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The Trump administration is considering canceling about $12 billion in energy projects, including funding for hydrogen ventures backed by U.S. oil majors, according to a list seen by Bloomberg.

The Department of Energy terminated $7.5 billion in grants for 223 projects approved by the Biden administration including Paccar Inc.’s SuperTruck 3 program and two hydrogen hubs.

Exxon is the first of the oil majors to post quarterly earnings guidance and often sets the trend for the industry.

Tesla introduced new versions of its top-selling models priced at under $40,000, making its main vehicles more affordable to counteract the loss of U.S. incentives for electric cars.

Lucid Group’s electric vehicle production fell short of Wall Street’s forecasts during the third quarter as the car maker contends with the elimination of the consumer tax credit.

Germany’s ruling coalition confirmed it will extend a tax exemption for new EVs as part of a broader effort to support the nation’s key car industry in the transition to more climate-friendly technologies.

The alliance has been raising output slightly in a series of boosts all year, after announcing cuts in 2023 and 2024.

OPEC+ nations are trying to reach consensus on how to adjust their oil production next month, with either a modest or more substantial supply increase possible, delegates said.

Chevron Corp.’s El Segundo refinery in Los Angeles County has extinguished a fire that broke out the night of Oct. 2 and shut multiple units.

Car companies are stepping in to preserve discounts and smooth the sell-down of existing EV inventory after the federal EV subsidy phased out Sept. 30.