President Trump tweeted Saturday that drivers should "Enjoy the low gas prices over the Labor Day weekend!," yet he inaccurately characterized U.S. energy markets in the same message.
Where it stands: Per AAA, the average gasoline price nationally is $2.58, the lowest level heading into the Labor Day holiday since 2016 (but quite similar to 2017 levels).
One way carmakers comply with increasing fuel economy standards — even without selling many hybrids or electric cars — is by using regulatory credits they stockpiled from previous years or purchased from competitors.
Why it matters: The standards are getting tougher now, and companies are not only drawing down their banked credits; they've stopped generating new ones, too. That could drive up their trading value, enriching some companies with credits to spare, while putting others at risk of non-compliance.
As the debate over fuel-economy standards escalates, automakers are desperately trying to forge a compromise between the goals of the Trump administration, which wants to weaken current rules, and California, which favors growing stringency.
The big picture: It's rare for companies to beg for regulation, but nothing could be worse for the auto industry than a split market, where some states have stricter rules than others. A drawn-out court battle would be just as bad, creating regulatory uncertainty.
The city of Miami has instructed electric scooter companies to move or secure their vehicles as Hurricane Dorian approaches, reports Bloomberg.
Why it matters: The storm could be a Category 4 hurricane by the time it reaches Florida on Monday with winds that could easily pick up the scooters and turn them into dangerous projectiles. Miami officially began its scooter pilot program in April after an initial 2018 run faced legal challenges, per the South Florida Sun Sentinel, and the big five companies — Bird, Lime, Lyft, Spin and Uber — told Bloomberg their scooters will be safe.
For the first time yesterday, the U.S. Chamber of Commerce publicly split with the White House over its plan to freeze Obama-era vehicle emissions and mileage rules.
Why it matters: While K Street is directionally inclined toward deregulation, there can be colliding interests below the surface. And that's certainly the case when it comes to the oil and auto industries.
