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Maguire: ROI-Pain in the pump will give US EV Sales a new boost this summer
Despite President Donald Trump's decision to scrap federal subsidies for clean cars, the highest average gasoline prices?since 2022 are likely to reignite the demand for electric cars in the U.S. According to LSEG data, U.S. gas prices will average $2.96 per gallon between May and 'August of this year. This is due to the onset of the U.S.-Israeli war against Iran which has'slashed a?oil shipments out of the Middle East. This price is nearly 40% higher than the same months last year. The average American driver will pay more than 80 cents (21 cents) per gallon during peak driving season in the U.S. Fuel costs are a daily reminder for many Americans. Used EV sales have seen a strong increase in 2026, and new EVs sales reached multi-month records in March. The continued sticker shock at the gas pumps in the summer, when Americans are on vacation and driving long distances for fun, will likely increase the appeal of electric vehicles (EVs), which can be recharged at home or at the increasingly dense network of charging stations. FULLY EXPOSED Fuel prices in the United States have risen this year, despite the fact that the country is the world's biggest crude oil producer. This has added to the frustration of?U.S. consumers. The Energy Institute reports that U.S. crude and condensate oil production has increased by 140% in the last five years, thanks to advances made in oil production using shale deposits. Over the last decade, the revolutionary changes in oil extraction techniques have helped the United States go from being a "net importer" to an "exporter" of oil. This has sparked a boom among U.S. energy companies. The U.S. Energy Information Administration shows that the average retail gasoline price is currently about 50% higher than it was in 2010. ANECDOTAL APPEAL U.S. drivers are increasingly turning to electric vehicles to reduce fuel costs. The desire to reduce pollution has also sparked demand for EVs. Sales of EVs have increased by roughly 13 times over the last decade, and they will account for 10% of all new car sales between 2024 and 2025. Since late 2025, the U.S. EV market has been slowing down. New EV sales have dropped sharply in the first quarter of 2026 compared to the previous year. The recent surge in gas prices since the bombings of Iran led to a drop in fuel and oil shipments out of the Middle East, has reignited interest in EVs. The number of searches on the internet for EVs or hybrid cars, and their sales, is a crude way to measure this interest. Google, the most popular search engine for the U.S., reports that the search trends for "EV Sales", "EV Deals", "Hybrid Sales" and "Hybrid Deals" all reached record highs during the past few weeks as the Iran conflict drove gasoline prices up. Search results do not always reflect actual sales, and it is only a matter of time before we know how many searches lead to actual purchases. Combined with increased dealer incentives, and more aggressive'marketing of EVs from manufacturers' it is clear that the consumer awareness about EVs in 2026 has recovered strongly. Fuel costs are also steadily rising. The allure of EVs and Hybrids that are cheap to operate could rise even higher in the months ahead. Forward markets suggest that fuel costs will remain high during what is usually the busiest driving season in the U.S. These are the opinions of the columnist, an author for. You like this column? Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
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Nigeria flags flood risks in 33 States and warns of widespread flooding in 2026
The hydrological agency warned on Thursday that Nigeria faces a "high risk" of widespread flooding in 2026. More than 14,000 communities are at risk across 33 of the 36 states of the country, as well as Abuja's Federal Capital Territory. The Nigeria Hydrological Services Agency, in its annual flood outlook released on Monday, said that the worst flooding would occur between July and September, at the height of the rainy season. This will threaten cities, farms and critical infrastructure. NiHSA reported that 14,118 communities are?classified high risk', while another 15,597 are?at moderate risk. The figures are in line with recent years. The major cities of Abuja, Lagos, Port Harcourt and Delta could be affected by severe urban flooding. Coastal states like Bayelsa and Delta are also vulnerable to river floods and tidal flooding. Nigeria is prone to flooding, especially during the rainy seasons that begin in April and end in October. In 2022, the worst floods in more than a decade killed over 600 people and displaced 1.4 millions. Farmland was destroyed on 440,000 hectares (1.09 million acres). Last year, over 200 people were killed in a single flooding incident. (Reporting and writing by Camillus Eboh, Elisha Gbogbo editing by Gareth Jones).
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Fuel costs are increasing, so airlines are reducing their prices and cutting back on their outlook.
The U.S. and Israeli war against Iran, which has pushed up jet fuel prices, has shook the aviation industry around the world. Airlines have been forced to increase fares and re-evaluate their financial forecasts. In recent weeks, jet fuel prices have increased from $85-$90 per barrel up to $150-$200 per barrel. This is a major financial blow to an industry that relies on fuel for as much as a quarter of its operating costs. Here is an alphabetical list of the ways airlines are responding to this issue: AEGEAN AIRLINES The Greek airline anticipates that the suspension of Middle East flights, as well as a spike in fuel costs, will have "notable impacts" on its results for the first quarter. AIRASIA Malaysian Airlines executives announced that the company has cut 10% of its flights in the group and imposed a fuel surcharge of around 20%. AIR FRANCE-KLM Cabin fares will increase by 58 euros (50 euros) for round-trip flights. AIR INDIA The Indian carrier announced that it will change its fuel surcharges from a flat rate domestic to a grid based on distance. The carrier said that surcharges for international routes do not compensate the steep rise in fuel costs. AIR?NEW ZEALAND On April 7, the airline announced that it would cut flights in May and June, and raise fares. It was one of the first airlines to announce a large increase in ticket prices after the conflict began. The airline also suspended its earnings forecast for the full year due to volatility in the fuel markets. AKASA AIR Akasa Airlines, based in India, announced that it would be introducing fuel surcharges ranging from 199 to 1,300 Indian Rupees ($2 - $14) for domestic and international flights. ALASKA AIR The U.S. carrier said that it would raise fees by $5 for the first bag and $10 for the second for flights in North America, including Hawaiian Airlines. The third checked bag was raised from $50 to 200 dollars. AMERICAN AIRLINES The U.S. carrier announced that it would increase the fees for checked bags on domestic flights and short-haul flights by $50 for the third bag and $10 for each of the first two. The airline also reduced certain benefits for passengers in economy class. The company had previously said that it anticipated a $400-million increase in expenses for the first quarter due to rising fuel prices. CATHAY PACIFIC Hong Kong Airlines announced that it would cancel about 2% scheduled passenger flights from mid-May to the end of June. Meanwhile, HK Express, its budget airline, was cutting around 6% of flights. The carrier had previously stated that it would increase its fuel surcharge across all routes by 34% from April 1, and will review the charges every two weeks. CEBU AIR The Philippines-based carrier said that the sharp increase in fuel prices is a major concern. It will continue to review pricing and network strategies and try to minimize the impact. CHINA EASTERN EXPRESS AIRLINES Air China said that it would increase fuel surcharges on domestic flights starting April?5. Flights of less than 800km will be charged a surcharge of 60 yuan, and flights above 800km will be charged a surcharge 120 yuan. DELTA AIR LINES Delta announced that it would reduce capacity by about 3.5 percentage points compared to its original plan, and increase fees for checked baggage in order to offset the rising costs of jet fuel. The increase will be $10 on the first and second bags and $50 on third bags. The U.S. carrier pulled all planned capacity increases for the current quarter, and forecast profits below Wall Street expectations. Delta CEO stated that it would not update the full-year forecast due to uncertainty about how long fuel prices would rise. EASYJET EasyJet has warned that it will suffer a larger half-year loss before tax of between 540 and 560 millions pounds ($731 and $758) in March, including an extra 25 million pounds of fuel costs. Kenton Jarvis, CEO of British Airways, said that European consumers can expect to pay higher prices for tickets towards the end summer when fuel hedges end. FRONTIER AÉRIENS Fuel prices have risen significantly since the airline's forecast, and it is now reviewing its full-year outlook. GREATER BAY Airlines The Hong Kong-based firm said that it will increase fuel surcharges for most routes starting April 1, but keep them the same on routes to mainland China and Japan. The carrier has announced that the surcharge on flights between Hong Kong,?the Philippines and other destinations will double. HONG KONG Airlines The airline announced that it would increase fuel?surcharges up to 35% starting March 12. The biggest increases would be on flights between Hong Kong, Bangladesh, and Nepal where the charges would go from HK$284 to HK$384 (US$49). British Airways' owner IAG stated in March that it does not intend to increase ticket price immediately as it has hedged a large amount of fuel for the short to medium term. INDIGO India's largest airline announced that it will begin charging fuel fees on both domestic and international flights as of March 14. The charges include 900 rupees per flight to the Middle East, and 2,300 rupees per flight to Europe. Sources say that the company is lobbying for the Indian government's reduction of fuel taxes. JETBLUE AERWAYS Low-cost airline based in the United States has announced that it will increase fees for optional services, such as checked luggage, due to "increasing operating costs". The airline said that baggage prices would rise either by $4 or $9. Sources with knowledge on the subject have confirmed that KOREAN will be in emergency mode as of April due to rising oil costs. The airline will implement phased responses based on the oil price levels and increase company-wide efficiency to offset rising fuel costs. AIRLINE OPERATORS IN NIGERIA A letter from the Nigerian industry group, which accuses the country's fuel association of artificially increasing prices, warns that Nigerian airlines will suspend flight operations on April 20 if fuel prices do not drop. PAKISTAN INTERNATIONAL FLIGHTS Fuel surcharges are cited as the reason for raising domestic flight prices by $20, and international flights by up to $100. QANTAS AIRWAYS Qantas, an Australian airline, said that it has delayed a planned A$150-million ($106-million) buyback. It also increased its fuel estimate for the second half 2026 from A$2.5-billion to A$3.1-3.33 billion. Scandinavian Airlines announced that it would cancel 1,00 flights in April due to high jet fuel and oil prices. In March, the airline had cancelled "couples of hundred" flights. SAS, which has already raised flight prices, stated that the surge in fuel costs would be a major blow to the aviation sector, even if they tried to absorb it. SPRING AIRLINES Budget Chinese airline announced that it will increase fuel surcharges for domestic flights starting April 5. Details to be announced in due course. SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWEST SOUTHWAST AIRLINES The American carrier announced that it would increase the checked baggage fee by $10 per bag for the first and second bags. This will bring the cost to $45 for first bag, and $55 for a second. The Portuguese airline claimed that its price increases would partially offset the impact of fuel prices changes on its revenues. THAI AIRWAYS The Thailand-based airline said that it would increase fares between 10% and 15% in order to combat rising fuel prices. TURKISH AIRLINES LUFTHANSA SunExpress, the joint venture between Turkish Airlines, Lufthansa and Lufthansa announced that it would be imposing a temporary fuel charge of 10 euros per person on routes between Turkey, Europe and North America from May 1. The fuel surcharge will be applied to all bookings made after April 1, for departures on or after May 1, Turkish Airlines announced on April 10, that it would not be distributing any dividends from its net profit for 2025, instead choosing to keep the earnings and preserve cash. T'WAY AIR As part of the measures taken to combat the effects of war, the South Korean low cost carrier announced that it would furlough cabin crew in May and June without pay. UNITED AIRLINES Scott Kirby, CEO of the U.S. carrier, said that the airline will cut unprofitable flights in the next two quarters to prepare for the oil price remaining above $100 by the end 2027. Andrew Nocella, United's Chief Commercial Officer, said that the company was able to increase fares in response to a rapid rise in jet fuel and oil prices. In an emailed statement, the airline said that it would also be increasing the first and second checked bag fees by $10 to customers traveling in North America, Mexico, Canada, and Latin America. VIETJET A potential fuel shortage has led to the Vietnamese budget airline reducing flight frequencies on certain routes. VIETNAM Airlines Vietnam's Aviation Authority said that the carrier intends to cancel 23 flights per day on domestic routes starting in April after it requested assistance from the government for the removal of an environmental tax. VIRGIN ATLANTIC Corneel Kster, the CEO of the airline, told The Financial Times that despite adding fuel surcharges on fares this year it will struggle to achieve profitability. VIRGIN AUSTRALIA Virgin Australia has said that it expects an increase of jet fuel costs of between A$30 and A$40 million in the second half of the fiscal year. It also anticipates a 1% decrease in capacity for the fourth quarter. The airline had previously stated that it would adjust fares in order to reflect the rising costs. WESTJET Canadian Press reported that the airline would add a fuel surcharge of C$60 ($43), and will combine some flights to reduce costs.
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Boeing hires more than 100 workers per week in its factories to replace retirees and increase production
A union leader revealed that Boeing was hiring between 100 and 140 factory workers per week, which is the fastest pace since 2024. This is to replace retirees, and to increase staffing in order to support?higher production levels and new models. Jon Holden, a Vice President specializing on training and apprenticeships for the International Association of Machinists and Aerospace Workers' (IAM), said in his first interview that Boeing's Pacific Northwest unionized factory workers now number over 34,000 and "are heading higher". Boeing's spokesperson stated in an email that they are seeing a lot of interest in hiring in Puget Sound as well as across the company to support their production rate increases. In 2024, the IAM represented 33,000 Boeing employees in the area when Holden led that local union in a seven week strike over a contract. Boeing must staff a fourth production line in the Seattle area, called the North Line. This is for the planemaker's 737 MAX narrowbody aircraft, which has been a big seller. The company also needs to replace retiring employees and support the production of the 777X, which is still waiting for certification. Holden, the union's new vice president for training and apprenticeships, said: "So it isn't just those working on the North Line." It will be those who have to provide parts, logistics, and storage. It will be transportation, tooling and logistics. According to Washington State's Employment Security Department, aerospace manufacturing jobs in the state dropped to 79,000 in August last year, but steadily increased to 81.800 by February. Aerospace firms are expanding to meet the demand for fuel-efficient aircraft, the space boom, and the rising defense budgets due to the geopolitical tensions and wars in the Middle East and Ukraine. Karen Arlak is the chief human resources officer of Honeywell Aerospace. She said that the U.S. provider expects to hire more than 1,200 people this year, in areas like engineering and manufacturing, due to the growth in the commercial aftermarket and defense sectors. Since the COVID-19 pandemic was over, and operations accelerated again, the aerospace industry has struggled to find skilled workers. Aviation Technician Education Council Executive Director Crystal Maguire said only about 75% of Federal Aviation Administration-licensed mechanics come out of specialized schools, driving demand for apprenticeship ?programs and workers shifting from other sectors. Holden stated that a Boeing apprenticeship program, which trains for specialized skills such as composite?repairs, is expanding beyond the 125 apprentices who were agreed upon in the 2024 contract with the company. Boeing's current need for factory workers is still behind the aggressive?hiring that took place in 2023-2024 when the company?needed to hire workers after the pandemic, and the 737 MAX was grounded following two fatal crashes. Holden stated, "This is a more sustained ramp, which I am happy about as long the economy continues to grow, and as long airlines continue to place their orders." (Reporting from Allison Lampert and Dan Catchpole, both in Montreal; editing by Jamie Freed).
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Brazil's Lula criticises Trump's threats and says leaders should seek to respect
Brazil's Luiz Inacio Lula Da Silva delivered a?blatant critique of the?U.S. In an interview published by El Pais on Thursday, President Donald Trump said that world leaders should not rule with fear but rather respect. Lula said that Trump had no right to threaten a nation in the morning, referring specifically to his threat to 'wipe out the Iranian civilisation' as part of the U.S. and Israeli war against Iran. "He was not elected for that, and his Constitution does not allow it." Lula, who will meet with another leftist Trump critic, Spanish Prime Minister Pedro Sanchez on Friday, in Barcelona, called Trump's foreign policy "a misguided game", driven by the assumption that Washington has the military and economic power to set the rules. Lula continued, "Nobody has the right to scare others." It's important that the powerful assume greater responsibility in maintaining peace. The Brazilian President described himself as an individual who prefers respect over fear. After a surprise raid on Venezuelan President Nicolas Maduro by U.S. Special Forces in Caracas on January 3, he called for free and fair elections without any interference from Washington. "What can't happen is that the U.S. thinks it can run Venezuela. Lula said that this is not normal and has no place in a democratic country. Lula and Trump have had many clashes over the past decade. Trump was a close ally and supporter of his main opponent in the last elections, former far-right president Jair Bolsonaro. Bolsonaro is currently serving a sentence of 27 years for plotting to stay in power. Lula, who is 80 years old, alluded also to the advanced age of both he and Trump when he remembered how he called for'restraint' when Trump, aged 79, imposed heavy?tariffs against Brazil and sanctioned the judges handling Bolsonaro's case. Later, the sanctions were removed and tariffs reversed. Lula stated that "two countries led by two gentlemen who are in their 80s should speak with maturity." (Reporting and editing by David Latona, William Maclean, Andrei Khalip)
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Vote on Inpex Employment Deal by Australian LNG Workers
The workers at Inpex’s Ichthys plant, which is one of Australia’s largest, are voting on Friday for a new agreement that, if rejected, could result in a strike. Workers at the 9.3 million ton LNG plant voted for the closure of the plant, which is associated with its facilities. The Iran war has caused significant LNG volumes to be removed from the market. Another plant in Australia - the world's number one LNG exporter - also closed. The world's No. 2 LNG exporter is operating below capacity because of cyclone damage. Offshore Alliance members, a group of unions, expressed their displeasure at the company's proposal, stating that the pay conditions "do not match the consumer price index" and fall below industry standards. In a recent statement, Chris Donovan, AWU Assistant Secretary and Offshore Alliance spokesman, said that INPEX had failed to meet even the 'basic claims' of its workers. A union representative said that the Ichthys staff of 430 people is about 95% unionised. Inpex claims that its offer is fair, competitive and reasonable. Inpex's spokesperson stated that the new system "maintains alignment between our employment conditions and external market conditions, and exceeds or meets peer conditions in many areas." Separately union members will finish voting next week on whether or not to take protected industrial actions, with the ballots closing on April 24, 2019. The Fair 'Work Commission, the body that oversees workplace disputes and arbitrates disputes, has approved of?the potential action. A strike at Chevron’s Wheatstone plant in Australia in 2023 tightened the global LNG supply. Since the beginning of the Iran War on February 28, more than 20% of?the?world's LNG has been?constrained.
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Australia's trucking sector looks to electric alternatives as it faces fuel shortage
As the Middle East Crisis disrupts fuel supplies and drives up prices, interest in electric trucks is increasing in Australia. Since the Iran War began, electric truck companies have reported an increase in inquiries and investments from customers. Ben Hutt is the CEO of Janus Electric. The company manufactures vehicle battery packs. Its shares have increased by as much as 58% in value since the U.S. and Israeli war against Iran began late February. He said: "We have seen an enormous increase in interest from government around the globe, customers all over the world and customers in Australia." The 'geography of Australia and its low population density make it one the most dependent countries on road freight in the world. It relies on diesel trucks to transport raw materials, goods and food across huge distances. Hermione parsons, CEO of Australia Logistics Council, apex organisation of Australia's freight industry, stated that despite recent interest in electric vehicles, the country still has a "diesel-dominated system". Around?800,000.00 diesel trucks are on the roads compared to just 1,000 electric ones. High upfront costs, limited infrastructure for charging and concerns about the technology's range and load capacity have long stymied the?electrification? of the sector. Diesel prices above A$3 per litre ($2.14) are affecting operators' bottom line, according to industry sources. Hutt said, "The technology is working, there is range, there is power and torque, and they are much more economical to operate." He said that more drivers are also accepting electric trucks. Janus Electric converts existing heavy trucks into interchangeable battery packs. The conversion costs around A$150,000 ($107.550). Hutt stated that converted vehicles towing a single trailer could travel up to 400 km (250 mi) before they need to change batteries at dedicated stations. The process takes less than four minutes. Daniel Bleakley said that his electric trucking firm, New Energy Transport had received "a wave" of inquiries in recent months. He said that "we've seen an increase in interest from both major transport buyers and investors" in Australia. Last month, New Energy Transport announced that it had completed Australia's very first end-to-end electric heavy road freight transport, traveling 460 km between Sydney and Canberra. The vehicles were able to travel up to 670 km (415 miles) with 49 tons of freight on a single battery charge in overseas trials. John Rose, professor at University of Sydney's Institute of Transport and Logistics Studies said that electric trucks are increasingly being used for city routes and last-mile logistical needs. It would be "many years" before electric trucks were used for long-haul transportation. "We are seeing?electrification? in some parts of the industry and not in others. This is a very widespread benefit if we make it happen. This war will definitely push it forward. Parsons, ALC, said that the electric truck market is still in its infancy. $1 = 1.3947 Australian Dollars (Reporting and writing by Cordelia Hsu, Sydney)
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El Al, Israel's national airline, to expand Boeing deal by buying six additional 787s
El 'Al Israel Airlines announced on Thursday that it would exercise its option to 'buy six additional 787-9 Dreamliner planes from Boeing. The airline cited a long-term strategy for increasing capacity and improving profitability. Israel's flag airline?also announced that it would expand?its agreement with Boeing, including an?option to buy up to six additional 787 aircraft. El Al currently has 17 787 aircraft in its fleet. The company expects to have 28 aircraft by the end of the decade, and up to 34 in the future. El Al signed an $1.25 billion contract with Boeing in 2016 for a 'first order' of 15 787 aircraft, with a?option for another 13.
Nigerian Airlines threaten to stop flights due to rising jet fuel prices
Nigerian airlines will cease all flights on April 20 unless the crippling jet fuel price, which they accuse the country's "fuel marketers" of artificially increasing, is reduced.
Airline Operators of Nigeria (an industry group consisting of around 12 mainly domestic carriers) complained to the Major Energies Marketers Association of Nigeria in a letter dated April 14 that jet fuel had increased by approximately 270% since February.
The price of oil and fuel has risen since the start of the Iran War, because the conflict is preventing shipping through the Strait of Hormuz.
In a letter to AON, the company called the increase in jet fuel prices in Africa's largest nation "astronomical" and "artificial," and said that it was far higher than global crude oil price.
It said that "currently, airline revenues alone are not sufficient to cover the cost for fuel."
MEMAN did not respond immediately to a comment request.
The global aviation industry has been thrown into chaos by the soaring prices of jet fuel. Airlines have had to increase fares, reduce growth plans, and rethink their forecasts.
AON stated that increasing ticket prices in Nigeria to reflect fuel costs could result in a drop in passenger numbers. A shutdown of airline operations would also have wider repercussions on banks, jobs, and insecurity.
According to the African Airlines Association, jet fuel accounts for 30 to 40% of African airlines’?operating expenses, compared to a global average between 20 and 25%. This makes them especially vulnerable to price increases.
The Nigerian aviation sector used about 2.1 million litres per day of jet fuel last month, according to data provided by the country's petroleum product regulator.
The data shows that the Dangote Petroleum Refinery, Nigeria's only domestic jet fuel producer, did not make any deliveries to the domestic market in March.
Data from the tanker-tracking firm Kpler revealed that Nigerian exports of clean products such as gasoline, diesel, jet fuel and kerosene more than doubled month-on-month during March.
Dangote didn't immediately respond to our request for comment. (Reporting and editing by Joe Bavier; Isaac Anyaogu)
(source: Reuters)