Offshore workers examine hydrocarbon samples aboard the Chevron Corp. Jack/St. Malo deepwater oil platform in the Gulf of Mexico off the coast of Louisiana, U.S., on Friday, May 18, 2018.
Luke Sharrett | Bloomberg | Getty Images
U.S. oil producers are looking forward to less regulations on crude production under a Donald Trump presidency, meaning higher oil supply and consequently lower prices.
But it’s not that straightforward: Trump who was announced Wednesday as the winner of the 2024 election, has also vowed to put more sanctions on Iranian and Venezuelan barrels, meaning the global market could become tighter, potentially boosting prices.
At the same time, the increased likelihood of trade wars under Trump could dampen global economic growth and slow oil demand. So the picture for the market’s longer-term outlook is, well, decidedly mixed.
“Conceptually, the impact of a potential second Trump term on oil prices is ambiguous, with some short-term downside risk to Iran oil supply … and thus upside price risk,” Goldman Sachs commodities analysts wrote in a research note Monday. “But medium-term downside risk to oil demand and thus oil prices from downside risk to global GDP from a potential escalation in trade tensions.”
Trump expressed his enthusiasm for increased U.S. oil production while giving a speech from the Republican campaign headquarters in Florida on Wednesday, just hours before his victory was confirmed. He made a reference to Robert F. Kennedy, Jr., the independent candidate who he said would become a part of his team.
“Bobby, stay away from the oil, stay away from the liquid gold!” Trump said in a joking tone. “We have more than Saudi Arabia and Russia.” Kennedy is known for his history of environmental activism.
U.S. oil and gas production hit record highs under the Biden administration, which gradually changed its approach to the industry despite campaigning on pledges of environmental stewardship.
U.S. crude futures — both West Texas Intermediate and international benchmark Brent crude — are currently trading in the $70 to $75 per barrel range, which is lower than what many oil producers seek to balance their costs and budgets amid slowed global demand for oil and growing supply.
But a further push to open drilling projects, putting more supply on the market, would lead to lower prices, thereby decreasing revenues for American producers, said Cole Smead, president and CEO of Smead Capital.
“If the Trump administration opens up federal leases for oil and gas, Federal lands would get 25% per barrel of revenues. You will have a lot of trouble finding an oil company that can make money at $52.50 per barrel with what they have left from a $70 barrel,” Smead said in emailed notes. “The only thing that will cause drill baby drill to happen is higher oil prices based on these margins.”
“Drill baby, drill is going to run into the energy vigilantes,” he added. “Now that equity investors in the energy business know what free cash flow looks like they won’t give it up. They will allow capital expenditures to go up over their dead body.”
‘Clear competitive advantage’
The U.S. is the world’s largest oil producer, accounting for 22% of the global total, according to the Energy Information Administration, with Saudi Arabia next, producing 11%. The vast majority of U.S. crude is consumed within the country, which is also the world’s largest oil consumer.
The CEO of French oil major TotalEnergies told CNBC over the weekend that whoever wins the presidency should ensure that the U.S. doesn’t lose its energy advantage.
“U.S. energy has been unleashed … since the last two, three years, production of oil has never been so high,” in the country, Patrick Pouyanne told CNBC in Abu Dhabi.
“For me, today, the U.S. has a clear competitive advantage on energy compared to many [in the] rest of the world,” he said. “So I will be surprised to see whoever is elected lose the competitive advantage.”
Many in the market forecast lower crude prices due to Trump’s encouragement of domestic oil production and greater supply. Amrita Sen, founder and director of research at London-based Energy Aspects, sees it differently due to the specter of sanctions.
“Every hedge fund I’ve spoken to thinks bearish, because [Trump has] tended to tweet about low oil prices … I actually think it’s the opposite,” she said. “There’s an enormous amount of sanctioned barrels right now in the market, especially Iranian volumes.” Iran is currently producing 3.5 million barrels per day of crude or more, Sen said, with 1.8 million of those being exported, as sanctions and their enforcement loosened under the Biden administration.
“You could lose a million barrels per day of that … when Trump was in power, Iranian exports were just 400,000 barrels per day,” Sen said. “Now I’m not saying it’s going to go down all the way, because smuggling networks are bigger and better probably now, but you could lose a million there,” she said, adding that some Venezuelan barrels could go off the market as well.
For Smead, the outlook is bearish, as he predicts lower prices putting many producers — particularly those with higher production costs — in a less-than-ideal situation.
“The price of goods that are produced is the number one factor in America’s policies,” he said. “If you are not the low-cost producer, you should be scared.”
Portable power station specialist EcoFlow is kicking off its third annual Member’s Festival this month and is offering a unique new rewards program to those who become EcoFlow members. The 2025 EcoFlow Member’s Festival will offer savings of up to 65% for its participating customers, and a portion of those funds will be allocated toward rescue power solutions for communities around the globe through the company’s “Power for All” fund.
EcoFlow remains one of the industry leaders in portable power solutions and continues to trek forward in its vision to power a new tech-driven, eco-conscious future. Per its website:
Our mission from day one is to provide smart and eco-friendly energy solutions for individuals, families, and society at large. We are, were, and will continue to be a reliable and trusted energy companion for users around the world.
To achieve such goals, EcoFlow has continued to expand its portfolio of sustainable energy solutions to its community members, including portable power stations, solar generators, and mountable solar panels. While EcoFlow is doing plenty to support its growing customer base, it has expanded its reach by giving back to disaster-affected communities by helping bolster global disaster response efforts the best way it knows how– with portable power solutions.
Source: EcoFlow
EcoFlow and its members look to provide “Power for All”
Since 2023, EcoFlow has collaborated with organizations worldwide as part of its “Power for All” mission. This initiative aims to ensure access to reliable and timely power to disaster-affected communities across the globe, including rescue agencies, affected hospitals, and shelters, to support rescue and recovery efforts.
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This fund most recently provided aid for communities affected by the recent Los Angeles wildfires, assistance to the Special Forces Charitable Trust (SFCT) in North Carolina following severe hurricanes, and support for non-profits engaged in hurricane preparedness in Florida and the Gulf Coast. Per Jodi Burns, CEO of the Special Forces Charitable Trust:
In the wake of devastating storms in Western North Carolina, reliable power was a critical need for the families we serve. Thanks to EcoFlow’s generous donation of generators, we were able to provide immediate relief, ensuring these families and their communities had access to power when they needed it most. We are so impressed with EcoFlow’s commitment to disaster response through their ‘Power for All’ program. It has made a tangible impact, and we are deeply grateful for their support and partnership in helping these families recover and rebuild.
In 2024, the US experienced 27 weather and climate events, each causing losses exceeding $1 billion, marking the second-highest annual total on record, according to National Centers for Environmental Information. The increasing frequency and severity of natural disasters underscore the critical need for reliable and timely power solutions during emergencies, much like EcoFlow and its members are helping provide through the “Power For All” initiative.
To support new and existing EcoFlow members, the company is celebrating its third annual Member’s Festival throughout April to offer a do-not-miss discount on its products and donate a portion of all sales to the “Power for All” fund to provide rescue power to those in need in the future. Learn how it all works below.
Source: EcoFlow
Save big and give back during the 2025 Member’s Festival
As of April 1st, you can now sign up to become an EcoFlow member to participate in the company’s exclusive 2025 Member Festival.
As a member, you can earn “EcoFlow Power Points” by completing tasks like registration, referrals, and product purchases and tracking your individual efforts toward disaster preparedness and recovery.
Beginning April 4, EcoFlow members will also be able to take advantage of exclusive discounts of up to 65% off select portable power stations, including the DELTA Pro Ultra, DELTA Pro 3, DELTA 2 Max, DELTA 3 Plus, RIVER 3 Plus, and more. However, these sale prices only last through April 25, so you’ll want to move quickly!
Click here to learn more about EcoFlow’s “Power for All” campaign. To register for EcoFlow’s 2025 Member Festival in the US, visit the EcoFlow website. To register as a member in Canada, visit here.
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Tesla is losing another top talent: its long-time head of software, David Lau, has reportedly told co-workers that he is exiting the automaker.
Tesla changed how the entire auto industry looks at software.
Before Tesla, it was an afterthought; user interfaces were rudimentary, and you had to go to a dealership to get a software update on your systems.
When Tesla launched the Model S in 2012, it all changed. Your car would get better through software updates like your phone, the large center display was responsive with a UI that actually made sense and was closer to an iPad experience than a car.
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Tesla also integrated its software into its retail experience, service, and manufacturing.
David Lau deserves a lot of the credit for that.
He joined Tesla in 2012 as a senior manager of firmware engineering and quickly rose through the ranks. By 2014, he was promoted to director of firmware engineering and system integration, and in 2017, he became Vice President of software.
Lau listed the responsibilities of his team on his LinkedIn:
Vehicle Software:
Firmware for the powertrain, traction/stability control, HV electronics, battery management, and body control systems
UI software and underlying Embedded Linux platforms
Navigation and routing
iOS and Android Mobile apps
Distributed Systems:
Server-side software and infrastructure that provides telemetry, diagnostics, over-the-air updates, and configuration/lifecycle management
Data engineering and analytics platforms that power technical and business insights for an increasingly diverse set of customers across the company
Diagnostic tools and fleet management, Manufacturing and Automation:
Automation controls (PLC, robot)
Server-side manufacturing execution systems that power all of Tesla’s production operations
Product Security and Red Team for software, services, and systems across Tesla
Bloomberg reported today that Lau told his team he is leaving Tesla. The report didn’t include reasons for his stepping down.
Electrek’s Take
Twelve years at any company is a great run. At Tesla, it’s heroic. Congrats, David, on a great run. You undoubtedly had a significant impact on Tesla and software advancements in the broader auto industry.
He is another significant loss for Tesla, which has been losing a lot of top talent following a big wave of layoffs around this time last year.
I wonder who will take over. Michael Rizkalla, senior director of software engineering and vehicle firmware, is one of the most senior software engineers after Lau. He has been at Tesla for 7 years, and Tesla likes to promote within rather than hire outsiders.
There are also a lot of senior software execs working on AI at Tesla. Musk has been favoring them lately and he could fold Lau’s responsibilities under them.
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Kia’s electric SUVs are taking over. The EV3 is the best-selling retail EV in the UK this year, giving Kia its strongest sales start since it arrived 34 years ago. And it’s not just in the UK. Kia just had its best first quarter globally since it started selling cars in 1962.
Kia EV3 is the best-selling EV in the UK through March
In March, Kia sold a record nearly 20,000 vehicles in the UK, making it the fourth best-selling brand. It was also the second top-seller of electrified vehicles (EVs, PHEVs, and HEVs), accounting for over 55% of sales.
The EV3 remained the best-selling retail EV in the UK last month. Including the EV6, three-row EV9, and Niro EV, electric vehicles represented 21% of Kia’s UK sales in March.
Kia said the EV3 “started with a bang” in January, darting out as the UK’s most popular EV in retail sales. Through March, Kia’s electric SUV has held on to the crown. With the EV3 rolling out, Kia sold over 7,000 electric cars through March, nearly 50% more than in Q1 2024.
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The EV3 was the best-selling retail EV in the UK in the first quarter and the fourth best-selling EV overall, including commercial vehicles.
Kia EV3 Air 91.48 kWh in Frost Blue (Source: Kia UK)
Starting at £33,005 ($42,500), Kia said it’s the “brand’s most affordable EV yet.” It’s available with two battery packs, 58.3 kWh or 81.48 kWh, good for 430 km (270 miles) and 599 km (375 miles) of WLTP range, respectively.
From left to right: Kia EV6, EV3, and EV9 (Source: Kia UK)
With new EVs on the way, this could be just the start. Kia is launching several new EVs in the UK this year, including the EV4 sedan (and hatchback) and EV5 SUV. It also confirmed that the first PV5 electric vans will be delivered to customers by the end of the year.
Electrek’s Take
Globally, Kia sold a record 772,351 vehicles in the first quarter, its best since it started selling cars in 1962. With the new EV4, the brand’s first electric sedan and hatchback, launching this year, Kia looks to build on its momentum in 2025.
Kia has also made it very clear that it wants to be a global leader in the electric van market with its new Platform Beyond Vehicle (PBV) business, starting with the PV5 later this year.
Earlier today, we learned Kia’s midsize electric SUV, the EV5, is the fourth best-selling EV in Australia through March, outselling every BYD vehicle (at least for now). The EV5 is rolling out to new markets this year, including Canada, the UK, South Korea, and Mexico. However, it will not arrive in the US.
For those in the US, there are still a few Kia EVs to look forward to. Kia is launching the EV4 globally, including in the US, later this year. Although no date has been set, Kia confirmed the EV3 is also coming. It’s expected to arrive in mid-2026.
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