** According to a recent Reuters report, the U.S. sent more than five million barrels of oil from its SPR to Europe and Asia last month. Reuters reported that Phillips 66 shipped around 470,000 barrels of crude oil from a storage site in Texas to Italy.
** The global price of oil could surge by 40% to around $140 per barrel if a proposed price cap on Russian oil is not adopted, along with sanction exemptions that would allow shipments below that price, a senior U.S. Treasury official said on Tuesday.
** General Motors’ most affordable and accessible electric vehicle — the Chevrolet Bolt — will disappear from the lineup to make way for more EVs on the automaker’s Ultium platform.
** Enbridge Inc. has been instructed by the State of Michigan regulators to provide additional information on safety and engineering for its proposed Line 5 oil pipeline tunnel.
** U.S. President Joe Biden faces a deadline next week to intervene in nationwide U.S. railroad labor talks covering 115,000 workers, or open the door to a potential strike or lockout that could threaten an already fragile economy and choke supplies of food and fuel.
** An Austin, Texas, city council member who had warned the city wasn’t prepared for a heat wave wound up at one of the city’s cooling centers when her power went out Monday.
** In 2020, 26% of U.S. households used electricity as the only source of energy (32.25 million out of 123.53 million homes), according to the U.S. Energy Information Administration.
** The main natural gas pipeline between Russia and Germany shut down for scheduled maintenance Monday, raising concerns that Moscow could use the repairs as a pretext for a longer shutdown as it wields energy supplies as leverage in the Ukraine war.
** German energy prices surged on Monday due to insufficient wind generation. The jump comes amid already crippling inflation affecting household commodities, such as food and gas, in Europe and the United States.
** India’s oil imports from Russia surged to a record of around 950,000 barrels per day (bpd) in June, accounting for nearly a fifth of overall imports by the world’s third largest oil consumer, data provided by trade sources showed.
** Gas prices have spiked in the United Arab Emirates since the beginning of this year, prompting long lines outside gas stations on the eve of price hikes each month