** President Trump announced Monday that all countries that purchase oil or gas from Venezuela will be subject to a 25% tariff on all trade with the US, marking one of the harshest economic crackdowns on the dictator regime yet.
** U.S. Secretary of the Interior Doug Burgum has called for U.S. power plants to increase their production by 10% to 15%. Burgum called for this ramping up of energy to meet the growing needs of artificial intelligence, per Reuters.
** The maintenance staff at Denver International Airport may soon get new vehicles if the Denver City Council approves a $1.4 million resolution authorizing the purchase of 21 electric vehicles from Daniels Long Automotive, LLC. The 18 Chevrolet Silverados and three Chevrolet Blazers will replace obsolete vehicles in DIA’s maintenance division fleet.
** For truck drivers in Massachusetts, buying a new heavy-duty truck is about to get a lot more difficult. As CBS News reports, a new state law from Governor Maura Healey mandates that 7% of all new medium and heavy-duty truck sales must be electric, but dealers are pushing back.
** Four organizations serving Arizona communities impacted by the transition away from coal-fired power plants will receive grant funds to strengthen their local economies from the Utilities’ Grant Funding Program.
** South Korean company OCI Holdings announces plans to build a $265 million, 2 GW solar-cell production plant in Texas, with hopes of beginning operations next year.
World
** Shell is holding its Capital Markets Day on Tuesday in New York—and analysts expect Chief Executive Officer Wael Sawan to reaffirm the UK-based supermajor’s new focus on oil and gas. Shell was one of the first European majors to pivot back to oil and gas in a 2023 strategy to continue investing in oil and gas production and selectively pour capital into renewable energy solutions.
** Oil giant BP has announced that it is scrapping its target to boost renewable energy sources and will focus on oil and gas. Due to investor concerns, the corporation had already ditched its goal to reduce oil and gas output by 2030, per Reuters. To lower debt and increase returns, BP will also reportedly cut other low-carbon investments.
** Chinese electric vehicle maker BYD’s net profit leapt 73.1% in the fourth quarter of 2024 to a record 15 billion yuan ($2.1 billion), it said on Monday, reaping the rewards of lower prices and higher sales than rivals.
** Volvo’s new ES90 electric vehicle boasts an impressive 435 miles of range and some surprising charging technology, according to Inside EVs. The car’s battery operates at 800 volts, which Volvo claims will allow it to go from a 10% to 80% charge in only 20 minutes.
** Russia’s central bank has warned the Kremlin’s policy makers the United States and OPEC have the capacity to flood the oil market and cause a repeat of the prolonged price collapse of the 1980s – which contributed to the downfall of the Soviet Union.
** Indian refiners will issue fewer tenders for crude oil purchases on the spot market in the coming months, company sources said on Monday, as Russian supplies bounce back from sanctions-related disruptions.
