Other headlines

** Despite the high cost of electric vehicles, President Biden this week attended the Detroit Auto Show and encouraged Americans to buy the vehicles. It was his latest anti-fossil fuel effort.

** While the White House still denies the existence of a recession in the U.S., the National Energy Assistance Directors Association reports that roughly 20 million households in the U.S. — one out of six homes — are behind on their utility bills.

** Tesla Inc is suspending plans to make battery cells in Germany as it looks at qualify for electric vehicle and battery manufacturing tax breaks in the United States, the Wall Street Journal reported on Wednesday, citing sources familiar with the matter.

** According to The Drive, Ford Motor Company issued a warning at its annual dealer conference, telling franchisees that they have until the end of October to decide whether to commit to fixed, no haggle pricing or be cut out of selling EVs.

** Oil could soar to $150 a barrel as demand still outpaces supply, a JPMorgan strategist said. That’s because companies aren’t investing enough in future production, which promises a major supply deficit ahead.

** The U.S. Energy Information Administration reported on Thursday that domestic natural-gas supplies rose by 77 billion cubic feet for the week ended Sept. 9. That compared with the average analyst forecast for an increase of 69 billion cubic feet, based on a survey conducted by S&P Global Commodity Insights.


** The threat of energy rationing in Europe is still real as the German regulator warned that there will likely be gas shortages this winter. Warning signs are piling up elsewhere too, with Electricite de France SA saying the crisis could last beyond this winter.

** German utility Uniper said Wednesday the German government may take a majority stake in the company. Uniper has lost billions of euros this year in the wake of Russia’s invasion of Ukraine.

** Shares of Canada’s largest natural gas producer climbed on Monday as Tourmaline Oil called for 28 per cent more cash flow next year, thanks to rising prices at several sales hubs. The Calgary-based company boosted its 2023 cash flow guidance to $6.58 billion, up from $5.14 billion, pointing to strong prices in the Northeast Asia and western United States markets.

** Tesla could make some big changes to how it operates in China. Sources have told Reuters the automaker is reevaluating how it sells electric cars in the country. It could reportedly close some showrooms in cities like Beijing, where footfall plunged during the health crisis.

** Shell CEO Ben van Beurden is stepping down at the end of 2022 after nine years in charge, the energy giant said Thursday, a change that comes as oil and natural gas companies are under pressure to shift away from fossil fuels even as they see soaring profits from energy price s driven up by Russia’s war in Ukraine.

** The European Union’s executive plans to raise more than 140 billion euros ($140 billion) to shield consumers from soaring energy prices by skimming off revenues from low-cost electricity generators and making fossil fuel firms share windfall profits.

** In Japan, a major reversal last month, the government now wants to restart more nuclear power plants that were idled after the 2011 Fukushima disaster and is interested in expanding investments in next-generation plants.