Other energy headlines

** Warren Buffett’s Berkshire Hathaway is likely to buy all of Occidental Petroleum once its credit profile improves, according to a Thursday note from Truist Securities.

** Los Angeles officials are considering a ban on the construction of new gas stations as part of a push to curb the development of fossil fuel infrastructure.

** Mercedes-Benz’s electric concept car drove 747 miles on a single charge of its battery pack. The longest-range electric car on the market is the 520-mile Lucid Air, which costs $169,000.

** California regulators allege that U.S. refiner Phillips 66 improperly began processing renewable diesel in a unit at its Rodeo, California refinery, the company confirmed to Reuters.

** Chevron Corp is planning to relocate its global headquarters to a new leased space in California and sell its existing head office in the state, a company spokesperson told Reuters on Friday.

** Toyota Motor shares slipped after it recalled some of its first mass-made all-electric cars, launched two months ago, because of a risk of wheels coming loose, a setback to its ambitions to electrify its model range.

** Gov. Gavin Newsom and state lawmakers have reached a tentative deal to send $9.5 billion in tax refunds to Californians, providing as much as $1,050 to families this fall in long-awaited financial relief from record-high gasoline prices and other rising costs.

** First Solar, Inc. FSLR recently inked an agreement with National Grid Renewables to supply 2 gigawatts (GW) of its solar modules to the latter, thus further strengthening its strategic partnership with National Grid Renewables.

** Cadillac’s forthcoming Celestiq electric sedan , which is expected to be revealed this summer, will carry a price tag in the neighborhood of $300,000, according to the Wall Street Journal. The car should go into production late next year.

** The Interior Department is expected to reveal its plans for offshore drilling. Interior Secretary Deb Haaland said during a May hearing that the department will propose a 5-year offshore drilling plan by June 30.

World

** The German government is considering converting parts of the Nord Stream 2 gas pipeline into a connection for a liquefied natural gas terminal on the Baltic Sea coast.

** Germany is one step closer to having to ration its gas usage as supply from Russia starts to dry up, and the country’s top economic affairs official is warning that it could lead to an even larger economic spillover effect.

** Germany is pushing for Group of Seven nations to walk back a commitment that would halt the financing of overseas fossil fuel projects by the end of the year, according to people familiar with the matter.

** Italy, Portugal, Slovakia, Bulgaria and Romania want to delay a European Union plan to effectively ban the sale of new petrol and diesel cars from 2035 by five years, according to a document seen by Reuters.

** India is furnishing Russian oil tankers with new safety certifications that will allow Moscow to continue exporting crude, after Western companies withdrew their services amid Western sanctions, according to Reuters.

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