"The era of oil and gas and petrochemicals is not over, but the era of electric transport is also coming in. The world is changing and if our customers’ needs are changing, we have to change with them,” said Shell CEO Ben van Beurden.
"Under President Trump, we are going to become the strongest energy superpower this world has ever known," said Interior Secretary Ryan Zinke.
The transaction is valued at about $14.6 billion including the assumption of debt, with the acquisition expected to close this year pending regulatory and shareholder approval.
Electric compact cars sold in 2014 are now worth only 23% of their original sticker price, compared with 41% for comparable combustion vehicles. Accordingly, U.S. drivers now lease almost 80% of battery electric vehicles and 55% of plug-in hybrids.
In addition to making batteries more powerful to extend the driving range of single-owner cars, manufacturers will also need to develop devices that can withstand the rigors of near-constant driving and short-range trips.
Refiners that take advantage of a lighter maintenance season to produce more fuel could help extend a crude price rally that has seen WTI futures jump nearly 18% since early October.
Exceeding 108 gigawatts of PV installations is close to the top end of what can be achieved, based on the global polysilicon manufacturing capacity.