** California lawmakers on Monday introduced legislation to penalize oil companies for alleged price gouging, setting up a showdown with an industry that has long wielded political influence in the Golden State.
** Congressional Democratic leaders are pushing to include legislation spurring oil and gas drilling that is desired by Democrat West Virginia Sen. Joe Manchin within the annual defense spending bill.
** Exxon Mobil, the largest oil company in the U.S., is boosting the compensation of its CEO and other top executives for next year. Chief Executive Darren Woods will earn a base salary of $1.88 million in 2023, a raise of more than $100,000 from the year before, according to a filing. And Kathryn Mikells, who became the company’s chief financial officer 16 months ago, will receive $1.22 million in pay for 2023.
** The attacks that left two electrical substations in North Carolina riddled with gunfire and knocked out power to 45,000 homes and businesses underscores the fragility of US grids, experts said Monday.
** Chevron Corp. will formally take over operational control of a key Venezuelan oil-processing facility this week during a joint visit to the site by company and government representatives, according to a person familiar with the plan.
** Tennessee’s Republican Governor Bill Lee is considering a set of new road-related rules to fund a proposed transportation infrastructure bill. On the docket: raising the fee electric vehicle owners pay to register their cars. Currently, EV drivers pay $100 in the state every year; under newly announced budged scheme, that would triple to $300.
** Tesla stock fell as much as 6% on Monday as investors assessed reports that may indicate lower production outputs. The electric-vehicle maker’s Shanghai factory could cut Model Y production by 20% from full capacity, Bloomberg reported, citing sources familiar with the matter. The output cuts could take place as soon as this week.
** A Massachusetts senator asks 20 car manufacturers to continue installing AM radio in their electric vehicles to facilitate emergency communications, despite concerns the technology drains batteries faster.
World
** Russian Governer of Kursk Roman Starovoit confirmed that a Ukrainian drone hit their oil facility near an airport. Videos and images show the large fire with plumes of smoke visible throughout the city. According to reports, Ukraine used drones to attack this region, including the two other Russian military bases, the Engels airfield, and the Dyagilevo military base.
** The EU’s price cap on Russian crude and its ban on seaborne Russian crude kicked in Monday. Oil tankers have begun piling-up off Turkish shores, as Ankara demands proof of insurance coverage.
** Russia has an oil tanker “shadow fleet” to bypass western sanctions, the Financial Times reported. Shipping brokers and analysts estimated that Moscow added over 100 ships to the fleet, per the FT.
** Tanker charter prices are sky-high for ships willing to transport Russian oil amid sweeping sanctions. Middle East and Asian buyers are opportunistically snapping up aging oil tankers to ship Russian fuel. Prices for 20-year-old Aframax tankers have nearly doubled this year.