John Hess, chief executive officer of Hess Corp., speaks at the 2024 CERAWeek by S&P Global conference in Houston, Texas, US, on Tuesday, March 19, 2024.
F. Carter Smith | Bloomberg | Getty Images
The Federal Trade Commission has banned Hess Corp. CEO John Hess from Chevron‘s board as a condition for the oil companies’ $53 billion merger to move forward.
The FTC on Monday alleged that Hess communicated with OPEC representatives about global oil output and inventory management over the years, encouraging them to take action that supports higher prices.
The commission said in a complaint that Hess’s participation on Chevron’s board would meaningfully increase “the likelihood that Chevron would align its production with OPEC’s output decisions to maintain higher prices.”
Hess Corp. said in a statement Monday the FTC concerns are without merit, describing the CEO’s communications with OPEC as consistent with statements he has made to the U.S. government.
Hess Corp. and Chevron, however, have agreed that they will not appoint Hess to the board in order to facilitate the completion of the merger, according to the companies. Hess will serve as an advisor to Chevron on government relations and “social investments” in Guyana.
The FTC’s decision to allow the deal leaves the companies’ dispute with Exxon Mobil as the final hurdle for the transaction to close. Exxon has filed claims with an arbitration panel claiming a right of first refusal over Hess’ lucrative oil assets in Guyana.
If the arbitration panel rules in Exxon’s favor, the Chevron-Hess deal will not close. Chevron and Hess have said they are confident that panel will rule in their favor.
The FTC voted 3 to 2 in favor of the order banning Hess from Chevron’s board. FTC Chair Lina Khan said in a statement that U.S. oil executives communications with high-level OPEC representatives threaten competition and result in higher energy prices for Americans.
FTC Commissioner Andrew Ferguson, in his dissent, said the commission majority was bending to political pressure from Democratic politicians.
“The proposition that Mr. Hess’s comments could move global oil markets is laughable,” Ferguson wrote in his dissenting opinion.
The FTC issued a similar order for Exxon Mobil’s acquisition of Pioneer Natural Resources. The commission banned former Pioneer CEO Scott Sheffield from Exxon’s board, accusing him of colluding with OPEC to raise oil prices.
A Tesla owner admitted on video that he drives drunk on Full Self-Driving (FSD) – showing that Tesla doesn’t do enough to prevent abuse of its driver assist system.
29-year-old social media personality Landon Bridges went on comedian Bert Kreischer’s cooking show ‘Something’s Burning’ this week.
During the show, they were drinking, and Bridges admitted to being drunk. While visibly intoxicated, he accepted another drink from Kreischeir and then added:
“You know what’s the biggest game changer for me in 2025? I bought a Tesla, and it has Autopilot.”
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He then looked at Kreischer suggestively – hinting that you can use it when drunk.
Kreischer responded: “Does it work like that?” – suggesting that it is good enough to use while intoxicated – and then said in a drunk voice: “Tesla, take me home.”
The only answer here would be: “No, it’s a driver assistance system and the driver is always responsible for the vehicle and therefore, they can’t be intoxicated to supervise the system.”
Instead, Bridges said:
Yeah. That’s the problem. That’s literally the problem. I’ll go after it. I’ll press the home button (in the navigation system), and as long as you look forward, you are home.
He then suggested that Kreisher, known for his heavy drinking, should consider getting a Tesla with Full Self-Driving.
Here’s the part of the episode where they have the conversation:
Electrek’s Take
This is wild. He openly admits to a potential felony on a YouTube show. The way he is thinking proves that Tesla is not doing enough to communicate to its owners that FSD is not a self-driving system, but rather a driver assistance system that requires the driver’s full attention, meaning sober, at all times.
He says “Autopilot”, but the way he describes the system points to it being “Full Self-Driving (Supervised)” as Autopilot wouldn’t be able to take you through surface streets to take you home.
Tesla has been extremely careless in how it discusses its system publicly.
For example, Tesla recently tweeted that “FSD Supervised gives you back time”:
This suggests that you can do something else while driving, but this is not true based on the automaker’s own warnings and owner’s manual. The driver needs to be paying attention to the vehicle’s driving at all times and be ready to take control.
It is a direct contrast to how Tesla discusses FSD in court after being sued over the numerous accidents involving Autopilot and Full Self-Driving.
In court, Tesla is quick to remind everyone that the driver is always responsible for the vehicle and that, despite its name, Full Self-Driving is only a level 2 driver assistance system, not a level 3-5 automated driving system.
Tesla needs to bring that same energy to its communications with buyers. Otherwise, it contributes to these morons thinking that they can use FSD drunk.
I hope Bridges realizes the carelessness and the danger of his behavior and suggests that others, like Kreischer, should do it.
But it wouldn’t be the first time a Tesla owner would think it OK to use FSD while drunk. We even learned of a crash in 2022 where a Tesla employee decided to use FSD, according to a witness, after day drinking, and his drive ended in a crash, leaving him dead.
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It may be small, but Honda’s new EV offers “class-leading” range and more interior space than you’d expect. Honda introduced the N-ONE e on Thursday, its first electric kei car, with prices starting at just over $18,000.
Honda launches the N-ONE e, an $18,000 mini EV
It’s pretty rare to find any vehicle, let alone an all-electric one, for under $20,000 these days. In the US, the average asking price for a new car was nearly $52,000 last month.
While some of the biggest names in the auto industry, including Volkswagen, Hyundai, Kia, Ford, and GM, to name a few, are gearing up to launch more affordable EVs, Honda just got a head of the game.
Honda introduced the N-ONE e on Thursday, its first electric kei car. The N-ONE e is Honda’s second mini-EV, following the N-VAN e, launched last year. However, unlike the van, Honda’s new model is designed for passenger use rather than commercial.
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The new EV will go on sale in Japan on September 12, priced from just ¥2.7 million ($18,300). It’s based on the current gas-powered N-ONE, Honda’s retro-looking kei car sold in Japan.
Powered by the same 29.6 kWh battery as its electric van, Honda said the N-ONE e delivers “class-leading range” of up to 295 km (183 miles). That’s even more than the Nissan Sakura, Japan’s best-selling electric car with a WLTP range of up to 180 km (112 miles).
Although it may not seem like much with most EVs offering over 300 miles of range nowadays, it’s perfect for daily commutes in Japan.
Honda said the biggest challenge was ensuring it had enough space to make it fit for everyday use. To open up the interior, the company developed a thinner battery pack that lies flat beneath the floor.
It already has the most popular kei car and best-selling vehicle in Japan, the N-Box, but Honda believes its new EV could be an even bigger hit.
Mini EVs account for about 40% of new car sales in Japan. With more range, interior space, and more, Honda is betting on its small new EV to stay ahead of the competition. Honda expects the market to heat up with rival brands, including global EV leader BYD, Toyota and others, preparing to launch mini-EVs soon.
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Offshore wind has no future as a source of electricity generation in the United States under the Trump administration, Interior Secretary Doug Burgum said at an energy conference in Italy this week.
“Under this administration, there is not a future for offshore wind because it is too expensive and not reliable enough,” Burgum told an audience at the Gastech conference in Milan on Wednesday.
It is the clearest statement yet from a senior Trump administration official that the president aims to shut down the nascent offshore wind industry in the U.S. Burgum oversees the leasing and permitting of offshore wind farms in federal waters as head of the Department of Interior.
President Donald Trump barred new leases for offshore wind farms on his first day in office through an executive order that was framed as “temporary.” Trump also ordered a review of permits, but the industry had hoped projects under construction would be allowed to move forward.
But Interior is “taking a deep look” at five offshore wind farms that are already under construction in the U.S., Burgum said Wednesday without naming the projects.
The offshore wind farms under construction are Revolution Wind off Rhode Island; Vineyard Wind 1 off Massachusetts; Coastal Virginia Offshore Wind; Sunrise Wind off New York; and Empire Wind also off New York.
“Yes, they were permitted but they got moved through a very fast ideologically-driven permitting process,” Burgum said at the conference in Italy.
Interior ordered Danish renewable energy company Orsted to halt construction of Revolution Wind on August 22, citing national security concerns. The project is fully permitted and 80% complete with billions of dollars invested, according to Orsted.
Interior had issued a stop-work order for Empire Wind in April, but ultimately let the project resume construction in May after apparently striking a deal over new natural gas capacity.
Burgum told CNBC’s Brian Sullivan this week that the Trump administration is in discussions with Orsted and New England governors on Revolution Wind, though he wouldn’t say that the project might restart work.
“I can’t say for certain because some of these projects are a literal train wreck in terms of their economics,” Burgum told CNBC. “If we were to complete them then we’re just locking in billions and billions of taxpayer money which might be going to a hedge fund.”
Renewable energy executives told CNBC in August that the Trump administration’s attacks on solar and wind will lead to a power crunch that increases electricity prices.
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