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Oil field, Alberta, Canada

Norm Betts | Bloomberg | Getty Images

Oil prices are likely to fall in the longer run after the initial jump following President Donald Trump’s implementation of hefty tariffs on Canada, Mexico and China, said industry watchers. 

Over the weekend, Trump followed through on his long-threatened 25% tariffs on imports from Canada and Mexico, as well as a 10% duty on goods from China. Energy resources from Canada will be subject to a lower 10% tariff.

The U.S. West Texas Intermediate rose 1.75% to $73.8 per barrel, while U.S. gasoline futures also climbed. RBOB Gasoline futures were last up 2.81% at $2.11 per gallon. International Brent crude climbed 0.71% to $76.21 per barrel.

According to the latest data from the U.S. Energy Information Administration, America’s imports of Canadian crude oil reached a record 4.3 million barrels per day in July 2024, following the expansion of Canada’s Trans Mountain pipeline. Canada made up about 62% of all U.S. crude oil imports in the first 10 months of last year, while Mexico accounted for about 7% in the same period.

While crude markets will see higher prices and consumers will be forking out more for gasoline and diesel costs in the near term, the spike is only temporary, oil watchers told CNBC. 

“While the initial move on crude oil is upward, a cycle of tariffs and retaliatory actions by Canada, Mexico, China and perhaps others in the future could lead to a worldwide recession, causing oil prices to plummet,” Andy Lipow, President of Lipow Oil Associates told CNBC.

The tariffs have not resulted in any oil supplies being taken off the market, and will result in a redistribution of supplies as Mexico and Canada look to divert their volumes to Europe and Asia, Lipow added. Meanwhile, U.S. refiners will be looking to process more domestic crude oil while seeking Middle East alternatives.

Canada to bear the brunt

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Kia’s electric van was spotted in the US again, but this time it looks a little different

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Kia's electric van was spotted in the US again, but this time it looks a little different

Is Kia’s electric van finally coming to the US? The Kia PV5 was caught testing with a unique design, hinting it’s destined for the US.

Is Kia’s electric van coming to the US?

Although Kia has yet to announce it publicly, all signs point to the PV5 launching in the US. In February, the electric van was first spotted charging at a station in Indiana.

A few photos and a video sent to Electrek confirmed it was indeed the Kia PV5. The sighting came somewhat as a surprise, as the only official statement from Kia said the PV5 would arrive in Europe and South Korea this year, followed by “launches in other markets” in 2026, but no mention was made of the US.

After another PV5 was spotted in Arizona, rumors that Kia’s electric van was coming to the US began to surface again.

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Kia still has yet to confirm or deny a US launch, but another sighting hints at the PV5’s imminent debut. The latest spotting, by KindelAuto, appears to be of the US-spec 2026 Kia PV5.

It looks about the same as the Kia PV5 Passenger, which is already available in parts of Europe and South Korea. However, although it’s not very clear, Kia’s electric van appears to have added side marker lights, a requirement in the US.

Following its launch in the UK earlier this year, the Kia PV5 Passenger is now being introduced to new European markets.

Kia-electric-van-spotted-US
The Kia PV5 Passenger electric van (Source: Kia)

In the UK, it starts at £32,995 ($44,000) on the road. In Germany, the PV5 Passenger is priced from €38,290 ($45,000) or €249 per month.

Kia’s electric van is available in two variants: Passenger, for everyday driving, and Cargo, for business use. The PV5 Passenger is available with two battery pack options: 51.5 kWh and 71.2 kWh, providing WLTP ranges of 183 miles and 256 miles, respectively. Meanwhile, several more variants are on the way.

Kia's-electric-van-spotted-US
Kia PV5 tech day (Source: Kia)

During its PV5 Tech Day in July, we learned that Kia plans to launch seven PV5 body types, including a Light Camper, a premium “Prime” Passenger model, and an open bed version.

We’ll have to wait for the official word, but there’s still hope Kia’s electric van will make it to the US. We should find out soon. Can we get the EV5 too? That might be pushing it.

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EIA: Solar and wind crush coal with 20% more power in 2025

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EIA: Solar and wind crush coal with 20% more power in 2025

A new review of US Energy Information Administration (EIA) data by the SUN DAY Campaign reveals that in July, solar-powered electricity shot up by over 30%, while wind grew by almost 14% in the US.

Solar continues to break records in July

EIA’s latest monthly “Electric Power Monthly” report (with data through July 31, 2025), once again confirms that solar is the fastest growing among the major sources of US electricity.

In July alone, electrical generation by utility-scale solar (i.e., >1-megawatt (MW)) surged by 36.9% compared to July 2024, while “estimated” small-scale (e.g., rooftop) solar PV increased by 12.7%. Combined, they grew by 30.4% and provided 9.4% of US electrical output, up from 7.5% year-over-year.

Moreover, utility-scale solar thermal and photovoltaic expanded by 37.4%, while generation from small-scale systems rose by 11.0% during the first seven months of 2025 year-over-year. The combination of utility-scale and small-scale solar increased by 29.9% and was 8.9% (utility-scale: 6.7%; small-scale: 2.2%) of total US electrical generation for January to July – up from 7.0% a year earlier.

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As a consequence, solar-generated electricity year-to-date (YTD) easily surpassed – by over 54% – the output of US hydropower plants (5.7%). In July alone, solar-generated electricity more than doubled the output of hydropower. In fact, in both July and YTD, solar produced more electricity than hydropower, biomass, and geothermal combined.

And for the first time ever, 4% more electricity was generated in July by utility-scale solar (33,119-GWh) than by wind farms (31,831-GWh). Including small-scale systems, solar outproduced wind by over 35% during the month (43,092 GWh).

Wind is still on a growth trajectory

US wind turbines produced 10.8% of US electricity in the first seven months of 2025, an increase of 3.5% year-over-year, and they almost doubled electrical generation by the nation’s hydropower plants.

In July alone, wind-generated electricity was 13.8% greater than a year before.

Wind + solar are beating coal, nuclear

During the first seven months of 2025, electrical generation by wind plus utility-scale and small-scale solar provided 19.6% of the US total, up from 17.8% during the first seven months of 2024.

Further, the EIA reports that the combination of wind and solar provided 19.1% more electricity than did coal during the first seven months of 2025, and 14.1% more than nuclear. In fact, as solar and wind grew rapidly, nuclear-generated electricity dropped by 1.0%.

Renewables are still on the rise

All renewables combined (wind, solar, hydropower, biomass, and geothermal) produced 9.9% more electricity between January and July than they did a year ago and provided 26.7% of total US electricity production compared to 25.1% 12 months earlier.

Electrical generation by the combination of all renewables grew three times faster than total US electrical generation (9.9% vs. 3.3%). Renewables’ share of electrical generation is now second to only that of natural gas, which saw a decline in electrical output by almost 3.5% during the first seven months of 2025.  

“Notwithstanding enactment of the anti-renewables provisions in the Trump megabill, solar and wind continue to power ahead,” noted the SUN DAY Campaign’s executive director, Ken Bossong. “Meanwhile, the electrical output YTD by the Republicans’ preferred technologies – nuclear power and natural gas – has actually fallen.”


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Lucid (LCID) enters the robotaxi race with Uber after delivering its first EV to Nuro

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Lucid (LCID) enters the robotaxi race with Uber after delivering its first EV to Nuro

Lucid Motors (LCID) delivered the first Gravity Robotaxi EV to Nuro on Wednesday, marking a milestone in its partnership with Uber.

Lucid delivers the first Gravity Robotaxi EV to Nuro

In July, Lucid announced a partnership with Uber and Nuro to deploy 20,000 autonomous Gravity SUVs over the next six years.

The alliance is already on the move. Lucid announced that it delivered the first Gravity EV to Nuro on Wednesday, which will be used for the Uber robotaxi fleet.

Lucid’s electric SUV will be equipped with Nuro’s Level 4 self-driving tech, including the sensors and other hardware.

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Starting in 2026, Uber aims to launch “20,000 or more” Lucid robotaxi’s over the next six years. The vehicles will join Uber’s network and will be available to use through the Uber App. To help kick-start the alliance, Uber is investing $300 million into Lucid.

Lucid said delivering the first vehicle, “marks the beginning of an exciting new chapter,” teasing that more is to come soon.

Lucid-first-EV-Uber
Lucid Gravity SUV fitted with Nuro’s self-driving tech (Source: Lucid)

Although Gravity production at its plant in Casa Grande, Arizona, was limited due to supply chain issues earlier this year, Lucid said it has mostly resolved the problems.

Lucid’s interim CEO, Marc Winterhoff, said during an interview with Brew Markets on Tuesday that the Gravity has “so many orders” that the company will honor the $7,500 EV tax credit until the end of the year.

According to Winterhoff, Lucid doesn’t “want to tell order holders, you know what, you’re out of luck, we didn’t deliver in time.

Despite many of its luxury rivals, including Porsche, Mercedes-Benz, and BMW, pulling back on electrification plans, Winterhoff said Lucid will remain a pure EV company.

Winterhoff said the loss of the federal $7,500 EV tax credit will have a limited impact on sales due to Lucid’s market position and pricing.

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