Camila Domonoske

Rivian and Lucid aren't household names. But, somehow, these two electric startups are each worth more than Ford.

Both companies are flush with cash, and they've reached a major milestone: They are actually producing and delivering vehicles to customers

That has left them at the front of an epic race to recreate Tesla's astonishing success story, as the auto industry speeds toward a transition to electric vehicles.

The production volumes are still small — just a few hundred vehicles each so far. But they have big ambitions to scale up in the coming years.

A recent surge in gasoline prices has left President Biden scrambling for options to do something about it.

One that's getting a lot of attention is the possibility that the Biden administration will release crude oil from the country's emergency oil stockpile, known as the Strategic Petroleum Reserve.

Much will depend on oil prices, which have soared over the past year, recovering to their pre-pandemic levels and then some. But after rising to more than $86 a barrel in October, they have since dropped to less than $80.

A few years ago, when the advocacy group Coltura called on America to stop using gasoline, it prompted mockery.

Coltura had been waging a war against gasoline for a few years by this point, but its primary weapons were things like music and performance art. One piece featured actors inside a clear plastic bubble panicking as it filled with simulated exhaust.

You probably don't need a news report to tell you that gasoline prices have been surging. Prices are at a seven-year high, up more than a dollar from a year ago.

Rising energy costs, including gasoline as well as natural gas and coal, are a major driver of high inflation. That's putting pressure on household budgets and creating a major political problem for the Biden administration.

Electric automaker Rivian hit public markets with a big splash.

Rivian shares surged in their first day of trading on Wednesday, after the company completed one of the largest initial public offerings in U.S. history.

The shares have settled slightly after the initial pop, but the company is still valued at close to $100 billion — a larger market capitalization than Ford or General Motors has, although not as high as Tesla's mind-boggling $1 trillion valuation.

GEORGETOWN, Guyana – For more than a century, a wide, low seawall has protected the country of Guyana from the depravations of the Atlantic Ocean.

Today, the weathered old seawall is a cheerful place. Vendors sell beer and coconut water, blasting local radio stations as they look out over muddy waters. Kids play, couples flirt. Exhausted workers catch a cool breeze after another 90-degree day in the capital city of Georgetown.

Updated October 25, 2021 at 4:01 PM ET

The car-rental giant Hertz is making an audacious bet on electric vehicles, purchasing 100,000 battery-powered vehicles from Tesla.

The news of the sale lifted Tesla shares, and the world's most valuable automakers briefly hit an unprecedented $1 trillion market cap. Hertz's purchases will be made up of the Tesla Model 3, a sedan that is the cheapest vehicle currently available from the electric carmaker.

If you want to know why it's hard to buy a car these days, just take a look at all the vacant spots at your local dealerships.

When Sarah Chismar, a Toyota salesperson, surveyed the empty pavement at her dealership in Missouri this week, she sighed.

"In a normal month, we probably will have, like, 120 new cars," she said. "Right now, I think we have maybe 10."

And she's happy to have 10. "Last week we had five," she added.

Although oil companies are still assessing the damage at the oil rigs, platforms and refineries that were struck by Hurricane Ida, signs point toward a limited impact on gasoline availability and prices.

AAA has warned of price volatility, and several analysts expect temporary price increases of several cents, but experts are not expecting a dramatic or prolonged disruption to the market.

Leaded gasoline's century-long reign of destruction is over.

The final holdout, Algeria, used up the last of its stockpile of leaded gasoline in July. That's according to the U.N. Environment Programme, which has spent 19 years trying to eliminate leaded gasoline around the globe.

"The successful enforcement of the ban on leaded petrol is a huge milestone for global health and our environment," Inger Andersen, UNEP's executive director, said Monday.

Updated August 30, 2021 at 12:54 PM ET

Hundreds of thousands of people are without power in Louisiana and Mississippi, and outages could last for more than a month in parts of the region.

Dave Samuelson is totally thrilled with his new job driving a fuel truck to deliver gasoline to stations around Chattanooga, Tenn.

He gets to go home to his farm every night, unlike long-haul trucking where you can drive for days. That means he can feed his goats. He can't complain about the pay — especially since he got a nearly 40% pay increase this year.

And he certainly loves how easy it is to find work right now. If you have the right kind of commercial driver's license, he says, "Good lord ... you can write your own ticket."

Updated July 20, 2021 at 5:24 PM ET

Earlier this month, two dozen low-slung, open-cockpit race cars sped around the streets of Red Hook in Brooklyn.

A distinct high-pitched whizzing sound pierced the air, instead of the usual growl of revved-up race car engines. That's because these cars were powered entirely by batteries rather than gasoline.

Welcome to Formula E. It's like Formula 1, but it's all-electric.

Oil prices have been rising steadily for months. You've probably noticed one big consequence — average gasoline prices have climbed to seven-year highs.

As early as last week, the expectations were that oil prices would either stabilize or rise gradually — until an OPEC+ meeting that was supposed to be routine ended in an unexpected impasse, with no agreement on what to do about oil production.

Now analysts are bracing for everything from a price spike to a price plunge. As millions of Americans hit the road again, there's just no certainty around where crude is headed.

United Airlines is placing a jumbo-sized order of narrow-body aircraft. The company is purchasing 270 new planes from Boeing and Airbus.

Last year, U.S. airlines were fighting to survive. Struggling in the depths of the pandemic, they received an infusion of cash and cheap loans from the U.S. government and, between aid packages, furloughed tens of thousands of workers.

Things have changed, clearly.

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