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<ul class="summary-list"><li>A New Jersey pizzeria is using Tesla's Cybertruck to serve pizzas on the go.</li><li>The Tesla truck's battery is used to power a portable pizza oven.</li></ul>A pizzeria in New Jersey has transformed two <a target="_blank" class="" href="https://www.businessinsider.com/tesla-cybertruck-owner-highlights-complaints-2024-10">Cybertrucks</a> into pizza trucks, using one of the <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla</a> vehicle's most futuristic features to cook pizzas on the go.Columbia Inn owners Fabio Antonio Arbelaez and Ryan McDermott bought three Tesla Cybertrucks to turn them into pizza delivery vehicles.They wanted new vehicles to relieve the strain on their gasoline pizza truck, which the two partners say was frequently booked months in advance.Now, they say they are facing a huge wave of demand for their Cybertruck pizza trucks, which they've modified to cook pizzas at parties and events."We designed a special sliding bed tray on the truck and set up an electric pizza oven, LED umbrellas, and a small refrigeration unit, which are all powered by the truck," said Arbelaez.<h2 id="4302d74a-d141-41c3-85e1-0fdb3841529d">Pizza on wheels</h2>Arbelaez told Business Insider that the two <a target="_blank" class="" href="https://www.tesla.com/support/powershare#:~:text=Universal%20Wall%20Connector%20enables%20bi,an%20outage%20when%20plugged%20in.">120-volt and one 240-volt outlets in the Cybertruck's cargo bed</a>, which draw power from its battery, make it perfect for cooking fresh pizzas.<div type="image" title="Cybertruck pizza truck" height="443" width="591" msid="114660681" hostid="261" sizebytes="21486"></div>"Our big gas truck, there's only so many places it can go," said McDermott."We could take the Cybertruck to the middle of the Sahara Desert, provided we have a full charge, cook pizzas for six hours, and drive back," he added.Elon Musk promised the Cybertruck would be an <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-cybertruck-recalled-again-2024-10">"apocalypse-proof" </a>off-roader when the first deliveries began last year.A series of viral videos have shown the Cybertruck struggling with <a target="_blank" class="" href="https://www.businessinsider.com/tesla-cybertruck-apocalypse-vehicle-thwarted-stuck-sand-snow-regulator-recalls-2024-5">sandy beaches</a>, <a target="_blank" class="" href="https://www.businessinsider.com/cybertruck-tesla-stuck-snow-video-driver-error-ford-viral-2023-12">snowy terrain</a> and <a target="_blank" class="" href="https://www.businessinsider.com/tesla-cybertruck-offroading-videos-struggling-climb-steep-hill-2023-11">a steep hill</a>.Like other electric vehicles, including the Ford F-150 Lightning, the Cybertruck has <a target="_blank" href="https://www.businessinsider.com/electric-vehicles-gm-ford-home-charging-power-climate-change-2022-10">bidirectional</a><a target="_blank" class="" href="https://www.businessinsider.com/electric-vehicles-gm-ford-home-charging-power-climate-change-2022-10"> charging</a>, allowing it to become a mobile power source for appliances and <a target="_blank" class="" href="https://www.tesla.com/support/powershare#:~:text=Powershare%20allows%20you%20to%20charge,bed%20outlet%20on%20your%20Cybertruck.">even other electric vehicles</a>.Some EV owners have used bidirectional charging to power their homes and vital machinery during storms and flooding, and <a target="_blank" href="https://www.businessinsider.com/f-150-lightnings-are-keeping-the-lights-on-after-helene-2024-10">some F-150 owners in Florida</a> used their vehicles to keep their homes running during Hurricane Helene.<div type="image" title="Cybertruck pizza truck" height="419" width="800" msid="114660676" hostid="261" sizebytes="36648"></div>Arbelaez and McDermott are using two of their Cybertrucks as mobile pizza kitchens, and the third is available on the Turo car rental platform.Arbelaez told BI that in five months of running the first "CyberPizzaTruck" the vehicle had paid off 40% of its price — and with demand booming, they're considering ordering more."Lots of people criticized me in 2012 when I got a Tesla Model S. They said I was stupid for getting that car because Tesla was going to be bankrupt and electric cars would never succeed," said Arbelaez."I got that car because I understood the importance of companies like <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla,</a> so I wanted to contribute. I hope we have more companies like Tesla and people like <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a>," he added.Arbelaez said that growing up on a coffee farm in Colombia had taught him the importance of preserving the environment."Fossil fuels are a wasteful source of energy. We're using unrenewable natural resources to produce energy, and when we do, we pollute the atmosphere and impact the environment," he said.McDermott said that while the Cybertruck does turn plenty of heads, reactions aren't always positive."You get a lot of haters. I've had people scream at me on the highway, saying 'That's the ugliest thing I've ever seen'," he said, adding he believes the reactions are down to hostility about electric vehicles."It just makes me scratch my head and laugh. I think that means we're winning the war here."McDermott and Arbelaez hope to one day serve pizza for Musk and Tesla employees <a target="_blank" href="https://www.businessinsider.com/elon-musk-moving-spacex-x-texas-headquarters-california-law-2024-7">at its Austin HQ</a>."We want to be the first people to make pizza on the moon and Mars, and we want to make pizza for them on our Cybertruck out in Texas," McDermott said.

2 New Jersey restaurateurs turned a Cybertruck into a mobile pizza oven — and they want to cook for Elon Musk

After reporting <keyword id="21767878" type="General" weightage="20" keywordseo="record-profits" source="keywords">record profits</keyword>, state-owned <keyword id="20459282" type="General" weightage="100" keywordseo="fuel-retailers" source="keywords">fuel retailers</keyword> <keyword id="19908045" type="General" weightage="20" keywordseo="Indian-Oil-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Oil Corporation" meta.hostid="153" meta.entityid="Indian Oil Corporation">Indian Oil Corporation</keyword> (<keyword id="6354733" type="General" weightage="20" keywordseo="IOC" source="Orion">IOC</keyword>), <keyword id="19908646" type="General" weightage="20" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword> and <keyword id="20052221" type="General" weightage="20" keywordseo="HPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="HPCL" meta.hostid="153" meta.entityid="HPCL">HPCL</keyword> posted up to 90 per cent slump in their June quarter earnings as margins fell and they booked under-recovery on the sale of domestic cooking gas LPG at government-controlled rates. IOC, the nation's largest oil firm, reported 81 per cent drop in standalone net profit in April-June - the first quarter of current 2024-25 fiscal year - to Rs 2,643.18 crore as opposed to a profit of Rs 13,750.44 crore a year back, according to a company filing. Net profit also declined sequentially, when compared to an earning of Rs 11,570.82 crore in March quarter. Hindustan Petroleum Corporation Ltd (HPCL) posted 90 per cent drop in profit to Rs 633.94 crore as compared to an earning of Rs 6,765.50 crore in April-June 2023 and Rs 2,709.31 crore in the preceding March quarter. Bharat Petroleum Corporation Ltd (BPCL) net profit dropped to Rs 2,841.55 crore in April-June from Rs 10,644.30 crore a year back and Rs 4,789.57 crore in January-March, its filing showed. The three fuel retailers made extraordinary gains from holding petrol and diesel prices despite a drop in cost. The price freeze was justified in the name of recovering losses they had suffered in the previous year when they did not raise retail prices despite a surge in cost. The gains arising from the price freeze were eroded with petrol and diesel prices being cut by Rs 2 per litre each just before general elections and a fall in refining margins. Also, the three had uncompensated <keyword id="20866844" type="General" weightage="20" keywordseo="LPG-subsidy" source="keywords">LPG subsidy</keyword> - IOC booking under-recovery of Rs 5,156.23 crore in April-June, BPCL Rs 2,015.10 crore and HPCL Rs 2,443.71 crore, according to the filings. As per an order of the oil ministry, when market determined price (MDP) of LPG cylinders is less than its effective cost to customer (ECC), oil marketing companies (OMCs) have to retain the difference in a separate buffer account for future adjustment. However, as on June 30, 2024, the three firms had a net negative buffer as the retail selling price was less than MDP. The three retailers IOC, BPCL and HPCL had reported record profits totalling about Rs 81,000 crore in FY24 (2023-24), which was far more than their annual earnings of Rs 39,356 crore in pre-oil crisis years. This is because they resisted calls to revert to daily price revision and pass on softening in rates to consumers on grounds that prices continue to be extremely volatile - rising on one day and falling on the other - and that they needed to recoup losses incurred in the year, when they kept rates lower than cost. IOC in 2023-24 posted a standalone net profit of Rs 39,618.84 crore compared to Rs 8,241.82 crore in 2022-23. While the company could argue that FY23 was impacted by the <keyword id="21626914" type="General" weightage="20" keywordseo="oil-crisis" source="keywords">oil crisis</keyword>, the FY24 earnings are higher than even the pre-crisis years - Rs 24,184 crore net profit in 2021-22 and Rs 21,836 crore in 2020-21. BPCL posted a net profit of Rs 26,673.50 crore in FY24, higher than Rs 1,870.10 crore earnings in 2022-23 and Rs 8,788.73 crore in FY22. HPCL's 2023-24 profit of Rs 14,693.83 crore is compared with a Rs 8,974.03 crore loss in FY23 and a profit of Rs 6,382.63 crore in 2021-22, according to the filings. The losses in FY23 had led to the finance minister announcing Rs 30,000 crore equity infusion in the three firms. Mid-way through the year, that support was halved to Rs 15,000 crore. The support was to happen by way of equity infusion via a rights issue. But after the record profits of 2023-24, the equity infusion plan has now been scrapped. Finance Minister Nirmala Sitharaman had on February 1 last year, while presenting the annual Budget for the 2023-24 fiscal (April 2023 to March 2024), announced an equity infusion of Rs 30,000 crore in IOC, BPCL and HPCL to support the three state-owned firm's energy transition plans. In the interim budget that the finance minister presented in February this year ahead of the general elections, the capital support to the three oil companies was halved to Rs 15,000 crore. In the full budget for 2024-25, both plans have been scrapped. While other state-owned oil companies like Oil and Natural Gas Corporation (ONGC) and GAIL (India) Ltd too have lined up billions of dollars of investment to achieve net-zero carbon emissions, the equity support was limited to the three fuel retailers, which had suffered huge losses in 2022 when they held retail petrol, diesel and cooking gas (LPG) prices despite a spike in raw material (crude oil) prices, following Russia's invasion of Ukraine. The board of IOC and BPCL had last year approved rights issues to raise to Rs 22,000 crore and Rs 18,000 crore, respectively. The government was to participate in the rights issue. The three companies, which control roughly 90 per cent of India's fuel market, 'voluntarily' have not changed petrol, diesel and cooking gas (LPG) prices, resulting in losses when input costs were higher and profits when raw material prices were lower. They posted a combined net loss of Rs 21,201.18 crore during April-September 2022 despite accounting for Rs 22,000 crore announced but not paid LPG subsidy for the previous two years. Subsequent softening of international prices and government giving out LPG subsidies helped IOC and BPCL post annualised profit for 2022-23, but HPCL was in the red. In FY24, things changed dramatically, and the three firms posted record earnings.

After record profits, state-owned fuel retailers Indian Oil, BPCL and HPCL see profit slump in Q1

Billionaire <keyword id="3820" type="General" weightage="100" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword>'s <keyword id="13923185" type="DOMAIN" weightage="20" keywordseo="reliance-industries-ltd" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="reliance industries ltd" meta.entityname="Reliance Chemotex Industries Ltd." meta.entityid="12329" meta.seoname="reliance-chemotex-industries-ltd">Reliance Industries Ltd</keyword> and state-owned <keyword id="64243" type="DOMAIN" weightage="20" keywordseo="oil-and-natural-gas-corporation" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="oil and natural gas corporation" meta.entityname="Oil And Natural Gas Corporation Ltd." meta.entityid="11599" meta.seoname="oil-and-natural-gas-corporation-ltd">Oil and Natural Gas Corporation</keyword> (<keyword id="6354737" type="General" weightage="20" keywordseo="ONGC" source="Orion">ONGC</keyword>) are separately auctioning natural gas extracted from coal seams at prices linked to Brent crude oil price. <keyword id="10926" type="DOMAIN" weightage="20" keywordseo="reliance" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="reliance" meta.entityname="Reliance Industries Ltd." meta.entityid="13215" meta.seoname="reliance-industries-ltd">Reliance</keyword> is seeking a minimum USD 12.75 per million British thermal unit for coal bed methane (CBM) from a block in Shahdol district of Madhya Pradesh, while <keyword id="6354737" type="DOMAIN" weightage="20" keywordseo="ongc" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="ongc" meta.entityname="Oil And Natural Gas Corporation Ltd." meta.entityid="11599" meta.seoname="oil-and-natural-gas-corporation-ltd">ONGC</keyword> wants USD 9.35 for the same kind of fuel from North Karanpura in Jharkhand, according to tender documents. Reliance has sought bids for sale of 0.65 million standard cubic meters per day from CBM block SP(West)-CBM-2001/1 for one year beginning April 1, 2023, the company's tender document showed. It asked bidders to quote a variable 'v' as a percentage of dated Brent crude oil price. Starting bid price has been kept as 15 per cent of Brent ('v' = 15 per cent). At the current Brent price of USD 85 per barrel, this translates into a price of USD 12.75 per mmBtu. e-bidding will happen on February 24. ONGC has offered 0.015 mmscmd of gas from North Karanpura (NK) block in Jharkhand for 3 years. It asked bidders to quote a premium 'p' as a percentage of Brent price. The reserve or bid start price has been kept at 11 per cent of Dated Brent price (USD 9.35 per mmBtu at Brent oil price of USD 85 per barrel). Price of gas "shall be higher of the reserve gas price plus quoted premium (p) or floor price plus quoted premium (p)," ONGC said. The floor price will be USD 1 per mmBtu higher than the domestic gas price (which currently is USD 8.57 per mmBtu). The e-auction of ONGC gas will take place on March 2, it said. CBM is an unconventional form of natural gas found in coal deposits or coal seams. Just like natural gas, it can be used to produce electricity and as feedstock for fertilisers, industrial uses such as in cement production, rolling mills, steel plants, and for methanol production. It can also be compressed into CNG for use as fuel in automobiles or piped to household kitchens for cooking. While the government every six months fixes the price of natural gas produced from conventional fields, the pricing of gas from coal seams, called CBM, is free or market-determined. The minimum price ONGC is seeking in the latest tender is less than what it had sought for CBM from a Bokaro block in Jharkhand last year. In June 2022, ONGC invited bids for the sale of 0.20 mmscmd at a reserve or floor price of 14 per cent of the Dated Brent crude oil price plus USD 1 per million British thermal unit, the sale tender had shown. Bidders will have to quote a premium they are willing to offer over that reserve price. The floor price was the government-mandated price for domestic natural gas plus a USD 1 per mmBtu mark-up. The "Contract Gas price shall be the higher of the 14 per cent of Dated Brent Price plus USD 1 per mmBtu plus 'P' (the biddable parameter); or the floor price," it had said. At the current Brent crude oil price of USD 85 per barrel, the reserve gas price came to USD 12.9 per mmBtu in that tender. In March last year, Reliance sold <keyword id="922877" type="General" weightage="20" keywordseo="CBM-Gas" source="Orion">CBM gas</keyword> from the Madhya Pradesh block at a big premium to firms, including <keyword id="12051518" type="DOMAIN" weightage="20" keywordseo="gail" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="gail" meta.entityname="GAIL (India) Ltd." meta.entityid="4845" meta.seoname="gail-(india)-ltd">GAIL</keyword>, GSPC and Shell. Reliance had sold 0.65 mmscmd of gas from block SP-(West)-CBM-2001/1 at a USD 8.28 premium over prevailing Brent crude oil prices. The firm had sought bids at a premium over the base of 13.2 per cent of Brent crude oil prices. At the then Brent crude oil price of USD 115 per barrel, the base came to USD 15.18 per mmBtu and adding USD 8.28 premium bid by state-owned gas utility GAIL and other firms, the final price was USD 23.46 per mmBtu. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/news/cancer-diagnosis-can-affect-a-persons-ability-to-keep-a-job-says-a-study-in-american-academy-of-neurology/articleshow/97866989.cms">Cancer diagnosis can affect a person's ability to keep a job says a study in American Academy of Neurology</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/yamaha-bikes-to-be-e20-compliant-by-end-of-this-year-drives-in-new-range-with-traction-control-system/articleshow/97865654.cms">Entire motorcycle range to be E-20 compliant by end of the year: Yamaha</a>

Reliance seeks $12.75 for CBM gas, ONGC wants $9.35

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2 New Jersey restaurateurs turned a Cybertruck into a mobile pizza oven — and they want to cook for Elon Musk

Tom Carter

After record profits, state-owned fuel retailers Indian Oil, BPCL and HPCL see profit slump in Q1

PTI

Reliance seeks $12.75 for CBM gas, ONGC wants $9.35

PTI

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