** The average price paid by Americans for EVs jumped 22% in the year to May, data from JD Power shows. Americans are now paying $54,000 on average for EVs and $44,400 for non-EVs.
** The world’s third largest maker of semiconductor wafers, Taiwan’s GlobalWafers, announced plans to build a $5 billion factory in the U.S. on Monday—but only if the government helps pay for it.
** U.S. Commerce Department Secretary Gina Raimondo on Monday stepped up pressure on Congress to approve $52 billion in funding for chipmakers to expand operations, warning that firms would abandon American expansion plans without the legislation.
** Chevron is planning to sell its current East Bay headquarters in San Ramon, California and is offering to cover costs for employees who voluntarily opt to move to Houston, Texas, the Wall Street Journal has reported.
** Ford Motor Co said Monday it will recall about 2,900 F-150 Lightning trucks because a software issue may result in a failure to provide adequate warning of low tire pressure.
** Occidental Petroleum’s low carbon ventures subsidiary 1PointFive and Manulife Investment Management signed an agreement to provide 1PointFive with access to subsurface pore space and surface rights to 27,000 acres of Louisiana timberland, according to a press release on June 27.
** Goldman Sachs doubled down on its prediction that oil prices will climb to $140 a barrel this summer. Goldman’s commodities research chief told CNBC the “under-investment thesis” is driving his bullishness.
** Toyota said it would recall 2,700 of its new electric SUVs over fears their wheels could come off. Toyota is a world leader in car sales but has been slow to embrace electric vehicles (EV).
World
** Two top OPEC oil producers, Saudi Arabia and the United Arab Emirates, can barely increase oil production, French President Emmanuel Macron on Monday said he had been told by the UAE’s president.
** Mexico’s state-owned oil company Pemex substantially increased crude oil exports to the North American market in May, according to the firm’s most recent report, which shows a significant cut in shipments to Europe and Asia.
** Germany can support a European Union proposal to effectively ban new fossil fuel car sales from 2035, if an option is added to allow sales of cars running on “CO2 neutral” fuels, German environment minister Steffi Lemke said on Tuesday.
** Oil shippers are using several tactics to hide that they’re carrying Russian crude exports, the Guardian reported. Using China’s yuan instead of the dollar in trading and exchanging weapons or food for supplies are just two.
** Construction is due to begin on Wednesday on what could become the world’s biggest plant to capture carbon dioxide from the air and deposit it underground, the company behind the nascent green technology said. Swiss start-up Climeworks AG said its second large-scale direct air capture (DAC) plant will be built in Iceland in 18-24 months, and have capacity to suck 36,000 tonnes of CO2 per year from the air.