Energy briefs

** The Biden administration said Tuesday it is releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lower prices at the pump this summer. The sale, from storage sites in New Jersey and Maine, will be allocated in increments of 100,000 barrels at a time.

** Broad majorities of voters aren’t happy with Trump’s apparent offer of a quid pro quo to oil companies, a poll from an advocacy group has found. Almost 6 in 10 likely voters surveyed — 58 percent — said they were “concerned” about a second Trump term after hearing about the former president’s reported offer to undo broad swaths of President Biden’s climate policies, according to polling by Data for Progress and Climate Power.

** Multiple insiders secured a larger position in NextEra Energy, Inc. (NYSE:NEE) shares over the last 12 months. This is reassuring as this suggests that insiders have increased optimism about the company’s prospects.

** US natural gas is expected to reach the $3 mark as soon as next year as electricity-hungry data centers drive demand for the power-plant fuel, according to law firm Haynes and Boone LLP.


** Shell shareholders on Tuesday overwhelmingly rejected a climate resolution filed by an activist group following a meeting punctuated by protests. In March, Shell weakened a 2030 carbon reduction target, citing expectations for strong gas demand and uncertainty in the energy transition, while focusing on more profitable operations, mainly in oil and gas.

** A groundbreaking new law has been approved by the European Union, and some are calling it the “most ambitious” step taken toward reducing harmful planet-warming pollution. According to Reuters, the new law will require heavy-duty vehicles — generally classified according to weight — to be nearly pollution-free as of 2040.

** Toyota Motor’s North America arm is seeking tax relief for a potential project totaling $531.7 million in investments at its Texas facility, which manufactures the Toyota Tundra pickup truck and Sequoia SUV, the company said on Tuesday.

** RWE Clean Energy, a subsidiary of German utility RWE, has expanded its operations in the US with the acquisition of a 599MW portfolio of three solar and battery energy storage systems (BESS) projects. This move signifies an enhancement of RWE’s renewable energy footprint in Idaho, Washington State and New York.

** Stellantis expects a major battle with Chinese rivals in the European market for electric vehicles, warning of significant consequences for jobs and production as a result, the group’s Chief Executive Carlos Tavares said on Wednesday.