More energy news headlines

** Oil prices could spike to $185 a barrel if EU abruptly banned Russian crude, JPMorgan said Tuesday. A full and immediate embargo would displace 4 million barrels per day of Russian oil.

** A shortage of solar modules due to the Commerce Department’s probe of four Southeast Asian nations has put 65 percent of new U.S. solar projects at risk of being canceled or delayed, according to a market impact survey from the American Clean Power Association reported POLITICO.

** Exxon Mobil Corp. estimates there will be a $4 trillion market by 2050 for capturing carbon dioxide and storing it underground, the company said in a presentation on Tuesday. That is about 60% of the $6.5 trillion market the U.S. largest crude producer estimates for oil and gas by then.

** The Biden administration is launching a $6 billion effort to rescue nuclear power plants at risk of closing, citing the need to continue nuclear energy as a carbon-free source of power that helps to combat climate change.

** The White House has given up asking Saudi Arabia to pump more oil after being repeatedly rebuffed by the kingdom, The Wall Street Journal reported, the latest sign of a growing rift between the two nations.

** In the U.S., electricity generation using natural gas likely hit its peak in 2020, according to a new report from the Institute for Energy Economics and Finance (IEEFA), which finds that cheaper wind and solar are edging gas off the power grid.

** Barksdale Air Force Base in Louisiana reported two injuries along with a small fire from a natural gas pipeline explosion on the East Reservation of the base on Tuesday. The explosion resulted in a small fire that impacted about half an acre of land, with no further damage to installation property, the U.S. Air Force said in a statement.

** Oilfield services company Atlas Sand is mulling an initial public offering and hired Goldman Sachs Group Inc. to handle the potential IPO, which could value the company at $2 billion to $3 billion including debt, according to people familiar with the matter reported Reuters.

** Appellate judges threw a set of California climate cases back to state court on Tuesday, dealing another blow to Exxon Mobil Corp., Chevron Corp., and other industry giants targeted in climate liability litigation.

World

** India is doubling down on Russian crude oil purchases despite warnings from the U.S., snapping up every major grade from the OPEC+ producer as its war in Ukraine nears a third month.World

** Russian oil exports have dropped 25% week-over-week, according to data from Bloomberg. The week leading up to April 15 saw roughly $181 million in oil revenue, compared to $240 million the week prior.