‘We’re not against profits,’ White House presidential coordinator says after Biden’s tax threats on energy companies
ABU DHABI, United Arab Emirates — President Joe Biden is making no secret of his frustration with high gas prices and the oil companies making record profits as a result. With the support of Democratic allies in Congress, he is threatening to levy windfall taxes on energy firms, a prospect that’s prompted backlash from the industry.
The president on Monday tweeted: “The oil industry has a choice. Either invest in America by lowering prices for consumers at the pump and increasing production and refining capacity. Or pay a higher tax on your excessive profits and face other restrictions.”
The language sets up what looks like a standoff between the U.S. oil industry and the Biden administration at a time of high energy prices, soaring inflation and worries of a global crude supply shortage after years of under-investment in the industry and several months of sanctions on Russian commodities for its war in Ukraine.
But reports of animosity between the White House and America’s energy giants are overhyped, says Amos Hochstein, Biden’s special presidential coordinator, who liaises closely with energy industry leaders domestically and around the world.
The Biden administration is not anti-profit or anti-free market, he stressed; rather, it wants to see oil companies reinvest their profits in improving crude production and the country’s energy security.
“I talk to the CEOs, other senior members of the administration talk to the CEOs on a regular basis,” Hochstein told CNBC’s Hadley Gamble Monday, when asked about the administration’s relationship with industry executives.
“People know that. I don’t think that’s the issue. The issue is this: we want them to increase their capex, increase investment,” he said. “The price environment for the last year, over a year now, lends itself to investment. So take those profits that you’re making. We’re not against profits. What we do want, and the president said this last week — take those profits and invest them.”
Congressional Democrats argue that oil executives are prioritizing shareholder returns over reinvesting profits toward boosting production that could lower consumer prices. Hochstein held the position that shareholder returns are not an issue in themselves, but that increasing America’s energy supplies should be the priority.
“You want to pay some back to shareholders? Some is fine,” he continued. “But not excessively. You want to take these profits, that’s fine too. But not excessively. We’re in a war and you can do more to increase production.”
Record-breaking oil company profits
Several major oil companies have raked in record profits this year as consumers grappled with soaring gas and energy bills. ExxonMobil reported a record $19.7 billion net profit for the third quarter, and Biden this week accused the Texas-based company of using that to reward shareholders and buy back its own stock rather than investing in production improvements that could ease prices at the pump.
California-based Chevron made $11.23 billion in profits in the third quarter, just shy of the record it hit in the previous quarter. In the last two quarters, Chevron, ExxonMobil, ConocoPhillips and Britain’s BP, Shell and France’s TotalEnergies reportedly made over $100 billion in profits — more than they earned in the entirety of 2021.
Exxon Mobil CEO Darren Woods, speaking to CNBC last week, said his company was committed to addressing both shareholder returns and improving production, regardless of who was in the White House.
“We don’t really look to satisfy one administration or the other. We look to make sure we’re doing the best we can using our shareholders’ money appropriately, finding advantaged projects that allow us to grow production and grow value. We’re also looking at reducing our emissions,” he told CNBC’s “Squawk Box.”
But Hochstein says he doesn’t see sufficient investment on a broad scale.
“All I see is record profits that are not translating to sufficiently increased investment and where investments are not keeping up with average ratios of investment-to-price increase,” he said.
Many in the oil industry argue that a windfall tax is counterproductive and would harm production and investment. Still, the threat of such taxes from the Democratic leadership is likely more of a pressure tactic than a plausible policy proposal in the near-term since Congress is not in session. And it could even become impossible to carry out if Republicans, who largely oppose such a move, win one or both houses in the November midterm elections.
A changing White House tone on fossil fuels
Biden came into office campaigning hard for an end to fossil fuel use and a transition to renewables as part of his climate-focused agenda, laying out a bevy of regulations on oil and gas exploration and production. Supporters of Biden’s green energy goals say this aggressive push was needed to reverse what they describe as damage done by former President Donald Trump, who rolled back years of work on environmental protections and pulled the U.S. out of the Paris Climate Accords.
But it was that policy push, those in the fossil fuel industry argue, that helped throttle investment in oil and gas production and subsequently led to the energy supply shortages and higher prices we see today. Now, faced with a tightening global oil and gas market, climbing demand, and a war in Europe, the administration is taking a different tone.
“Look, it’s no secret that the Biden administration and oil industry do not see eye-to-eye on the long term role that oil will play in the economy,” Hochstein said. “However, we have to do two things. We need more investment in oil production and refining, now.”
The longtime energy policy veteran pointed out that much of the initial regulations and restrictions have eased — and noted that under this administration, the U.S. is approaching pre-pandemic highs in oil production levels, even despite what he says is insufficient activity from oil companies.
Figures released by the U.S. Energy Information Administration on Monday revealed domestic crude oil production hitting 11.98 barrels per day in August, the highest since March 2020 and nearing the U.S.’s all-time record of 12.3 million barrels set in 2019.
Occidental Petroleum CEO Vicki Hollub contradicted the narrative that the Biden administration was ignoring oil companies. Speaking to CNBC in Abu Dhabi, she said she indeed communicates with U.S. Energy Secretary Jennifer Granholm, a vocal climate policy advocate.
“I do hear from Secretary Granholm — she is focused on tech, she’s enthusiastic about the climate transition, she listens, she [communicates with] the National Petroleum Council and has sent us requests for studies to be conducted to help her in making her decisions” concerning clean energy investments, Hollub said.
Whatever the disagreements on the longer-term role of the fossil fuel industry in the U.S., oil executives and White House officials appear to agree on one thing — they will need to communicate properly to ensure future energy security for the country at a time of severe economic and geopolitical risk.
It’s that time of the year once again, with Amazon’s Prime Day officially kicking off with plenty of amazing Green Deals and beyond – with several even continuing from earlier July 4th events. The savings train has officially rolled into the station, and this year we’re getting four days of deals that are dropping prices to some of the lowest of the year, alongside many of our favorite eco-friendly tech brands also offering direct parallel sales too. You’ll find price cuts on EVs, power stations, electric tools, ENERGY STAR-certified appliances, and much more below, curated together in this one-stop shopping hub. Don’t miss your chance to electrify your life at the best prices while they last during this event. We will be regularly updating this hub over the course of the event, so check back later if nothing catches your eye yet.
July Prime Day 2025 Green Deals
Prime Day Power Station Green Deals
- Get $2,448 in savings on EcoFlow’s DELTA Pro 3 bundle with a 400W panel and transfer switch at new $2,849 low, more from $1,249
- EcoFlow’s Prime 4-day flash sale takes 59% off four units, like the DELTA Max station with an alternator charger at $1,049 low, more
- Anker’s new modular SOLIX F3000 3,072Wh LiFePO4 station gets up to $2,599 increased savings from a new $1,599 low
Prime Day EV Green Deals
- Segway’s Xafari and Xyber e-bikes with Apple Find My, proximity locking, more are starting from a new $2,000 low (Reg. $2,400+)
- Segway e-scooters up to 46% off during Prime Day, with the ZT3 Pro all-terrain smart model at a new $850 low (Reg. $1,100+), more
- For the first time, save $500 on Ford’s Mustang and Bronco e-bikes starting from $3,500 (Reg. $4,000+)
- Rad Power Bikes’ new Radster Trail and Road e-bikes back at $1,999 lows, more
- Tenways takes $600 off e-bike bundles + additional $200 when buying two – all starting from $1,499
- Aventon offers first savings on new Pace 4 cruiser e-bike with theft-deterring smart features at $1,699
- Aventon’s Aventure 2 All-Terrain e-bike at $1,599 annual low in sale, more
- Velotric’s low-cost Fold 1 Lite e-bike even more budget-friendly at a new $599 low (Reg. $1,099)
- Velotric offers up to $720 savings and free bundled gear starting from $599
- Affordably carry cargo with Heybike’s single or dual-battery Hauler e-bike starting from a $999 low (Reg. $1,499+)
- Get an affordable space-saving commuter in Heybike’s Mars 2.0 folding e-bike starting from $900 (Reg. $1,499)
Prime Day Garden and Lawncare Green Deals
Prime Day Appliance and Device Green Deals
***All prices subject to change at any time…cash in while you can!
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Rivian flew us out to Lake Tahoe to show off the crazy capabilities of its new quad-motor powertrain on both its R1T pickup truck and R1S SUV. Rivian’s original R1S and R1T were quad-motor vehicles, but as of the second generation of the R1 platform, only dual and tri-motor variants existed. So why quad? Why now?
First of all, let’s get the specs out of the way. The new Rivian Quad is a beast, all the way from its $120,000 price tag to its over 1,000 horsepower and 1200 lb-ft torque.
- Prices for R1T start at $115,990 USD / $190,990 CAD and the R1S starts at $121,990 USD / $201,990 CAD – Deliveries begin summer 2025
- Launch Edition R1T starts at $119,990 USD / $196,990 CAD and Launch Edition R1S starts at $125,990 USD / $207,990 CAD. Rivian is reintroducing Launch Edition for the Gen 2 Quad, celebrating the configuration that first defined our commitment to all-electric performance and adventure.
- Destination and freight charge is $1,895 USD / $2 ,695 CAD
- Powertrain: Horsepower: 1,025 hp Torque: 1,198 lb.-ft.
- Performance 0 – 60 MPH 2 .5 sec R1T, 2 .6 sec R1S, ¼ Mile Time 10.5 sec, VMax 130mph
- Range: EPA-estimated up to 3 74 miles of range (Up to 400 miles in Conserve mode)
- Charge Port: NACS (North American Charging Standard)
How does one characterize this massive spec monster in the larger vehicle landscape? Before we try to get our head around that, there is more.
The Rivian R1 Quad brings back tank turn as a new feature: Kick Turn – And it is actually useful.
From our history books, we know that one of the features that the original R1 Quads touted was the ability to turn in a circle/spin on its axis by having its right side wheels spin one way and its left side wheels spin the other. While the ‘tank turn’ disappointingly never made it to the original production vehicles, Rivian hadn’t let go of the idea.
Kick Turn.
The New R1 Quads bring back the ability to turn/spin on a dime when offroading. However, this isn’t just a parlor trick. It is actually useful when negotiating tight switchbacks.
Here’s what it is like to invoke the “Kick Turn” from inside the vehicle. Unintuitively, you don’t want to turn the steering wheel. Instead, you simultaneously push both steering wheel buttons in the direction you want to turn.
The same maneuver from behind:
I was able to use and master the kick turn pretty quickly after trying it for the first time and it is sooooo fun….and useful. Rivian says that the kick turn should only be done on gravel and loose dirt. But I could see ejecting out of a parallel parking spot with this feature…or doing a U-Turn on a country road.
I imagine the wear on the tires that are already taking a beating from this super heavy vehicle doing 2.5 second 0-60s is massive. Rivian says that the standard tires are guaranteed for 30,000 miles but imagine that loses a few miles every time a kick turn is invoked.
Perhaps most devestating, the original Rivian Quads won’t get the Kick Turn functionality. As an owner who was excited about the tank turn functionality when making my buying decision, I’m not pleased. Rivian says that the controllers for the original Quad Motors aren’t tuned and accurate enough to master the move. I’m ready to sign a petition that Rivian try anyway.
Quad offers four different wheel and tire options:
- 22” Super Sport
- 22” Sport Burnished Bronze
- 20” All-Terrain Dark
- 20” Dune Satin Graphite All-Terrain
Also, there will be Launch Editions:
Rivian is reintroducing Launch Edition for the Gen 2 Quad, celebrating the configuration that first defined our commitment to all-electric performance and adventure. The new Launch Edition Quad will feature an exclusive “Launch Edition” IP badge and a suite of special features, including:
Two standard colorways:
- Launch Edition exclusive: the return of Launch Green paint with Black Mountain + Brown
Ash Wood interior - Storm Blue paint with Slate Sky + Walnut Wood interior
Additional included features: - Lifetime Rivian Autonomy Platform+
- Lifetime Connect+
- Camp Speaker
- Gen 2 Key fob
NACS native
One more nice thing about the Rivian R1 Quad is that it is the first Rivians, and one of the first non-Teslas overall, to have the NACS port standard. This allows the vehicle to charge at most Tesla chargers without adapter. The flip side however is that it will need the included CCS adapter to charge at most other network charging stations including Rivian’s own RAN charging network, at least until the networks and Rivian switch their chargers over to NACS. We had success on a V4 Supercharger near Lake Tahoe but obviously weren’t able to test the charging speed or charging curve since the vehicles we were given started at 80%.
One other nice trick is that the Quad has a control panel that allows the driver to make their own drive modes.
RAD Tuner (exclusively on Quad, coming in September): Developed by the Rivian Adventure Department, a team of engineers, software developers and designers who create and test features that push the boundaries of our vehicles.
Rivian drivers will have better control over their vehicle’s dynamic behavior. Through intuitive sliders, you can fine-tune ride handling while creating personalized and savable drive modes.
Start from scratch or build upon presets like “Rally” or “Sport.” There are even preset modes that were born from real-world triumphs:
Desert Rally mode was meticulously engineered during the 2023 Rebelle Rally, a grueling competition where the R1T made history as the first fully-electric vehicle to ever win
Hill Climb mode was honed at the legendary Pikes Peak International Hill Climb, where
in 2024, our R1T conquered the race as the fastest production truck to ever make the
ascent.
Oh and Rivian now lets you record Launch Mode with Launch Cam so those 2.5 second 0-60s where you beat the Ferrari off the line can now be downloaded and shared with friends on social media. The videos include real-time stats like speed and distance overlays. Unfortunately Rivian no longer includes an interior camera to capture passengers’ reactions.
Electrek’s take
At a starting price near $120K and realistically over that with some bells and whistles, the Rivian R1 Quad vehicles aren’t going to have mass appeal. In fact, I don’t think these will even be Rivian’s top sells since the $80,000 Rivian vehicles with dual motors are almost as good (and better on efficiency).
However, Rivian is really trying to build its brand ahead of the R2 launch and this vehicle is as adventurous as it gets, electric or otherwise. Think about it: This is a 7-seat, off roading monster that will beat almost any supercar off the line…and can now spin on a dime.
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Kia is entering Europe’s most competitive EV segment with the upgraded EV5. It’s slightly smaller than the Tesla Model Y, but Kia says the EV5 is “a cornerstone” to its growth strategy in Europe.
Kia EV5 lands in Europe
After launching the EV5 in China in November 2023, Kia’s electric SUV quickly became a hit. It’s already leading Kia’s comeback in the world’s largest EV market.
Although Kia has introduced the EV5 in other markets, including Australia and New Zealand, this is the first time it has revealed specs for the upgraded version specifically designed for Europe.
The upgraded EV5 is powered by an 81.4 kWh battery offering up to 329 miles of WLTP range. Unlike the Chinese version, which uses a BYD LFP Blade battery, the European version features a nickel-manganese-cobalt battery pack.
It will be available in baseline and GT-line models. All EV5 variants can recharge from 10% to 80% in as little as 30 minutes.
Both variants are offered in FWD with up to 215 hp (160 kW) and 218 lb-ft (295 Nm) of torque. Kia’s electric SUV also includes bi-directional charging, including vehicle-to-load (V2L) with up to 3.6 kW of power.
The exterior remains essentially unchanged from the version sold in China, featuring an upright stance similar to that of the larger EV9.
The European-spec EV5 measures 4,610 mm in length, 1,875 mm in width, and 1,675 mm in height, which is slightly smaller than the Tesla Model Y. It’s closer in size to the Hyundai IONIQ 5.
Inside, the EV5 “creates a lounge-like environment” with comfort-focused seats that include massage functions, heating, and ventilation.
The interior is centered around Kia’s new ccNC (connect car Navigation Cockpit) infotainment system. The setup includes dual 12.3″ driver clusters and infotainment screens in a panoramic display, plus a 5.3″ climate control display.
Kia will build the upgraded EV5 for Europe in Korea, unlike the Chinese version, which is produced by its joint venture Kia Yueda.
Although prices have yet to be confirmed, the EV5 will sit between the EV3 and EV6 in Kia’s lineup. Given the EV4 starts at £34,695 ($47,700) and the EV6 is priced from £39,235 ($53,200), the EV5 is expected to start at below £40,000 ($55,000) in the UK.
Sjoerd Knipping, Kia Europe’s COO, said that “The EV5 is a cornerstone of Kia’s European growth strategy.” He added that the electric SUV is “tailored to the way Europeans live, work, and drive.”
Kia has already confirmed the EV5 will be sold in other global markets, including Canada. However, it will not arrive in the US.
The company said it will launch the EV5 “exclusively for the Canadian market” in North America. It will be available with FWD and AWD powertrains, as well as two battery sizes: 60.3 kWh and 81.4 kWh, offering a range of up to 310 miles (500 km).
What do you think of Kia’s new electric SUV? Would you buy one over the Tesla Model Y or the Hyundai IONIQ 5? Let us know in the comments.
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