Oil prices surged following airstrikes by Britain and the US on Houthi rebels in Yemen, a response to assaults on Red Sea shipping routes that have impacted global trade.
Crude oil prices fell following Saudi Arabia’s announcement of price reductions.
On Monday morning, crude oil prices experienced a downturn following Saudi Arabia’s announcement of significant price cuts over the weekend.
Oil to remain volatile in 2024, says Bank of America
Bank of America (BofA) analysts predict a challenging year for U.S. oil companies and refiners in 2024, as indicated in a note released on Friday. They anticipate the average price
Fossil fuel production drops to its lowest point since 1957
A recent study highlights a notable decline in Britain’s electricity generation from fossil fuels, reaching its lowest level in nearly seven decades in 2023.
EU Suggests Postponing Brexit Regulations for Three Years to Prevent Tariffs on Electric Cars
The EU has put forward a proposal to extend by three years the implementation of stricter regulations that would otherwise result in import tariffs on numerous electric vehicles (EVs) traded
UK: Electric vehicle uptake declines in November
Sales of battery electric vehicles decreased by 17.1% in November, leading to their share in the new car market dropping to 15.6%, as per the latest industry figures.
Shell’s earnings reached £5.1 billion as the company transitions back to oil and gas.
Shell experienced a surge in its third-quarter profits, with revenues receiving a substantial boost from escalating energy prices and the firm’s intensified commitment to fossil fuels.
John Lewis discontinues insurance for electric vehicles due to concerns about repair expenses.
John Lewis has halted its insurance offerings for electric car owners due to concerns about the expense of repairs.
Volkswagen reduces workforce amid declining EV demand.
“The move follows just three months after Volkswagen scaled back production and made layoffs at their Emden facility. At their German plant in Zwickau, Volkswagen is letting go of nearly
Numerous EV Charging Stations Removed from UK Streets Following Spike in Energy Costs
Free EV Charging Stations in UK Reduced Significantly Due to Escalating Energy Expenses.
Brussels’ ban on petrol and diesel cars has been blocked by Germany and Italy.
Germany and Italy have caused disruption to a proposed European Union to ban on new petrol and diesel cars as they demand exceptions to protect their influential automobile industries.
As petrol prices continue to drop, drivers are becoming less interested in electric cars.
According to the AA, as petrol and diesel prices drop and the cost of electricity surges, the number of motorists interested in purchasing electric cars has significantly decreased.