** Federal regulators this week approved a new oil terminal in the Gulf of Mexico off Texas over the objections of local activists, who argued the move contravenes the Biden administration’s stated climate goals. The Transportation Department’s Maritime Administration formally granted the license Nov. 21, ending a process that began under the Trump administration three years ago.
** Chevron Corp could soon win U.S. approval to expand operations in Venezuela and resume trading its oil once the Venezuelan government and its opposition resume political talks, four people familiar with the matter said.
** The White House is weighing a plan to increase inventories in the Northeast Home Heating Oil Reserve, fighting a supply crunch that could drive up prices and punish inflation-fatigued consumers, according to three sources familiar with the discussions.
** The White House and the Department of Energy (DOE) are soliciting applications from utility companies, state governments, and tribal nations to create a stronger energy grid. The DOE has announced that it is ready to use $13 billion in funding for the much-needed energy upgrade.
World
** On Dec. 5, the EU will institute a modified embargo on almost all Russian oil. No matter who the final buyer, nearly all of that oil must first pass through the hands of Europe or UK-based traders, shipping companies, and insurers. A total EU embargo could choke off 10% of global oil supplies overnight.
** The head of the International Energy Agency said Thursday, Nov. 24, 2022 that Europe should be able to cope with the natural gas supply crunch in the coming months thanks to considerable reserves but warned that the continent could face a bigger energy crisis next winter.
** Estonia said a Russian oil price cap should be as low as possible, between 30 and 65 dollars, as European diplomats are locked in negotiations over how strict a price cap on Russian oil should be . Discussions were also heated about a price cap on gas, as the EU seeks a compromise by their next meeting on December 13.
** A new shale gas field in the Sichuan basin contains as much as 146 billion cubic meters (bcm) of certified proven natural gas reserves, Chinese state energy giant Sinopec said on Thursday.
** Germany is not standing in the way of the European Union’s solution to the energy crisis, Economy Minister Robert Habeck told the Handelsblatt daily on Thursday in response to criticism about his country’s stance towards plans for a gas price cap.
** Israel’s NewMed Energy said on Thursday it was leaning towards building a floating liquefied national gas (FLNG) terminal to further develop its Leviathan gas field off Israel’s Mediterranean coast.