Trump’s former Treasury secretary calls G-7 Russian oil price cap ‘the most ridiculous idea I’ve ever heard’
Former US secretary of the treasury Steven Mnuchin on a panel at the Future Investment Initiative in Saudi Arabia in October 2022. Mnuchin this week criticized the G-7’s plan for a cap on
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Former U.S. Treasury Secretary Steve Mnuchin described the G-7’s plan for a price cap on Russian oil as “ridiculous.”
Speaking to CNBC’s Hadley Gamble during a panel at the Milken Institute’s Middle East and Africa Summit, Mnuchin said the idea was “not only not feasible, I think it’s the most ridiculous idea I’ve ever heard.”
He added that while there were no certainties, sanctions on Russia and Russian officials — which the U.S. and other nations have continued to roll out since Russia’s unprovoked invasion of Ukraine — could have had an impact before the war started rather than after.
“Sanctions would have had a big impact back then. I think the problem now is that there’s limited options … there’s parts of the world that are now buying Russian oil outside of U.S. sanctions,” he said.
“But look, a price cap, the market is going to set the price. So if you put sanctions on at higher prices, in a way you’re just making the situation worse, in my opinion.”
The Group of Seven nations — the U.S., Canada, France, Germany, Italy, Japan and the U.K. — along with Australia, have reportedly agreed to set a fixed price cap on Russian oil from Dec. 5, but the level has not been announced.
The plan, which has been under discussion for several months, involves a ban on the provision of certain services, such as maritime routes, insurance and financing, to buyers of Russian oil unless it is sold at or below the cap.
It is intended to limit the Kremlin’s ability to fund the war in Ukraine while also protecting consumers and households from sky-high energy prices. New sanctions are also due in early December that will end all Russian crude oil deliveries to the EU by sea, ahead of a ban on all Russian refined products in 2023.
As Europe seeks to wean itself off Russian oil and gas, Moscow has ramped up its sale of oil to countries including China and India. Energy analysts say it will be vital to get those countries’ cooperation for any price cap to be effective, but it remains unclear how they will react to any final announcement.
Current U.S. Treasury Secretary Janet Yellen said last week India would still be able to buy oil from Russia at any price so long as it avoided the Western sanctions, and that this scenario would still dampen global oil prices and curb Russian oil revenues.
Mnuchin served for the full term of President Donald Trump and now works in private equity investing.
At the Milken Institute panel, he said getting Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy to the negotiating table was “long overdue” and that a best-case scenario in the near term may be a pause in fighting.
Ukraine has previously said it will only enter talks following the “restoration of Ukraine’s territorial integrity.”
A Kremlin spokesperson on Thursday told reporters it was “difficult to imagine public negotiations … One thing is for sure: the Ukrainians do not want any negotiations.”
Mnuchin also said he viewed energy security and national security as the same thing, and that one of the things he had wanted funding for during the coronavirus pandemic, when oil prices plunged, was to fill up the U.S. strategic reserve.
He said that the Biden administration had an “extreme focus on the issue of global warming” and that while he was “not minimizing” the issue, he believed it was important not to “discourage investment in the carbon economy.”
“With approvals, and again this stuff doesn’t need legislation, there are things the current administration could do, you know, there’s a need for pipeline, there’s a need for infrastructure, there’s a need for more drilling. There’s plenty of shale oil and at these numbers it’s very economic to produce.”
The industry was being “starved of capital,” he said.
“We can’t turn around and say to OPEC+, Why are you not producing more oil, when we’re not doing it ourselves.”
The telematics experts at Geotab analyzed aggregated data from thousands connected commercial vehicles throughout 2024. Using data-driven insights that focused on US truck stop locations and medium- and heavy-duty electric vehicle driving range, Geotab found what we already knew: electric vehicles are real road ready, right now.
An Altitude by Geotab study published earlier this quarter analyzed 2024 aggregated data from Geotab-connected commercial vehicles, revealing that 58% of medium-duty trucks and 41% of heavy-duty trucks drive less than 250 miles between depots. The study focused on medium-duty (Classes 3-6) and heavy-duty (Classes 7-8) truck data gathered from driving patterns, routes, and stops on real roads to determine the feasibility of electric and alt-fuel truck adoption and to help identify the most strategic locations for charging infrastructure build out.
Just how many Geotab-connected trucks were in this study, you ask? It’s a lot. Geotab-connected vehicles logged and analyzed more than 700 million miles last year alone (over 1 billion kilometers), so they’ve put in the work and the math maths.
We’re not in the messy middle anymore. The trucks are ready.
Collaboration is critical
The Altitude study shows that a huge number of truck routes are ready to electrify, but they’re quick to point out successful electrification requires close collaboration between fleet operators and utilities, with the latter needing to anticipate the shift and work to provide the necessary infrastructure for more widespread electric truck adoption.
“The trucking industry is undergoing a significant transformation, driven by the need for efficiency, sustainability, and economic benefits,” explains Nate Veeh, AVP of Market Development at Altitude by Geotab. “Our analysis reveals that a substantial portion of medium- and heavy-duty trucks have daily driving patterns that are well-suited for electrification … by using data insights, utilities and other key stakeholders can pinpoint where truck concentrations are and understand their aggregate driving behaviors, to make informed decisions in terms of truck electrification and the subsequent demands on energy grids and location of EV charging networks.”
Veeh makes a solid point here. It doesn’t matter how badly a fleet may want to electrify, they can’t do it alone. Their business operations have to support electrification, the trucks that meet their needs have to be readily available, they need to be capable of doing the job, (and at a price or payment they can afford), and the charging infrastructure – either public or private – has to be built out in such a way that big trucks with big trailers can navigate them.
Those pull-up Tesla Superchargers at your local Target? They won’t work.
These won’t work
States like California and Illinois are leading the charge when it comes to commercial fleet electrification, thanks in large part to aggressive incentive programs helping to build out commercial charging infrastructure and reduce the higher up-front costs typically associated with EV adoption.
In Illinois, the state’s largest utility, ComEd, is investing an $168 million through 2028 to help businesses and public sector organizations transition to electric vehicles, offering rebates of up to $7,500 for light-duty EVs like Ford F-150 Lightning or Chevy Brightdrop, and as much as $75,000 for heavy-duty commercial vehicles like the Volvo VNR Electric or Windrose R700. Those incentives can be stacked with additional federal tax incentives and grants for an even bigger impact.
And those incentives? The proof is in the electric pudding – and EV adoption in Illinois is outpacing the rest of the nation 4:1, in part because the stakeholders identified in the Geotab study are working together in lock step to help drive electrification efforts, reduce emissions, and generally help the people of Illinois breathe a little bit easier. Imagine what we could achieve if we had that kind of alignment on a national level!
You can read the Altitude by Geotab at the source link, below, then let us know what you think of the methods and conclusions in the comments.
SOURCE: Geotab.
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There’s a reason the phrase “you get what you pay for” has stuck around for so long – because it’s usually true. And when it comes to electric bikes, that old saying might be more important than ever.
Sure, everyone wants a deal. Prices are increasing, workers are treated worse than ever, and the immediate future of the economy seems to depend at least partially on how well a golf game goes this weekend. So I don’t blame anyone for wanting to find a bargain when it comes time to shop for the best alternative to buying an expensive car.
The problem is that a lot of people don’t realize what they’re sacrificing for those low prices, and the fact that automotive media seems to have finally woken up to electric bikes is only making that worse with dangerous expectations that don’t align with reality.
Now, add in the fact that these days, it’s easier than ever to find an e-bike online for under $600. Scroll through Amazon, Walmart, or even eBay, and you’ll see a flood of lesser-known electric bikes with flashy listings, bold promises, and suspiciously low prices. At first glance, they can seem like a great deal – especially if you’re just dipping your toe into the world of e-bikes and don’t want to spend over a grand. But here’s the truth: that bargain-bin e-bike might cost you a whole lot more in the long run, whether it’s in repairs, hospital bills, or just frustration.
Now I’m not saying you need to spend a fortune. Sure, if you have several thousand dollars on hand then I’d put you on a beautifully made Priority e-bike for city commuting or an ultra-rugged Tern for carrying cargo and children. But most of us aren’t looking to spend $3,000 on an electric bicycle, and that’s ok. You can still get a decent e-bike for a lot less, but scrimping too much can lead to a whole host of future problems.
Let’s start with what may be the most serious issue: battery safety. The battery is the heart of any electric bike, and it’s also the component most likely to cause real danger if it’s poorly made. Many of these ultra-budget e-bikes aren’t certified to UL 2849 (e-bike systems) or UL 2271 (lithium-ion battery) safety standards. That’s a big red flag.
UL certification means a battery has been rigorously tested for things like short-circuit protection, thermal runaway resistance, water ingress, and more. When you skip those safety tests to cut costs, you’re gambling with something that literally sits between your legs. That’s not an area I’d want to take that chance on.
Fires caused by uncertified or damaged e-bike batteries have become a growing concern, especially in dense urban areas. While they are still rare occurrences in the broader e-bike market, they are almost exclusively caused by non-certified batteries. Cities like New York have already moved to ban the sale of e-bikes without UL-listed batteries for precisely this reason. And while these fires are rare relative to the number of bikes out there, they tend to involve the cheapest models on the market – often the ones with questionable quality control and little to no brand accountability.
But battery issues are just the beginning. The rest of the bike matters too, and that’s where a lot of these low-cost options fall apart… literally. Most $400 to $600 e-bikes are built with generic components from unknown suppliers, slapped together in factories that don’t perform long-term frame durability testing or ensure consistent torque specs on assembly lines.
I’ve personally bought bikes in this price range (you know, for science) that arrived with brakes that weren’t fully connected, bolts that weren’t tightened, and wheels out of true right out of the box.
These bikes often use plastic components, pot-metal crank arms, cheap suspension forks that do nothing but squeak, and undersized brake rotors that struggle to stop a 65 lb (30 kg) e-bike, let alone one with a rider onboard. That’s not just an annoyance – it’s a serious safety issue.
E-bikes move faster and carry more weight than traditional bicycles, which means every component needs to work harder. If the brakes fade, the wheels wobble, or the frame starts to flex in ways it shouldn’t, you’re putting your safety at risk. We’ve seen e-bikes break in half before, and it isn’t pretty.
Then there’s the ride quality. Cheap e-bikes often use unbranded motors and basic square wave controllers that provide jerky acceleration, sluggish pedal assist, and otherwise poor performance. The battery may say “48V 10Ah” but only deliver half that in real-world use. Range claims are frequently exaggerated (though to be fair, much of the industry is guilty there), and there’s often no support line to call if something goes wrong. Once the bike arrives at your door, you’re on your own.
All of this isn’t to say that every low-cost e-bike is a death trap. There are exceptions. Lectric’s XP Lite 2.0 is an excellent example of a sub-$800 e-bike that punches way above its weight class. It comes from a reputable company, includes safety-focused features, is UL-compliant, and has a real US-based support team behind it. Lectric isn’t alone, as there are also good entry-level options with solid reputations and better-than-average quality bikes out there, though much of the industry would agree that Lectric is leading considerably in that regard. But keep in mind that bikes like the XP Lite 2.0 are the outliers – not the norm.
And while $800 isn’t exactly a hard and fast rule, I’ve rarely seen something below that figure that I’d be comfortable putting my mom on.
The biggest problem is that it’s hard for new buyers to tell the difference. When every product listing looks polished and every spec sheet claims 40 miles (65 km) of range and “powerful 500W motor,” it’s easy to get lured into a bad purchase.
But an e-bike isn’t a blender. It’s a transportation vehicle. You’re trusting it to carry you at 20+ mph (32+ km/h) through traffic, down hills, and across intersections. Saving a few hundred bucks at checkout probably isn’t worth it if the bike can’t stop properly… or worse, catches fire in your garage.
If your budget is tight, that’s understandable. But rather than buying the cheapest e-bike you can find today, consider saving a bit longer, buying used from a reputable brand on places like Facebook Marketplace or Cragislist, or looking for refurbished models with some kind of warranty. And whatever you do, make sure the battery is certified, the brand has real customer support, and you’re not putting your safety in the hands of a mystery vendor with a generic Gmail address.
Electric bikes are incredible tools for transportation, fun, and freedom. But when they’re made with the wrong priorities – cutting cost at all costs – they stop being tools and start being liabilities. Do your homework, buy from a reputable company, and don’t let the price tag blind you to what really matters: your safety.
Read more: Want to see a list of GOOD yet inexpensive e-bikes? Here are the best we’ve tested under $1,000
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The logo of British oil major BP.
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For weeks, market tongues have been wagging about a potential merger between Britain’s oil giants — until, ending weeks of speculation, Shell on Thursday denied reports that it’s in talks to acquire BP.
But how did we get to the point that BP, a U.K. oil exploration company that was founded in 1909 under the name Anglo-Persian Oil Company, is now seen as a possible takeover target for its long time rival?
The reset
Back in 2020, under the guidance of then newly appointed CEO Bernard Looney, BP announced it would embark on a strategy to remake itself as a “a net-zero company by 2050 or sooner,” while ramping up its investment in renewable energy projects. The energy giant committed to “performing while transforming” as it laid out this new strategy.
At the time, Looney acknowledged that the shift would be a challenge but argued that it was “also a tremendous opportunity”.
Initial burst
Looney launched the strategy just as the Covid-19 pandemic was making its way across the world, triggering a demand shock and cratering crude prices. The energy giant posted its first full-year loss in a decade, but the company proceeded with its revamp, posting an annual profit in 2021 of $7.6 billion — before more than tripling to $27.65 billion in 2022, as Russia’s invasion of Ukraine sent oil prices surging.
BP share price.
Looney lauded the results, telling CNBC the firm was now leaning into its strategy.
“We’re announcing up to $8 billion more investment into the energy transition this decade and up to $8 billion more into oil and gas in support of energy security and energy affordability this decade,” he said.
This increased investment into the company’s energy transition was reinforced by forecasts, published in the 2023 edition of BP’s Energy Outlook, that the share of fossil fuels in primary energy would fall from around 80% in 2019 to as low as 20% in 2050.
Looney departs
BP was left reeling when Bernard Looney abruptly announced his resignation in September 2023 after less than four years into the job, with the company revealing he had not been “fully transparent in his previous disclosures” about relationships in the workplace prior to becoming CEO.
Then Chief Financial Officer Murray Auchincloss stepped in as interim CEO before being appointed on a permanent basis in January 2024.
But the man who had driven the vision of BP as a renewable energy giant was now out of the building.
Speculation mounts
Declining annual profits in both 2023 and 2024, along with Looney’s departure and a continued underperformance in BP’s shares compared to its peers, raised fresh questions about the oil major’s strategy and its future as a standalone company. Aside from Shell, Chevron and Exxon Mobil have also been touted as potential suitors for BP, while the Emirates’ Adnoc has reportedly eyed some of its gas assets.
Activist investor Elliott reportedly built up a stake in the oil major in February, just before Auchincloss revealed BP’s strategic reset that set out to ramp up investment in oil and gas and reduce the focus on renewables. Investors have yet to be impressed, with shares down 15% since that time.
Speaking to CNBC in April, Auchincloss brushed off concerns that the company was becoming a takeover target, saying “we’re a strong, independent company. His peer, Shell CEO Wael Sawan, meanwhile told CNBC in June that “we have a very high bar” for M&A opportunities, but argued that the company continues to favor buying back its own shares.
What’s next
Shell’s robust rejection of these reports appears to have, for now, thrown cold water on a potential takeover bid for BP. Morningstar Senior Equity Analyst Allen Good has questioned the merits of a Shell deal for BP at this point, telling CNBC that “unless the valuation is super attractive” then it would probably not be worth the headache for executives.
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