Connect with us

Published

on

Aerial view of oil and gas jack-up rig at the yard for maintenance with many vessels in Singapore. Oil prices saw three consecutive weekly declines last week, marking the longest losing run this year.

Chain45154 | Moment | Getty Images

The ongoing pressure in oil prices neglects an accelerating demand outlook and looming supply tightness, the Paris-based International Energy Agency warned on Tuesday. 

Financial turbulence in the banking sector after the spring collapse of several U.S. and European banks steered investors away from historically riskier assets, such as oil. Prices fleetingly gained ground after a number of OPEC+ members announced an additional 1.6 million barrels per day of voluntary cuts at the start of April — only to rapidly surrender these gains, cooling analyst expectations of prices at $100 per barrel.

Ice Brent futures with July expiry were trading at $75.14 per barrel at 12 p.m. London time, down 9 cents per barrel from Monday’s close.

Persisting concerns over “muted industrial activity and higher interest rates … combined have led to recessionary scenarios gaining traction and worries of a downward shift in the oil demand growth,” the IEA said in its latest monthly Oil Market Report. The agency highlighted that the recent price declines reflect a growing rift between investor sentiment and a tightening supply-demand picture.

“The current market pessimism, however, stands in stark contrast to the tighter market balances we anticipate in the second half of the year, when demand is expected to eclipse supply by almost 2 mb/d,” the agency said, revising its global oil demand forecast by 200,000 barrels per day from its previous projection, to reach 102 million barrels per day in 2023.

The Russian oil price cap is 'actually working,' says Dan Yergin

The IEA expects demand to start exceeding supply as of this quarter, for the first time since early 2022, with this projected deficit set to deepen to nearly 2 million barrels per day by the end of the year.

The world’s largest crude oil importer, China, will account for nearly 60% of global demand growth in 2023, the IEA anticipates, after Bejing’s consumption set its all-time record of 16 million barrels per day in March.

“Record demand in China, India and the Middle East at the start of the year more than offset lacklustre industrial activity and oil use in the OECD,” the IEA said.

Chinese crude oil purchases were curtailed by spartan zero-Covid-19 restrictions that were in place for the majority of last year, with analysts widely expecting Beijing’s economic reopening to kickstart a surge in oil prices.

Vienna in sight

The OPEC+ group has in the past proven wearier to trust a resurgence of Chinese demand, with one delegate, who could only speak under condition of anonymity, previously underlining the pace of Bejing’s rebound has been at times overstated.

In its own Monthly Oil Market Report of May 11, OPEC acknowledges that “looking ahead, oil demand for most products in China has been increasing,” assessing Chinese domestic mobility and air travel have now recovered close to 80% of pre-pandemic levels, with oil demand set to experience 1 million barrels per day of year-on-year growth in the second quarter.

Oil supply shortages will start to take effect this summer, says RBC’s Helima Croft

The IEA and White House have criticized the OPEC+ alliance’s early-April voluntary cuts decision, stressing the strain on consumers.

OPEC+ and the Paris-based agency have progressively diverged in their analysis of the global energy picture, from their outlook on oil prices and supply requirements, to their longer-term view on hydrocarbon investment.

The IEA in 2021 warned against brokering new fossil fuel projects thereon, if the world is to achieve its net-zero targets. OPEC+ officials have meanwhile advocated for simultaneous investment in hydrocarbons and renewables, to avoid energy shortages throughout the green transition.

The OPEC group and its non-OPEC partners — critically, including sanctions-struck Russia — will adjourn in Vienna to review their crude oil production policy at the start of next month. OPEC’s second-largest producer, Iraq has so far dismissed the possibility of further reductions.

“At the next meeting, which will be held on the 3rd and 4th (of June), there will be no additional reduction, and as for Iraq, we cannot reduce further,” Iraqi Oil Minister Hayan Abdel-Ghani said last week, in comments reported by Reuters.

Continue Reading

Environment

Honda takes a page from Tesla playbook, launches new insurance business

Published

on

By

Honda takes a page from Tesla playbook, launches new insurance business

Say what you will about Elon Musk, but Tesla has changed the way that millions of people buy cars and, by extension, car insurance. Now, Honda is taking a page from Tesla’s successful playbook and launching its own in-house insurance business. Enter: Honda Insurance Solutions.

Honda Insurance Solutions is being launched as a fully licensed insurance agency serving the insurance needs of Acura and Honda customers, but it’s not stopping at competitive pricing and coverage options for Honda cars and motorcycles. Honda Insurance Solutions promises to go several steps beyond Tesla’s offering with coverage for trailers, RVs, homes, and even pets.

“Honda Insurance Solutions offers customers access to coverage through a brand they know and trust,” says Petar Vucurevic, President, American Honda Insurance Solutions, LLC and Senior Vice President, American Honda Finance Corporation. “Insurance is a key touchpoint in the vehicle ownership journey, and we aim to deliver a superior experience tailored to the unique needs of each customer, while promoting safer driving and increased peace of mind on the road.”

The company says the launch of its new insurance business is just part of Honda’s broader digital vehicle sales platform strategy, with future plans to integrate insurance offerings into new products.

Advertisement – scroll for more content

Electrek’s Take


Electric CUVE scooter; via Honda.

It’s important to note some of the key differences between Honda’s insurance offering and Tesla’s. Honda isn’t offering discounts, they’re not bundling insurance premiums into the vehicle financing, and they’re not building their insurance offerings into their dealerships’ checkout/F&I offices. Not yet, anyway.

What Honda is doing right now is deepening relationships with its existing customers and finding ways to make money on products it hasn’t sold them – whether that’s the Harley parked in the garage next to their Prologue or the garage itself.

It’s a smart play. And, once Honda figures out a way to cut franchise dealers out entirely and go to a direct sales model, it’ll look even smarter.

SOURCE | IMAGES: Honda.


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

Lion Electric school bus warranties voided, leaving districts stuck

Published

on

By

Lion Electric school bus warranties voided, leaving districts stuck

Nobody ever says “this is business” before doing something nice, and the recently reborn Lion Electric company is keeping that streak alive by doing the unthinkable to cut costs: they’re going to void the warranties on hundreds of electric school buses.

In a letter issued to exiting Lion Electric customers last week, Deloitte Restructuring announced that the warranties on all Lion vehicles purchased outside of the company’s home Province of Quebec are null and void – leaving dozens of school districts in the lurch with stranded assets that won’t get fixed, and can’t be sold to generate funds for replacements.

“We are working with alternate vendors at the expense of the school district to help keep our electric buses functional and on the road,” explains Dr. Richard Decman, Superintendent of Herscher CUSD No. 2 district in Herscher, Illinois. “Currently, six of our 25 (Lion) electric buses need some type of repair.”

Student Transportation News reports that Lion buses represent fully half of Herscher’s overall fleet of 50 buses, and that the district has received nearly $10 million for the purchase of 25 electric buses and the related charging stations from various state and utility incentive programs.

Advertisement – scroll for more content

Herscher isn’t the only district having problems with Lion buses. “All four Lion buses that we own are currently parked and not being used,” Coleen Souza, interim transportation director of Winthrop Public Schools, told Clean Trucking. “Two of them are in need of repairs which would cost us money which we are not willing to invest in because the buses do not run for more than a month before needing more repairs.”

More of the same in Maine, where Yarmouth School Department bought two Lion Electric buses in 2023 with the state covering the costs. According to Superintendent Andrew Dolloff, the buses almost never worked. “We’ve had some sporadic service over the past two years, but as soon as the tech leaves, the buses produce error codes again,” explained Dolloff. ” and “Then the technician quits or is released, and we wait a few months for the next response.”

Dolloff added that Yarmouth’s electric buses did not operate during the 2024-25 school year.

Lion’s new owners are seemingly uninterested in their customers’ plight – which might be easily dismissed if those new owners, Groupe MACH, weren’t also the old owners of Lion Electric.

That’s right, kids. Quebec-based real estate company Groupe MACH, which stepped in to “save” Lion Electric earlier this summer, along with Ontario-based Mirella & Lino Saputo Foundation, bought $90 million of equity in Lion Electric back in 2023. And, while the MACH people may not have been the ones who ultimately made the call about voiding the warranties (that decision was made by the Deloitte bankruptcy team), it is absolutely Group MACH who have, to date, not announced plans to continue to honor those warranties, either.

Make of that what you will.

Deloitte Lion letter


SOURCES: School Transportation News, Clean Trucking, Deloitte.


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

The Retrospec Beaumont Rev 2 might be the most stylish eBike for under $1K [Video]

Published

on

By

The Retrospec Beaumont Rev 2 might be the most stylish eBike for under $1K [Video]

We recently had the opportunity to test out Retrospec’s Beaumont Rev 2 electric bike. This Class 2 electric city bike is as stylish as it is functional. Despite its streamlined design, the Beaumont Rev 2 is sneaky fast with quality components throughout. Be sure to check out our full video review below.

Our latest product review came through Retrospec – a veteran micromobility company dedicated to delivering affordable, high-quality, adventure-ready eBikes without compromising performance or style.

According to Retrospec, its products aim to “make nature second nature” by offering accessible, high-quality gear that encourages people of all ages and abilities to enjoy the outdoors to “make nature second nature” by providing accessible, high-quality gear that encourages people of all ages and abilities to enjoy the outside world.

Designed for adventure and built to last, Retrospec prides itself on delivering mobility products look great, perform flawlessly, and stand up to the test of time. A fine example of this company ethos is the Beaumont Rev 2 electric city bike.

Advertisement – scroll for more content

The Beaumont Rev 2 has already gone viral as Retrospec’s number one best seller. It initially caught our eye because it combines a stylish vintage look of classic bicycles with modern tech to cruise quickly and easily.

We recently had an opportunity to take one of these eBikes out and have plenty to say about it.

Upon first ride, you can’t ignore the classic style of this eBike, which looks and feels super light, similar to a conventional bicycle. However, with one press of the throttle, you get a feel for the function and versatility of the Beaumont Rev 2, which was designed by Retrospec specifically for city riding.

The bike’s powerful rear hub motor is supported by a Shimano MegaRange drivetrain that can easily be switched between seven different gears with your right hand.

The electric motor offers five different levels of electric pedal assist and an easy-to-use throttle on the left handlebar (pictured below). As a Class 2 eBike, the Beaumont Rev 2 can cruise to assisted speeds as high as 20 mph. The bike itself is powered by a UL2849-Certified Battery that offers riders a range of up to 38 miles on a single charge.

If you encounter dirt or debris on your journey, you’re protected by full-wrap front and rear fenders. Other features of the Retrospec Beaumont Rev 2 include front and rear lights, a rear cargo rack, and Tektro mechanical disc brakes (pictured above).

Combined with the padded saddle seat and swingback handlebars, the Beaumont Rev 2 is as comfortable and supportive of a ride as it is functional.

As an urban-style e-bike, the Beaumont Rev 2 isn’t necessarily built for off-road riding, but as you’ll see in the video below, there were a couple of times I cut through some grassy terrain to get on and off the bike path, and the bike fared just fine.

I truly enjoyed the smooth comfort of this unique, Euro-style step-through bike thanks to its wide, high-volume city tires. It also feels like it rides a lot faster than 20 mph due to its light frame and best-in-class powertrain components.

While the Beaumont Rev 2 comes with the above mentioned accessories, Retrospec sells many compatible add-on components, including helmets, baskets, trailers, bike bags & panniers, air pumps, and car racks. In addition to the Beaumont Rev 2, Retrospec offers a growing lineup of all-electric city bikes. We highly recommend checking those out to find the right bike for you.

Retrospec also offers a range of other eBike categories, including fat tire electric bikes, electric beach cruiser bikes, electric commuter bikes, electric trikes, and more. All Retrospec eBikes are UL2849 certified, feature sleek and stylish designs, and employ the most modern eBike technology to make riding an absolute blast. Check out the full lineup here.

If you’re interested in riding in style on Retrospec’s best-selling Beaumont Rev 2 eBike, you can purchase one here. This blend of classic and modern is available for just under $1,000, making it one of the most affordable options in its class.

To learn more about this stylish electric city bike, be sure to check out our full video review below.

Buy the Retrospec Beaumont Rev 2

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

Continue Reading

Trending