Connect with us

Published

on

Picture taken on May 3, 2022 shows a general view of Slovakia’s largest mineral oil refinery Slovnaft in Bratislava, Slovakia.

Joe Klamar | Afp | Getty Images

Record high oil prices could be on the horizon in the event of a conflagration of the ongoing Israel-Hamas war, the World Bank cautioned.

Should the conflict expand beyond the borders of the Gaza Strip to a repeat of the Arab oil embargo in 1973, oil prices could surge to $157 per barrel, the World Bank noted in its latest Commodity Markets Outlook report.

The highest price of oil on record was in July 2008, when Brent traded as high as $147.5 per barrel, according to data from LSEG.

“In a ‘large disruption’ scenario — comparable to the Arab oil embargo in 1973 — the global oil supply would shrink by 6 million to 8 million barrels per day,” the World Bank said. “That would drive prices up by 56% to 75% initially — to between $140 and $157 a barrel.”

The oil crisis fifty years ago sent oil prices rising fourfold after Arab energy ministers imposed an embargo on oil exports on the U.S. in retaliation for its support of Israel in the 1973 Arab-Israeli war, known in Israel as the Yom Kippur War.

If the conflict were to escalate, the global economy would face a dual energy shock for the first time in decades.

Indermit Gill

chief economist, World Bank

The projection is one of World Bank’s three risk scenarios estimating the varying degrees of disruption to oil supplies, based on past historical episodes involving regional conflicts.

In the case of a “small disruption,” global oil supplies will see a reduction of 500,000 barrels per day to 2 million barrels per day, a decrease rivaling that seen during 2011’s Libyan civil war.

A “medium disruption” scenario would knock 3 million to 5 million barrels per day off the markets to push oil prices up to between $109 to $121 per barrel. That’s roughly equivalent to levels reached during the Iraq war in 2003.

Stock Chart IconStock chart icon

hide content

Oil prices year-to-daye

With all that being laid out, under the World Bank’s baseline estimates, oil prices are expected to average $90 a barrel in the current quarter before falling to an average of $81 per barrel in 2024 as global economic growth slows. The conflict’s implications on commodity markets “should be limited” if it does not widen, the report said.

“The latest conflict in the Middle East comes on the heels of the biggest shock to commodity markets since the 1970s — Russia’s war with Ukraine,” said World Bank’s Chief Economist Indermit Gill.

That war led to disruptive effects on the global economy that persists to this day, he added.

While both Israel and the Palestinian territories are not major oil players, the conflict sits in a wider key oil producing region.

“If the conflict were to escalate, the global economy would face a dual energy shock for the first time in decades — not just from the war in Ukraine but also from the Middle East,” Gill warned.

Continue Reading

Environment

Podcast: Apple CarPlay in Tesla cars, VW on Superchargers, Toyota electric pickup, and more

Published

on

By

Podcast: Apple CarPlay in Tesla cars, VW on Superchargers, Toyota electric pickup, and more

In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss Apple CarPlay possibly coming to Tesla cars, VW getting access to Superchargers, a Toyota electric pickup, and more.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

Advertisement – scroll for more content

We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:

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

Continue Reading

Environment

October EV sales slid, but deals and rebates are still in play

Published

on

By

October EV sales slid, but deals and rebates are still in play

US EV sales declined in October following the expiration of the $7,500 federal tax credit on September 30, and the average transaction price (ATP) edged up, according to initial estimates from Kelley Blue Book, a Cox Automotive brand. However, there are still deals to be had.

Kelley Blue Book’s initial estimates show that US EV sales fell to 74,835 in October, down 48.9% from September, which was a record month, and 30.3% year-over-year.

Prices also ticked up. The average transaction price (ATP) for a new EV climbed 1.6% month-over-month to $59,125, which is 2.3% higher than a year ago.

Tesla didn’t escape the downturn, but it held up better than the overall EV market. The company’s ATP fell 1.1% from September to $53,526, and its prices are 5.5% lower than they were in October 2024. Sales of the Model 3 and Model Y both declined month-over-month, and overall Tesla sales decreased by 35.3% from September and 23.6% year-over-year, which are smaller declines compared to the broader EV segment.

Advertisement – scroll for more content

Cox Automotive senior analyst Stephanie Valdez Streaty said the shift wasn’t surprising:

We expected this shift in the electric vehicle market. With the IRA-backed sales incentives gone, lower-cost EV volume was hit hard, pushing the mix toward more luxury and driving October’s EV ATP to a 2025 high of $59,125 – now $9,359 above the industry average. Affordability has always been the core challenge with EV sales, and this reset only underscores how critical it is to bring more attainable EV options to market.

Electrek’s Take

September was a record-breaking month for both EV deals and sales. Dealers were offering all sorts of sweet incentives to stack with the federal tax credit to move cars off the lot. October’s sales drop was entirely anticipated, like a pounding headache after a big blowout party.

We didn’t know what the post-federal tax credit EV market would look like. As Valdez Streaty rightly states, EVs do have a higher ATP than the industry average. But it turns out that, so far, it’s not all doom and gloom, and the federal tax credit isn’t the only incentive in town.

Every month, I compile great EV lease deals, and for the last few months, some EVs’ monthly lease payments have been cheaper than before the federal tax credit expired. Many states are still offering rebates on EV purchases, and dealers still have really good deals. While cheaper models would definitely be welcome, there are good deals available right now.

And let’s not forget the fact that EVs are much cheaper to drive than gas cars, with or without that tax credit.

Read more: From $189 a month: 5 of the best EV lease deals in November [Updated]


If you’re looking to replace your old HVAC equipment, it’s always a good idea to get quotes from a few installers. To make sure you’re finding a trusted, reliable HVAC installer near you that offers competitive pricing on heat pumps, check out EnergySage. EnergySage is a free service that makes it easy for you to get a heat pump. They have pre-vetted heat pump installers competing for your business, ensuring you get high quality solutions. Plus, it’s free to use!

Your personalized heat pump 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. – *ad

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

Continue Reading

Environment

DFW deploys SIX new Striker Volterra Electric ARFF 6×6 fire trucks

Published

on

By

DFW deploys SIX new Striker Volterra Electric ARFF 6x6 fire trucks

The Oshkosh-built Striker Volterra Electric Aircraft Rescue and Fire Fighter (ARFF) packs advanced battery technology to deliver ultra-fast emergency response performance no matter how long it needs to be in action — and Dallas Fort Worth International Airport just put six of the awesome 6×6 machines to work!

Oshkosh has been manufacturing ARFF vehicles since it first launched the MB-5 for use by the US Navy back in 1968, and they’ve been pushing the envelope of disaster response performance ever since. The company’s latest ARFF, the Striker Volterra Electric shown here, features a slanted body with front bumper designed for maneuvering through the ditches and rough terrain they might encounter on a damaged runway. It’s also big — but it’s big for a purpose. Because ARFF vehicles don’t have to navigate the confines of city streets, they can be built bigger, carry more water, more rescue equipment, and more personnel than conventional fire trucks.

As the newest members of the DFW Fire-Rescue fleet, these Striker Volterra Electric ARFF vehicles represent a significant step in DFW’s broader plan to replace its legacy fleet with a modern, electrified response system, while also making DFW the largest Striker Volterra Electric ARFF fleet operator in the US.

“Enhancing performance by reducing response times is the key driver of transitioning to these new vehicles,” said Daniel White, DFW Fire-Rescue Chief. “The Striker Volterra vehicles are faster and more agile than our current fleet. Because they are also safe for our firefighters and conscious for the environment, this investment represents a rare win-win-win, delivering operational benefits while ensuring the safety of our responders and the community we serve.”

Advertisement – scroll for more content

The Striker Volterra Electric 6×6 ARFF uses a proprietary Oshkosh electric powertrain and an electro-mechanical infinitely variable transmission (read: CVT) paired to an integrated diesel generator. The setup enables zero-emission electric operation during normal station entry, standby, and low-speed tasks, eliminating firefighter exposure to their ARFF’s diesel exhaust 99% of the time. For sustained high-power demands during active fire suppression, the system seamlessly draws from both the battery and generator, ensuring uninterrupted pumping power and performance without operator intervention.

“Our commitment goes far beyond delivering a vehicle,” said Travis Ownby, sales specialist with Siddons-Martin Emergency Group. “It’s about helping departments like DFW Fire-Rescue lead the way in operational excellence and sustainability. We’re proud to support their mission with the Striker Volterra Electric ARFF vehicles.”

The addition of the Striker Volterra Electric ARFF vehicles also supports DFW’s transition to fluorine-free firefighting foam in line with FAA guidance and the industry’s move away from PFAS-based agents for a more environmentally responsible response capability across the airport.

Electrek’s Take


Dallas Fort Worth International Airport Welcomes Six New Striker Volterra Electric ARFF Vehicles Into Service
DFW ARFF fleet; via Oshkosh.

With the relatively short distances driven and extreme loads involved, airports present a nearly ideal use case for battery-electric vehicles in general, and their immediate off-the-line torque, improved efficiency, and ability to operate much more quietly than diesels (facilitating emergency crews’ communications) could make all the difference in an emergency situation where lives are quite literally on the line.

Plus, as demand for on-road fossil fuels drops, airports and airlines (historically responsible for about 4% Earth’s global warming) are becoming a bigger and bigger slice of a rapidly shrinking pie when it comes to fossil fuel emissions. Or, as OshKosk put it, “As airports continue to prioritize sustainability and operational efficiency, the Striker Volterra electric ARFF stands out as a forward-thinking solution that meets today’s demands while preparing for tomorrow’s challenges.”

It’s a bit pitchy, but I couldn’t agree more.

SOURCE | IMAGES: Oshkosh.


Did you know: grid-connected solar systems automatically shut off when the grid fails? That means you won’t have power in a blackout, even with solar panels.

To keep the lights on, you’ll need a whole home backup battery – your personalized solar and battery quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. The best part? No one will call you until after you’ve decided to move forward. Get started today, hassle-free, by clicking here.

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

Continue Reading

Trending