** U.S. President Joe Biden on Friday accused the U.S. oil industry, and Exxon Mobil Corp in particular, of capitalizing on a supply shortage to fatten profits after a report showed inflation surging to a new 40-year record.
** North Dakota regulators approve a permit for a landfill to begin storing radioactive oilfield waste.
** Russia’s crude oil output could decline by 18 percent by the end of next year, the U.S. Energy Information Administration has forecast, citing the European Union’s planned embargo on Russian oil imports.
** Record prices prompt gas station owner in Massachusetts to stop selling fuel, per Western Mass News. ExxonMobil raised gas prices by 40 cents in 24 hours, Ren’s Mobil owner told Western Mass News.
** US Treasury Secretary Janet Yellen said a plan to ban European and UK firms from insuring tanker shipments of Russian oil could help limit Moscow’s energy revenues as allied countries seek to curb revenues flowing to Moscow.
** The Kansas Geological Survey and the University of Kansas received $1.5 million for a two-year project examining the potential for recovering critical minerals that are used in clean energy technologies from coal deposits and mining waste.
** Business groups push back against a proposal in Tucson, Arizona, to require “EV readiness” for new commercial development.
** Six Utah cities have backed out of a program to acquire 100% renewable energy, with some local leaders citing cost concerns.
World
** As the price of gas in the United States rises, a Greek oil tanker that was seized by Iran holds tens of thousands of gallons of oil worth more than $100 million that were headed to Texas, according to an administration official and a former administration official.
** The US’s top energy advisor has told India not to go too far in ramping up its oil imports from Russia. India has increased its purchases from Russia from next to nothing to around 800,000 million barrels per day.
** The leader of Lebanon’s militant Hezbollah group threatened Thursday to strike a gas rig Israel is setting up in the Mediterranean Sea and that Lebanon claims is in a disputed maritime area between the two countries.
** The European Commission has proposed a deal to EU member states with Egypt and Israel to boost imports of natural gas from the eastern Mediterranean, according to a draft document seen by Reuters dated June 7.
** Germany’s transport minister voiced strong opposition Thursday to plans to ban the sale of new cars with combustion engines across the European Union in 2035, arguing this would discriminate against vehicles powered with synthetic fuels.
