment in oil production and refining, now.”
The longtime energy policy veteran pointed out that much of the initial regulations and restrictions have eased — and noted that under this administration, the U.S. is approaching pre-pandemic highs in oil production levels, even despite what he says is insufficient activity from oil companies.
Occidental Petroleum CEO Vicki Hollub contradicted the narrative that the Biden administration was ignoring oil companies. Speaking to CNBC in Abu Dhabi, she said she indeed communicates with U.S. Energy Secretary Jennifer Granholm, a vocal climate policy advocate.
“I do hear from Secretary Granholm — she is focused on tech, she’s enthusiastic about the climate transition, she listens, she [communicates with] the National Petroleum Council and has sent us requests for studies to be conducted to help her in making her decisions” concerning clean energy investments, Hollub said.
Whatever the disagreements on the longer-term role of the fossil fuel industry in the U.S., oil executives and White House officials appear to agree on one thing — they will need to communicate properly to ensure future energy security for the country at a time of severe economic and geopolitical risk.
Forget fumbling with cables or hunting for batteries – TILER is making electric bike charging as seamless as parking your ride. The Dutch startup recently introduced its much-anticipated TILER Compact system, a plug-and-play wireless charger engineered to transform the user experience for e-bike riders.
At the heart of the new system is a clever combo: a charging kickstand that mounts directly to almost any e‑bike, and a thin charging mat that you simply park over. Once you drop the kickstand and it lands on the mat, the bike begins charging automatically via inductive transfer – no cable required. According to TILER, a 500 Wh battery will fully charge in about 3.5 hours, delivering comparable performance to traditional wired chargers.
It’s an elegantly simple concept (albeit a bit chunky) with a convenient upside: less clutter, fewer broken cables, and no more need to bend over while feeling around for a dark little hole.
TILER claims its system works with about 75% of existing e‑bike platforms, including those from Bosch, Yamaha, Bafang, and other big bames. The kit uses a modest 150 W wireless power output, which means charging speeds remain practical while keeping the system lightweight (the tile weighs just 2 kg, and it’s also stationary).
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TILER has already deployed over 200 charging points across Western Europe, primarily serving bike-share, delivery, hospitality, and hotel fleets. A recent case study in Munich showed how a cargo-bike operator saved approximately €1,250 per month in labor costs, avoided thousands in spare batteries, and cut battery damage by 20%. The takeaway? Less maintenance, more uptime.
Now shifting to prosumer markets, TILER says the Compact system will hit pre-orders soon, with a €250 price tag (roughly US $290) for the kickstand plus tile bundle. To get in line, a €29 refundable deposit is currently required, though they say it is refundable at any point until you receive your charger. Don’t get too excited just yet though, there’s a bit of a wait. Deliveries are expected in summer 2026, and for now are covering mostly European markets.
The concept isn’t entirely new. We’ve seen the idea pop up before, including in a patent from BMW for charging electric motorcycles. And the efficacy is there. Skeptics may wonder if wireless charging is slower or less efficient, but TILER says no. Its system retains over 85% efficiency, nearly matching wired charging speeds, and even pauses at 80% to protect battery health, then resumes as needed. The tile is even IP67-rated, safe for outdoor use, and about as bulky as a thick magazine.
Electrek’s Take
I love the concept. It makes perfect sense for shared e-bikes, especially since they’re often returning to a dock anyway. As long as people can be trained to park with the kickstand on the tile, it seems like a no-brainer.
And to be honest, I even like the idea for consumers. I know it sounds like a first-world problem, but bending over to plug something in at floor height is pretty annoying, not to mention a great way to throw out your back if you’re not exactly a spring chicken anymore. Having your e-bike start charging simply by parking it in the right place is a really cool feature! I don’t know if it’s $300 cool, but it’s pretty cool!
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Tesla has launched a new software update for its vehicles that includes the anticipated integration of Grok, but it doesnt even interface with the car yet.
Today, Tesla started pushing the update to the fleet, but there’s a significant caveat.
The automaker wrote in the release notes (2025.26):
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Grok (Beta) (US, AMD)
Grok now available directly in your Tesla
Requires Premium Connectivity or a WiFi connection
Grok is currently in Beta & does not issue commands to your car – existing voice commands remain unchanged.
First off, it is only available in vehicles in the US equipped with the AMD infotainment computer, which means cars produced since mid-2021.
But more importantly, Tesla says that it doesn’t send commands to the car under the current version. Therefore, it is simply like having Grok on your phone, but on the onboard computer instead.
Tesla showed an example:
There are a few other features in the 2025.26 software update, but they are not major.
For Tesla vehicles equipped with ambient lighting strips inside the car, the light strip can now sync to music:
Accent lights now respond to music & you can also choose to match the lights to the album’s color for a more immersive effect
Toybox > Light Sync
Here’s the new setting:
The audio setting can now be saved under multiple presets to match listening preferences for different people or circumstances:
The software update also includes the capacity to zoom or adjust the playback speed of the Dashcam Viewer.
Cybertruck also gets the updated Dashcam Viewer app with a grid view for easier access and review of recordings:
Tesla also updated the charging info in its navigation system to be able to search which locations require valet service or pay-to-park access.
Upon arrival, drivers will receive a notification with access codes, parking restrictions, level or floor information, and restroom availability:
Finally, there’s a new onboarding guide directly on the center display to help people who are experiencing a Tesla vehicle for the first time.
Electrek’s Take
Tesla is really playing catch-up here. Right now, this update is essentially nothing. If you already have Grok, it’s no more different than having it on your phone or through the vehicle’s browser, since it has no capacity to interact with any function inside the vehicle.
Most other automakers are integrating LLMs inside vehicles with the capacity to interact with the vehicle. In China, this is becoming standard even in entry-level cars.
In the Xiaomi YU7, the vehicle’s AI can not only interact with the car, but it also sees what the car sees through its camera, and it can tell you about what it sees:
Tesla is clearly far behind on that front as many automakers are integrating with other LLMs like ChatGPT and in-house LLMs, like Xiaomi’s.
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Robinhood stock hit an all-time high Friday as the financial services platform continued to rip higher this year, along with bitcoin and other crypto stocks.
Robinhood, up more than 160% in 2025, hit an intraday high above $101 before pulling back and closing slightly lower.
The reversal came after a Bloomberg report that JPMorgan plans to start charging fintechs for access to customer bank data, a move that could raise costs across the industry.
For fintech firms that rely on thin margins to offer free or low-cost services to customers, even slight disruptions to their cost structure can have major ripple effects. PayPal and Affirm both ended the day nearly 6% lower following the report.
Despite its stellar year, the online broker is facing several headwinds, with a regulatory probe in Florida, pushback over new staking fees and growing friction with one of the world’s most high-profile artificial intelligence companies.
Florida Attorney General James Uthmeier opened a formal investigation into Robinhood Crypto on Thursday, alleging the platform misled users by claiming to offer the lowest-cost crypto trading.
“Robinhood has long claimed to be the best bargain, but we believe those representations were deceptive,” Uthmeier said in a statement.
The probe centers on Robinhood’s use of payment for order flow — a common practice where market makers pay to execute trades — which the AG said can result in worse pricing for customers.
Robinhood Crypto General Counsel Lucas Moskowitz told CNBC its disclosures are “best-in-class” and that it delivers the lowest average cost.
“We disclose pricing information to customers during the lifecycle of a trade that clearly outlines the spread or the fees associated with the transaction, and the revenue Robinhood receives,” added Moskowitz.
Robinhood is also facing opposition to a new 25% cut of staking rewards for U.S. users, set to begin October 1. In Europe, the platform will take a smaller 15% cut.
Staking allows crypto holders to earn yield by locking up their tokens to help secure blockchain networks like ethereum, but platforms often take a percentage of those rewards as commission.
Robinhood’s 25% cut puts it in line with Coinbase, which charges between 25.25% and 35% depending on the token. The cut is notably higher than Gemini’s flat 15% fee.
It marks a shift for the company, which had previously steered clear of staking amid regulatory uncertainty.
Under President Joe Biden‘s administration, the Securities and Exchange Commission cracked down on U.S. platforms offering staking services, arguing they constituted unregistered securities.
With President Donald Trump in the White House, the agency has reversed course on several crypto enforcement actions, dropping cases against major players like Coinbase and Binance and signaling a more permissive stance.
Even as enforcement actions ease, Robinhood is under fresh scrutiny for its tokenized stock push, which is a growing part of its international strategy.
The company now offers blockchain-based assets in Europe that give users synthetic exposure to private firms like OpenAI and SpaceX through special purpose vehicles, or SPVs.
An SPV is a separate entity that acquires shares in a company. Users then buy tokens of the SPV and don’t have shareholder privileges or voting rights directly in the company.
OpenAI has publicly objected, warning the tokens do not represent real equity and were issued without its approval. In an interview with CNBC International, CEO Vlad Tenev acknowledged the tokens aren’t technically equity shares, but said that misses the broader point.
“What’s important is that retail customers have an opportunity to get exposure to this asset,” he said, pointing to the disruptive nature of AI and the historically limited access to pre-IPO companies.
“It is true that these are not technically equity,” Tenev added, noting that institutional investors often gain similar exposure through structured financial instruments.
The Bank of Lithuania — Robinhood’s lead regulator in the EU — told CNBC on Monday that it is “awaiting clarifications” following OpenAI’s statement.
“Only after receiving and evaluating this information will we be able to assess the legality and compliance of these specific instruments,” a spokesperson said, adding that information for investors must be “clear, fair, and non-misleading.”
Tenev responded that Robinhood is “happy to continue to answer questions from our regulators,” and said the company built its tokenized stock program to withstand scrutiny.
“Since this is a new thing, regulators are going to want to look at it,” he said. “And we expect to be scrutinized as a large, innovative player in this space.”
SEC Chair Paul Atkins recently called the model “an innovation” on CNBC’s Squawk Box, offering some validation as Robinhood leans further into its synthetic equity strategy — even as legal clarity remains in flux across jurisdictions.
Despite the regulatory noise, many investors remain focused on Robinhood’s upside, and particularly the political tailwinds.
The company is positioning itself as a key beneficiary of Trump’s newly signed megabill, which includes $1,000 government-seeded investment accounts for newborns. Robinhood said it’s already prototyping an app for the ‘Trump Accounts‘ initiative.