An oil pumpjack is seen in a field on April 08, 2025 in Nolan, Texas.
Brandon Bell | Getty Images
President Donald Trump’s trade war has thrown the oil market into deep uncertainty, triggering wild swings in crude prices, undermining investor confidence and jeopardizing domestic production.
U.S. crude oil hit a low of $55.12 on Wednesday, down 23% from the closing price on April 2 when Trump announced his sweeping plan to slap tariffs on more than 180 countries. The rapid pullback in prices threatens the president’s “drill, baby, drill” agenda as companies will struggle to boost output at profit.
Trump’s decision to lower tariffs to 10% for most countries gave the market a temporary reprieve from fears of a spiraling trade war. But U.S. oil producers face an environment of “extreme uncertainty” that will make them hesitant about investment decisions, said Jim Burkhard, head of oil market research at S&P Global Commodity Insights.
Weaker confidence
U.S. crude oil fell more than 4% on Thursday to under $60 a barrel as traders focused Trump’s decision to hike tariffs on China to an eye-watering 125%. And it’s unclear how negotiations with the dozens of countries that have gotten a reprieve will pan out.
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West Texas Intermediate crude oil prices over the past month
“There’s a pause — the uncertainty has not gone away,” Burkhard said of Trump’s reversal. “Confidence about the future is weaker now than it was a month ago and prices are lower.”
“Can the U.S. negotiate with 70 countries all at once? I don’t think the chaos is over,” he said.
Trump’s on again, off again approach to tariffs is causing real damage, said Susan Bell, senior vice president of commodity markets at Rystad Energy. The safest option in times of uncertainty for asset-based businesses like oil companies is to reduce capital expenditures, Bell said.
“There’s a loss of confidence, not just in investment in the shale industry, but really investment in the United States,” she said.
Oil production threatened
Shale oil companies have driven the rapid growth of the U.S. into the world’s largest crude producer. These companies currently need U.S. crude prices to average at least $65 per barrel to drill new wells at a profit, according to executives at 81 companies surveyed by the Federal Reserve Bank of Dallas.
U.S. crude prices in the low $60s is the zone where companies may start drilling less over the next six months, Burkhard said. Producers will increasingly have to decide either to reduce lucrative returns for shareholders or scale back their activity in the oil patch, he said.
Some 50 rigs could get cut immediately with more potentially on the chopping block if prices remain at these levels, Bell said.
Goldman Sachs has lowered its price forecast for WTI to $58 by December 2025 and $51 by the end of next year. U.S. onshore oil growth would flatline if crude falls to range of $50 to $55 per barrel for a sustained period, said Walt Chancellor, an energy strategist at Macquarie Group.
Shale companies also face the threat of Trump’s steel tariffs potentially increasing the cost of new wells by 10%, Bell said. The companies would need even higher oil prices to drill new wells profitably, she said.
“It adds to costs at the time that their that oil prices are falling — it’s another hit,” Burkhard said of the steel tariffs.
U.S. shale producers were scathing in their criticism of Trump’s tariff policy in anonymous responses to the the Dallas Fed Energy Survey published in March.
One executive said “the administration’s chaos is a disaster for the commodity markets.” Trump’s call to “drill, baby, drill” is a “myth and a populist rallying cry,” the executive said. The president’s “tariff policy is impossible for us to predict and doesn’t have a clear goal,” the person said, calling for “stability.”
“I have never felt more uncertainty about our business in my entire 40-plus-year career,” another executive told the Dallas Fed.
U.S. Energy Secretary Chris Wright acknowledged Tuesday that tumbling prices will worry oil producers. Wright, the founder and former CEO of natural gas fracking company Liberty Energy, argued that Trump will drive down producers’ costs by removing uncertainty around permitting and approving more pipelines and export terminals, allowing them to pump at lower prices.
“Lower prices are good for consumers, and as producers get lower and lower cost structure, they’re going to thrive at lower prices as well,” Wright told CNBC’s “Money Movers.” “What you’re seeing right now is the fear and uncertainty as the sausage is being made,” he said of Trump’s tariff policy.
The unpredictability caused by Trump’s tariffs has also hit the stock of the company Wright founded. Liberty’s shares are down 32% since April 2.
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Would you buy Nissan’s new EV for under $17,000? Nissan said the N7 has already “exceeded our expectations,” as orders continue to climb in China. With plans to launch the new EV globally, can the N7 help Nissan turn things around?
Nissan sells a $17,000 EV in China?
After launching the N7 on April 28, Nissan’s new electric vehicle set a record in China, securing over 10,000 orders in just 18 days.
Dongfeng Nissan, the company’s joint venture partner, announced that the N7 has become “the fastest joint venture pure electric car” to reach this milestone. According to the latest update, Nissan’s new EV has now racked up 17,215 orders in its first month on the market.
The N7 is available in China with two battery options: 58 kWh or 73 kWh, good for a CLTC range of up to 540 km (335 miles) and 635 km (395 miles), respectively.
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Buyers can choose from three trims: Max, Pro, and Air, with prices starting at just RMB 119,900, or about $17,000. Nissan said 70% of N7 buyers are new to the brand, mainly younger families under the age of 35.
Nissan N7 electric sedan (Source: Zhou Feng)
Nissan’s electric sedan is slightly longer than the Tesla Model 3, measuring 4,930 mm in length, 1,895 mm in width, and 1,487 mm in height.
Inside, there’s a 15.6″ central infotainment that converts to an in-home theater. It’s also packed with advanced technology and other fun features, like a built-in refrigerator.
The N7 is equipped with Momenta’s autonomous driving technology, offering high-speed navigation assistance, full-scenario parking, and several other safety features.
Dongfeng Nissan’s managing director, Isao Sekiguchi, said the launch of the N7 is “a new starting point” for the struggling brand.
Nissan N7 EV Trim
Starting Price
Nissan N7 510 Air
119,900 yuan ($16,500)
Nissan N7 510 Pro
129,900 yuan ($17,800)
Nissan N7 635 Pro
139,900 yuan ($19,200)
Nissan N7 510 Max
139,900 yuan ($19,200)
Nissan N7 635 Max
149,900 yuan ($20,500)
Nissan N7 electric sedan price by trim (Source: Dongfeng-Nissan)
Despite BYD cutting prices again last month, putting more pressure on other brands, Nissan believes the N7 will be profitable even at lower prices.
Nissan confirmed it will export the N7 from China to other global markets. However, the regions, prices, and other details have yet to be confirmed.
Electrek’s Take
Like most global carmakers, Nissan is struggling to stay afloat in China with an influx of low-cost domestic EVs arriving and an intensifying price war.
Japanese brands have been among the hardest hit. Nissan’s sales were down 12% last year, with 696,631 new vehicles sold.
With a promising start, Nissan hopes the N7 can help it recover. It will be the first of nine new energy vehicles (NEVs) the company plans to launch by mid-2027.
Will it be enough? Mazda’s new electric SUV, the EZ-60, secured over 20,000 orders in China. It will also be sold globally, under the name CX-6e. Following the 6e, its new electric sedan, Mazda will launch the CX-6e in Europe and other overseas markets.
Nissan has already announced plans to cut 20,000 jobs globally, along with the closure of several plants, as part of a major restructuring.
Can the N7 spark a comeback? Nissan is preparing to launch several new electric vehicles, including the next-gen LEAF, which will make its global debut later this month.
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New York City officials are preparing to roll out a new speed limit for electric bikes – and it’s not exactly a green light. Under the newly announced plan, the city will soon set a 15 mph (25 km/h) speed cap for all e-bikes, as part of a broader crackdown aimed at addressing rising concerns about sidewalk safety, delivery rider behavior, and e-bike-related crashes.
The plan was announced by Mayor Adams yesterday, as reported in the New York Daily News.
“I have heard, over and over again, from New Yorkers about how their safety — and the safety of their children — has been put at risk due to speeding e-bikes and e-scooters,” Adams said in a statement. “Today, our administration is saying enough is enough: We are implementing a new 15 MPH speed limit for e-bikes and e-scooters that will make our streets safer.”
The 15 mph speed limit would be the lowest in a major US city, and matches the speed limit for electric bikes in most of Europe, where legal e-bikes are capped at 25 km/h.
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Previously, New York City had limited electric bikes to 25 mph (40 km/h), though the legal limit for e-bikes in most of the US is 28 mph (45 km/h) under Class 3 designation (e-bikes without throttles). For e-bikes with throttles, most states enforce a 20 mph (32 km/h) limit.
The plan caught e-bike rideshare companies like Lyft off-guard, with no apparent heads-up that the company’s shared e-bikes operated in the city could no longer be legally ridden at their current top speeds.
E-bike usage in NYC has exploded in recent years, fueled by delivery workers, commuting cyclists, and recreational riders. But with that growth has come a wave of backlash from residents, particularly over sidewalk riding, accidents, and the occasional viral video of reckless behavior.
Critics argue that a hard 15 mph limit could unfairly penalize law-abiding riders while doing little to deter the actual bad actors. The vast majority of e-bike-related injuries in the city involve cars, not other bikes. And for delivery workers, many of whom depend on their e-bikes to make a living, lowering the speed limit could mean fewer deliveries and less income.
According to the city’s own data, motor vehicles remain the overwhelming cause of traffic fatalities and serious injuries in New York. E-bikes, while more visible and thus often scapegoated, are still far safer than cars when it comes to pedestrian impact and urban street use.
Even so, enforcement has increasingly focused on micromobility. The NYPD has recently stepped up a crackdown on e-bike riders, with claims that bike-related enforcement outstripping motor vehicle enforcement raising concerns that e-bike regulation is being driven more by optics than by actual risk data.
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BYD is making its presence felt in the UK after registrations jumped more than fivefold last month. The EV leader registered over 3,000 vehicles in May, overtaking Tesla, and is quickly closing in on its full-year sales. With its most affordable EV hitting the market, BYD is expected to gain even more ground this year.
BYD UK registrations top 3,000 in May 2025
According to the latest data from the Society of Manufacturers and Traders (SMNT), BYD registered 3,025 vehicles in the UK last month, up 407% from just 596 in May 2024.
Tesla, on the other hand, had just 2,016 vehicles registered in the UK last month, 36% fewer than it did in May 2024.
Through the first five months of the year, BYD has quickly closed the gap with Tesla, registering 14,807 vehicles. That’s up 570% from just 2,207 last year. Tesla has registered 15,002, 7.8% fewer than it did last year.
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Overall, new vehicle registrations rose 1.6% in the UK last month to 150,070 units. It was the UK’s best May sales month since 2021.
Plug-in hybrids (PHEVs) saw the highest growth with nearly 17,900 registrations, more than double the number from last year.
BYD Dolphin Surf EV launch event (Source: BYD)
Registrations of fully electric vehicles (EVs) rose 25.8% to 32,728 units. Although EV market share rose to 21.8% in May, up from 17.6% last year, registrations are still well below the UK’s mandated level. Through the first five months of the year, EVs hold a 20.9% market share, which is far off the 28% target set by regulation.
Heavy discounts helped drive registration growth, which SMNT said is “unsustainable for a sector already facing multiple cost pressures.”
Last month, BYD launched the Dolphin Surf, the European version of its top-selling Seagull EV in China, which retails for under $10,000 in its home market. The company sold over 60,100 Seagull models in China last month alone.
BYD’s wide-reaching electric vehicle portfolio (Source: BYD)
The standard range model starts at around 23,000 euros ($26,000) with a WLTP driving range of 220 km (137 miles). A longer-range variant is available, starting at 24,990 euros, and has a 507 km (315 miles) range.
Electrek’s Take
With new entry-level models, luxury vehicles, midsize SUVs, and more rolling out, will BYD surpass Tesla this year in the UK and Europe? It looks likely.
S&P Global Mobility forecasts that BYD’s sales in Europe will double this year to around 186,000. By 2029, its sales could reach around 400,000. Even with tariffs, the report notes that the Dolphin Surf’s “pricing strategy ensures competitiveness in the EU.”
The low-cost EV is likely to play a significant role as BYD emerges as a genuine threat in the UK and Europe. We will learn more soon. Check back soon for the latest updates.
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