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Oil companies are being forced to pay exorbitant prices for oil tankers as shipowners book vessels for storage and Saudi Arabia snaps up ships as it prepares to flood the market with crude.

Oil’s spectacular collapse deepened as widening global efforts to fight the spread of the coronavirus looked set to trigger the most severe contraction in annual oil demand in history.

President Donald Trump ordered U.S. energy officials to purchase “large amounts” of oil to fill up the nation’s emergency reserve after the biggest price crash in a generation.

Just a week ago, when crude oil prices fell to $46 a barrel, the mayor of the biggest city in the world’s largest shale oil patch seemed oddly calm, almost relieved.

A new report picks Volkswagen as the first incumbent global carmaker to make money selling electric vehicles, with profits expected to arrive by 2022.

BEIJING — China’s auto sales plunged 81.7% in February from a year ago after much of the economy was shut down to fight a virus outbreak, an industry group reported March 12.

U.S. oil output will average 12.7 million barrels a day in 2021, down from an expected 13 million barrels this year, the Energy Information Administration said March 11.

Saudi Arabia and Russia’s price war is handing over a multibillion-dollar profit opportunity to the world’s largest oil traders.

OPEC expects there will effectively be no growth in global oil demand this year, slashing its forecasts as the coronavirus hits the world economy.

INDIANAPOLIS — The momentum with which electrification for commercial trucks is evolving was a key topic at the Work Truck Show and accompanying Green Truck Summit here, with discussions focused on the technology’s potentially robust pulling power, the challenges of building out a charging network and the pace at which innovation and consolidation are constantly bringing change to this nascent market.