** President Joe Biden is reportedly set to release 14 million more barrels of oil from the federal government’s stockpile. That last batch of oil from the Strategic Petroleum Reserve could bring down creeping gas prices.
** New Jersey Gov. Phil Murphy’s administration sued Exxon Mobil, Shell Oil, Chevron, BP, ConocoPhillips and the American Petroleum Institute for “systematically concealing” information that the burning of oil and gas has contributed to a warming planet and more intense storms that have hammered New Jersey in recent years.
** The Midwest Energy Summit will take place in Fargo, North Dakota, on Nov. 1. Topics include carbon capture, innovative biomass solutions, and the future of the energy supply.
** Economists and oil market experts sharply criticized Gov. Gavin Newsom, D-Calif., for his recent rhetoric blaming “greedy oil companies” for high gasoline prices in California.
** Fertilizer prices are falling as farmers balking at the high costs of nutrients hold off on purchases, driving down demand and causing gluts that are upending the market for crop inputs.
** The Interior Department on Tuesday announced the first offshore wind lease sale off the west coast of the U.S., set for Dec. 6 off the coast of California. The sale will incorporate five lease areas with a total of 4.5 gigawatts of wind energy, the department said in an announcement.
World
** Canada’s inflation rate came in stronger than expected in September despite lower gasoline prices. The consumer price index was up 6.9% from a year ago, higher than economist predictions for a 6.7% gain, Statistics Canada reported Wednesday in Ottawa. During the month of September, prices rose 0.1% versus expectations for a 0.1% decline.
** Dozens of ships carrying liquefied natural gas (LNG) circling off the coasts of Spain unable to secure slots to unload have prompted grid operators for the country to warn they may have to suspend loading to deal with this “exceptional situation”.
** The electric-as-routine approach is on display this week at a slimmed-down Paris auto show as carmakers show off models aimed at fulfilling Europe’s promises to phase out internal combustion cars by 2035. Automakers at the show include Chinese manufacturers who analysts say are making rapid technological progress as they explore expansion into Europe.
** Exxon Mobil Corp said on Monday that it left Russia completely after President Vladimir Putin expropriated its properties following seven months of discussions over an orderly transfer of its 30% stake in a major oil project.
** A team of researchers studying an 80-year-old shipwreck in the North Sea have found that the ship, which was sunk by a bomb during World War II, is leaking hazardous pollutants onto the ocean floor.
** Two of the biggest refiners in India have stopped looking for spot Russian crude oil supply set to arrive after December 5, the day on which the EU embargo on Russian oil shipments enters into force, sources familiar with the Indian firms’ procurement plans told Bloomberg on Tuesday.