Connect with us

Published

on

Luke Sharrett | Bloomberg | Getty Images

Dan Yergin predicts oil prices could hit $121 a barrel when China fully reopens, but warned there are three major uncertainties looming over the market.

“Our base case for 2023 is $90 for Brent but you have to look at other cases,” the S&P Global vice chairman said, adding there are three major uncertainties: the Federal Reserve’s decisions, China demand and Moscow’s reaction to the price caps.

related investing news

JPMorgan cuts Christmas iPhone expectations again, lowers Apple price target

CNBC Pro

“If China gets over Covid … then you add a lot of demand to the market,” Yergin told CNBC’s “Street Signs Asia” on Tuesday.

That could be “one big boost” and push prices to $121 a barrel, building on strains caused by underinvestment in oil and gas, Yergin said. That would be near highs set in March after Russia invaded Ukraine.

On the flipside, Yergin said prices could fall to around $70 per barrel in a recession.

Our 2023 base case for Brent is $90, Dan Yergin says

In the past three weeks, local and central government authorities in China loosened several strict Covid measures that had required people to stay home and businesses to operate mostly remotely.

Oil demand from the world’s top importer could reach 15.7 million barrels per day in 2023, which is around 700,000 barrels higher than 2022, S&P said in its most recent forecast.

Other considerations include Russian President Vladimir Putin’s response to the price caps imposed by the European Union, as well as further rate hikes undertaken by the Fed.

EU’s energy ministers on Monday agreed to cap natural gas prices at 180 euros per megawatt hour, but the European Commission cautioned that the measure could be suspended if the “risks outweigh the benefits.” The decision came on the heels of an oil price cap of $60 per barrel at the start of December.

Yergin said he thinks the recently imposed gas price cap “probably will work. He said it also acts as an anticipation of higher gas prices in subsequent winters due to a lack of Russian gas and competing demand between Europe and Asia for LNG.

In Asia’s Wednesday morning trade, Brent crude futures added 0.40% to $80.31 a barrel, while U.S. marker West Texas Intermediate futures traded up 0.33% at $76.48 per barrel.

Read more about energy from CNBC Pro

Continue Reading

Environment

It’s back: Hyundai IONIQ 5 qualifies for $7,500 tax credit – again!

Published

on

By

It's back: Hyundai IONIQ 5 qualifies for ,500 tax credit – again!

The Hyundai IONIQ 5 got a raft of upgrades and sporty, rally-focused XRT trim level for 2025 – but the biggest upgrade for the Made in America Hyundai might be this: the 5 has regained eligibility for the full $7,500 federal EV tax credit!

Despite being assembled at Hyundai’s Georgia meta plant for the last four month, the 2025 Hyundai IONIQ 5 was nowhere to be found on the EPA’s list of rebate-eligible vehicles. But that was then – with a fresh updated to the list coming online May 1st, Hyundai’s new-age electric hot hatch is back in the rebate game.

It’s worth noting that lease customers had been able to access the incentive under some circumstances, but this latest update to the EPA list makes it possible for cash and payment buyers to take advantage of the full Federal incentive, too – as long as they earn less than $300,000 as a married couple filing jointly, less than $225,000 as a head of household, or less than $150,000 as an individual.

With the $7,500 federal tax credit in the equation, you can get a new 2025 IONIQ 5 for somewhere in between $36,575 and $49,475, well under the $80,000 Federal MSRP cap.

Advertisement – scroll for more content

Victory lap

As if to celebrate, Hyundai announced that it was taking on the celebrate One Lap of America road rayy and race event in a factory collaboration with the track-focused enthusiasts at Grassroots Motorsports this week with One Lap veterans Andy Hollis and Tom Suddard campaigning a stock, 601 hp 2025 Hyundai IONIQ 5 N in the Alternative Fuels class.

“After winning our class in a gutted, caged race car last year, we wanted to compete in the best-of-all worlds this year: A vehicle that’s incredibly fast, incredibly comfortable on a road trip, and incredibly capable on a racetrack,” explains Suddard. “Electrification means it’s finally possible to have huge power without huge compromises in a street car, and the IONIQ 5 N promises to pair that huge power with the durability and capability to survive a week of racing.”

One Lap is widely regarded as one of the toughest street-legal motorsports events in the world, pitting amateur and professional drivers alike compete in stock and heavily modified vehicles of every description, battling it out in a series of scored challenges, including timed events at road courses, drag strips, skid pads, and autocross courses.

In between tracks, competitors safely travel thousands of miles around the country, proving the mettle and durability of the vehicles and the teams that drive them. This year, 86 teams from all over the country will compete in 17 scored events over the course of eight days at tracks like Virginia International Raceway and NCM Motorsports Park.

The Tire Rack One Lap of America is currently underway – you can track the Hyundai’s progress here, then let us know what you think of this new tax development in the comments.

SOURCES | IMAGES: Hyundai, One Lap of America; FuelEconomy.gov.


Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Best of all? Contractors won’t call you unless you give them your number. Get started here.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

E-quipment highlight: Kenworth T880E vocational electric semi truck

Published

on

By

E-quipment highlight: Kenworth T880E vocational electric semi truck

With the launch of the first-ever Class 8 vocational EV in the North American market, PACCAR Kenworth is raising the battery-electric bar and underscoring just how far the market has come since the Tesla Semi made its debut nearly a decade ago.

When Tesla pulled the wraps off its all electric Semi truck all the way back in November of 2017, the rest of the industry was hardly thinking about BEVs. Nearly a decade later, the world is still waiting for the Semi to begin regular production, and PACCAR is launching its second generation of HDEVs with the debut of this, the all-new Kenworth T880E vocational truck.

“The Kenworth T880E marks a groundbreaking milestone in Kenworth’s history as we bring to market the first Class 8 battery-electric solution built for vocational applications,” explains Kevin Haygood, Kenworth assistant general manager for sales and marketing. “The T880E is engineered to meet the evolving needs of operators and vocational fleets while still providing the durability, reliability and customization our customers expect.”

The new electric K-whopper is motivated by PACCAR’s in-house ePowertrain platform, capable of putting up to 605 hp and 1,850 lb-ft of peak torque to work, while delivering the same levels of drivability and dependability fleets expect from a Kenworth – but power and torque are only part of the T880E’s work-ready résumé.

Advertisement – scroll for more content

Open to work

Kenworth T880E; via PACCAR.

In addition to a stout, Class 8 electric chassis fitted with heavy-duty Kenworth brakes and axles, the T880E’s central drive eMotor allows for significant wheelbase flexibility so fleet buyers can spec out exactly the machine they need to get the job done. The T880E was also designed to enable lift axle installations from trusted Kenworth upfitters for a vocational-friendly BEV integration.

Additionally, the T880E features a wide selection of factory-installed options that include both high- and low-voltage ePTO (electric Power Take Off) ports, mechanical ePTOs, and the same wide array of body configurations as the ICE version.

Speaking of the ICE version, the electric T880E also can also be had in the same set-back front axle and set-forward front axle configurations with the same multi-piece hood construction. Inside the cab, the latest in driver-focused technology includes the Kenworth SmartWheel and a new 15″ DriverConnect digital touchscreen. Dash and vocational features like RAM Mounts and factory-installed PTO switches are available. The T880E is also offered with Kenworth ADAS packages for customers interested in DigitalVision Mirrors, Bendix Fusion, and Lane Keeping Assist.

It’s so big, you guys

Kenworth T880E; photo by the author.

The T880E was on static display at last week’s ACT Expo in Anaheim, California. Check with your local Kenworth dealer for availability.

SOURCE | IMAGES: Kenworth.


If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Xiaomi SU7 Ultra gets its groove back with all 1,548 hp available NOW

Published

on

By

Xiaomi SU7 Ultra gets its groove back with all 1,548 hp available NOW

The tire-blistering SU7 Ultra has been the Xiaomi brand’s flagship super sedan since its launch, but a controversial software setting has limited the car to “just” 900 hp in regular driving – resulting in an outcry from owners who ponied up for the big boy numbers. With its latest software update, that missing 648 hp is back on tap!

The SU7 Ultra made waves throughout the performance car world when a bright yellow striped example lined up alongside a white quarter mile king, the 1,000+ hp Tesla Model S Plaid, and promptly smoked it.

That wasn’t all. A preproduction SU7 Ultra prototype lapped the legendary Nürburgring circuit in just 6 minutes and 46.874 seconds, firmly stamping the 1,500+ hp Xiaomi’s alphanumeric into the track’s record books with a time nearly fifteen seconds quicker than a Rimac Nevera or, on the ICE front, either a Corvette ZR1, Viper ACR, or Porsche 918 (take your pick).

It’s hardly any wonder, then, that the customers who signed up – in droves, too – were disappointed to learn that the SU7 they were allowed to buy had been neutered by the safety nannies to the tune of nearly 650 hp. (!)

Advertisement – scroll for more content

We’re so back

The outrage from SU7 Ultra owners was immediate. And, facing mounting pressure online and on social media, Xiaomi ultimately decided to withdraw the performance-limiting features while acknowledging the need for more transparent communication about future software updates they messed up, saying in a statement, “we appreciate the passionate feedback from our community and will ensure better transparency moving forward.”

So, rich people can rocket themselves down the road in 9 second hypercars again and all is right with the world. A happy ending – but one that sort of illuminates a fresh set challenges for automakers peddling “software-defined vehicles” to a market that still thinks of their cars as very much hardware defined products.

That’s evidenced by the resistance to pay for features by subscription and complaints by more informed customers that “software locked” range and convenience features just subsidize the cost of more expensive trim levels and pad profits for manufacturers and suppliers.

The new reality is playing out in real time now, and the Jeff Bezos-backed $20,000 electric compact pickup from Slate Auto is going the other way entirely – time will tell whether more, or less tech is the answer.

SOURCE | IMAGES: Xiaomi, via CarNewsChina.


If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending