** A group representing General Motors, Toyota Motor, Volkswagen and other major automakers said a $430 billion bill approved Sunday by the U.S. Senate will put achieving U.S. electric-vehicle adoption targets for 2030 in jeopardy.
** The deal extends a popular $7,500 per vehicle consumer tax credit for the purchase of electric vehicles, a win for EV makers like General Motors Co., Tesla Inc. and Toyota Motor Co. But to win the backing of Manchin, companies will have to comply with tough new battery and critical minerals sourcing requirements that could render the credits useless for years for many manufacturers.
** Power tool and hand tool manufacturer DeWALT issued a recall for almost 1.4 million saws on Thursday following reports of consumer laceration injuries while using the product.
** Berkshire Hathaway Inc said on Saturday that Vice Chairman Greg Abel, who is next in line to succeed billionaire Warren Buffett as chief executive, sold his 1% stake in the company’s Berkshire Hathaway Energy unit for $870 million.
** US gas prices will jump back to $4.35 a gallon and will average $4.40 in 2023, Goldman Sachs has predicted. Goldman said oil and gasoline prices are likely to pick up because supplies remain tight and demand is relatively strong.
** Russia is choking off Europe’s natural gas supply in a bid to hit back against western sanctions. It cut the capacity of the Nord Stream 1 pipeline to Germany to just 20% last month, contributing to the continent’s energy crisis.
** Russian oil is being transported via a mysterious Egyptian port as Western sanctions loom. The port makes it possible to blend Russian and Egyptian crude, obscuring its origin.
** Despite signs of weakening economic growth globally, regional diesel markets are tight and could tighten even further when winter comes and when Europe bans imports of Russian crude and fuels. Distillate fuel inventories are low in the United States and Europe.
** Japan intends to keep a stake in the Sakhalin-1 oil and gas project in Russia, industry minister Koichi Hagiuda said on Monday, after Russia temporarily banned Western investors from selling shares in key energy projects.
** Millions of households across the south of England could be hit with hosepipe bans within days after the Environment Secretary urged more water companies to introduce urgent restrictions.
** The Cuban government said it has accepted “technical guidance” offered by the United States to help the island’s authorities put out a raging fire that threatens to engulf an oil storage facility at the port of Matanzas, in what could be one of the few examples of cooperation between the two countries in recent years.
** A third crude tank caught fire and collapsed at Cuba’s main oil terminal in Matanzas, its governor said on Monday, as an oil spill spread flames from a second tank that caught fire two days earlier in the island’s biggest oil industry accident in decades.