U.S. energy secretary says shale industry will ‘survive and thrive’ despite plunging crude prices
ABU DHABI, United Arab Emirates — U.S. Energy Secretary Chris Wright is not worried about falling oil prices and their impact on America’s shale oil industry, and is stressing that the coming years should be a time of energy abundance for the world’s largest economy.
“The U.S. shale industry is going to is going to survive and thrive,” Wright said in an interview with CNBC’s Dan Murphy in the United Arab Emirates’ capital Abu Dhabi. “But of course,” he added, “investment decisions are going to be tailored if prices stay long for stay this low for a long period of time. But I’m quite bullish on the U.S. industry.”
Oil prices have come under pressure amid lower global demand, mounting uncertainty over tariffs, and greater supply on the market from both OPEC and non-OPEC countries — with lower revenues threatening the viability of shale producers.
The June expiry contract of global benchmark Brent crude was trading at $63.51 per barrel on Friday at 1:43 p.m. in London, up 0.28% from the Thursday settlement. The front-month May U.S. WTI contract was at $60.26 per barrel, higher by 0.32% from the previous day’s close price. Both contracts are down roughly 22% in the last year.
To make his point, Wright referenced the 2014 to 2016 period, during which a boom in shale production coincided with lower global demand and brought oil prices down 70%. The industry was forced to grapple with a tidal wave of bankruptcies.
But the energy secretary took an optimistic angle. “In 2015 and 2016 oil prices twice hit $28 [per barrel], and what happened? What did the U.S. shale industry do in that time — innovate, get smarter, drive their costs down, and that’s what’s happening right now,” Wright said.
Commodities analysts estimate that U.S. crude needs to stay above $65 per barrel to keep shale producers in business. Goldman Sachs this week lowered its oil price forecast for U.S. WTI to $58 per barrel by December 2025 and $51 per barrel by December 2026, down from a previous outlook of $66 per barrel this year and $59 per barrel in 2026.
Wright himself is a former shale executive, having founded and served as CEO of the Denver-based oilfield services company Liberty Energy until stepping down to join the U.S. President Donald Trump’s administration. Liberty Energy’s share price has suffered amid the slide in oil prices and trade tensions, with shares down over 46% year-to-date.
The energy secretary’s comments come roughly a week after the alliance of OPEC and its non-OPEC oil-producing partners, known as OPEC+, made the shock decision to accelerate its already planned crude production hikes, adding more supply to an already saturated market. The decision helped push crude prices down further.
Long-term, however, OPEC+ members need higher oil prices to balance their budgets. By contrast, Trump has promised to “drill, baby, drill” to keep prices down for American consumers, and has long been vocal about wanting OPEC members to pump more oil for that reason.
Asked if this could eventually put the U.S. and OPEC on a collision course, Wright responded in the negative.
“I don’t think it’s a collision course at all. What we see, and what I saw here in the UAE, and you see in Saudi [Arabia] and Qatar is a very long-term vision of energy,” Wright said.
“Yeah, of course there’s some extra short term reduction in revenues if you have lower oil and gas prices. But the investments that are made here and the relationships that are built here, these are looking out decades into the future.”
Wright insisted there was overall alignment in the energy strategies of the U.S. and its oil-rich Arab Gulf allies in particular, whose leaders he is scheduled to meet with during the course of his Middle East visit, which comes ahead of an anticipated visit to the region by Trump.
“The way to make American lives better, and the citizens of the world better, is larger energy, more affordable energy, and just a much more bright and prosperous future,” Wright said. “That’s the path we’re on. And I think certainly [the] UAE and Saudi Arabia and Qatar, I think we’re all aligned in that mission.”
Honda announced that it is pausing about $15 billion in planned EV investments to build electric vehicle and battery factories in Canada amid uncertainty over trade.
It’s the latest example of Canada’s backing the US plan backfiring.
A few years ago, Canada sided with the US in its plan to save the US auto industry, which was falling behind the rest of the world in the transition to electric vehicles.
Canada agreed to heavily tariff Chinese EVs to keep them away from the North American market, which mainly helps the US auto manufacturing industry, and in return, Canada’s EV production was included in Biden’s IRA to encourage foreign automakers to invest in EV production in both US and Canada to get access to the US market.
However, when Trump came into power earlier this year, he threw a wrench into this entire plan by canceling IRA funding, planning to kill the EV tax credit, and placing tariffs on many countries, including Canada.
It has resulted in planned investments in the EV sector in Canada to cool down.
Now, one of Canada’s most significant EV investments has been paused.
Honda has announced that it is pausing for two years its plan to establish a massive new EV production base in Canada:
“Due to the recent slowdown of the EV market, Honda Motor has announced an approximate two-year postponement of the comprehensive value chain investment project in Canada. The company will continue to evaluate the timing and project progression as market conditions change.”
The investment was announced just over a year ago. It was supposed to include a new EV factory in Ontario and a battery factory, totaling more than $10 billion in investments.
It was supposed to create over 1,000 jobs in Ontario and help retain the 4,200 jobs at Honda’s current assembly plant in Ontario, which are threatened by the electric transition.
Electrek’s Take
Canada is taking a beating here and all for mostly just protecting the US auto industry.
As I have been saying for a while, at this point, you should just invite the Chinese automakers to join.
You can do a deal à la India, where you remove tariffs for Chinese automakers willing to invest in the EV supply chain in Canada.
There’s no point in protecting the US automakers if the US is purposefully destroying the Canadian auto sector.
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A new company out of Germany called ONOX is bringing sustainable technology to the agriculture industry. After garnering design awards, the ONOX electric tractor prototype is in operation overseas as its makers look to scale and bring its unique modular design, complete with swappable battery packs, to farms everywhere.
It’s been less than two years since ONOX hit the tech scene with a prototype of its flagship electric tractor, which debuted at Agritechnica 2023 in Hanover, Germany. In April of 2024, the German startup’s electric tractor was awarded an iF Design Gold Award.
That same summer, the ONOX1 finalized commissioning before entering an extensive test phase. By December, the startup had snagged another trophy – the Federal Ecodesign Award. This past February, the ONOX electric tractor received road approval in Germany and began operations while the design team continues its mission of making electric agricultural machinery a reality.
The ONOX electric tractor is unique in that it utilizes modular battery swap technology, in which farmers can choose from three different mounting areas (see below).
ONOX’s electric tractor could breathe new life into farming
Since the ONOX electric tractor remains a prototype, many of its specs are targets and estimates, but the initial design is quite impressive. The electric tractor’s motor offers peak power of 70 kW with over 2,400 Nm of torque up front and over 5,500 Nm in the rear. ONOX’s targeted top speed is 40 km/h (~25 mph).
The ONOX tractor features an integrated 20-kWh battery pack and room for additional swappable packs of 30 kWh each. The entire system operates on 48V power, so maintenance is safer and easier for users without further training since there is no risk of exposure to high-voltage components.
The ONOX design team has also integrated an Airline system with mounting rails on the tractor’s hood, enabling future owners to mount cargo, haul hay or produce, or customize the area with other parts. The front of the tractor is also front-loader-ready, adding to its modularity and versatility.
The ONOX website says the electric tractor is self-sufficient using its own solar energy, but from the specs and images we’ve seen, there is no evidence of any solar technology implemented on the current prototype. Perhaps they mean the swappable batteries can be charged using solar when not installed on the tractor.
We will monitor ONOX’s progress as electric tractor development continues en route to commercial sales.
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Toyota upgraded its electric SUV in just about every way possible. The 2026 Toyota bZ is refined from end to end with a fresh new style, more driving range, advanced new tech, and much more. It even has an NACS port, so you can charge at Tesla Superchargers. Here’s our first look at Toyota’s new EV.
Meet the 2026 Toyota bZ electric SUV
Remember the bZ4X? It’s currently the only EV Toyota sells in North America. It’s now called the “bZ,” and it’s better than ever.
The 2026 Toyota bZ has an estimated driving range of 314 miles, a 25% improvement over the outgoing bZ4X. It also has a built-in NACS charging port, unlocking access to Tesla’s vast Supercharger network across North America.
Toyota said the upgraded EV can charge from 10% to 80% “under ideal conditions” when using DC fast charging. With added Plug & Charge capabilities, charging has never been easier.
The AWD models now have up to 338 hp, a 50% improvement thanks to new SIC semiconductors. Front-wheel-drive (FWD) models deliver 221 hp, up from 201 HP in the 2025 bZ4X.
Other upgrades, including battery pre-conditioning and a thermal management system, help optimize charging speeds in cold weather.
Battery options and driving range
The 2026 Toyota bZ will have two battery options: 57.7 kWh and 74.7 kWh. Toyota estimates that the larger (74.7 kWh) battery will provide up to 314 miles of range, while the smaller (57.7 kWh) option will get up to 236 miles.
Toyota upgraded the electric SUV inside and out. The exterior features Toyota’s new “hammerhead front end,” which is shown on updated vehicles like the Camry and Crown. The new styling includes redesigned front overfenders and slim LED daytime running lights.
The interior received a few upgrades, including a redesigned center console. The setup now includes a larger 14″ Toyota Audio Multimedia touchscreen, two wireless phone chargers, and a slimmed-down dashboard.
Standard features include a 7″ driver display screen, heated front and rear seats, regenerative braking, Toyota Safety Sense 3.0, and more.
Upgrading to the Limited trim will gain you 20″ black alloy wheels, multi-LED headlights, SofTex®-trimmed seats, ventilated front seating, and added safety/ driver assist features. Other options include a panoramic moonroof with power sunshade (XLE) and a premium 9-speaker JBL Audio system (Limited).
.
| 2026 Toyota bZ trim | Battery | Range (Manufacturer estimated) |
| XLE FWD | 57.7 kWh | 236 miles |
| XLE FWD Plus | 74.7 kWh | 314 miles |
| XLE AWD | 74.7 kWh | 288 miles |
| Limited FWD | 74.7 kWh | 299 miles |
| Limited AWD | 74.7 kWh | 278 miles |
According to Toyota, the new name will help simplify things for buyers. We suspect it’s also designed to revamp the brand’s sole EV after a slow (to say it nicely) rollout in North America. The bZ4X was recalled shortly after launch over concerns that the wheels may fall off.
The 2026 Toyota bZ is expected to arrive at dealerships in the second half of 2025. Check back for more info as prices will be revealed soon.
With the upgraded 2026 model arriving, Toyota is offering close-out prices on the 2024 and 2025 bZ4X. The 2024 bZ4X is listed with up to $19,000 in lease cash, while 2025 models can be leased for as low as $269 per month. You can use our link to find deals on the 2024 and 2025 Toyota bZ4X in your area today.
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