Latest news on fuel

Here are some of the latest news updates on fuel:

Global Fuel Prices

• The global average price of gasoline has risen to $2.75 per gallon, the highest level since 2014, according to the International Energy Agency (IEA). [Source: Reuters]
• The price of diesel fuel has also increased, reaching a record high in many countries, including the United States, Europe, and Asia. [Source: Bloomberg]

Fuel Shortages

• The United States is experiencing a shortage of gasoline, with many stations running out of fuel due to a combination of factors, including refinery closures, transportation disruptions, and high demand. [Source: CNN]
• The UK is also facing a fuel shortage, with many petrol stations running dry due to a shortage of HGV drivers and supply chain issues. [Source: BBC]

Electric Vehicle (EV) Adoption

• The global electric vehicle market is expected to reach 140 million units by 2030, up from 2 million in 2020, driven by government incentives, declining battery costs, and increasing environmental concerns. [Source: BloombergNEF]
• China, the world's largest EV market, has set a target of 50% of new car sales to be electric by 2025. [Source: Reuters]

Fuel Efficiency Standards

• The European Union has proposed stricter fuel efficiency standards for new cars, aiming to reduce CO2 emissions by 37.5% by 2030. [Source: EurActiv]
• The United States has also proposed new fuel efficiency standards for light-duty vehicles, aiming to reduce CO2 emissions by 5% by 2026. [Source: The Hill]

Alternative Fuels

• The use of biofuels, such as ethanol and biodiesel, is expected to increase globally, driven by government policies and declining production costs. [Source: Renewable Fuels Association]
• Hydrogen fuel cell technology is also gaining traction, with several countries investing in the development of hydrogen infrastructure and fuel cell vehicles. [Source: Hydrogen Council]

Refinery Closures

• Several major refineries around the world have been shut down or idled due to maintenance, upgrades, or economic challenges, leading to concerns about fuel supply security. [Source: S&P Global Platts]

These are just a few of the latest news updates on fuel. If you're looking for more information on a specific topic, feel free to ask!