Strategic Petroleum Reserve and gasoline price concerns
** Senate Minority Leader Chuck Schumer (D-N.Y.) Sunday called on President Trump to release oil from the national stockpile to counter soaring gasoline prices.
Electric utility leadership change at AEP Texas
** American Electric Power named Adrian Rodriguez as president and chief operating officer of AEP Texas replacing Judith Talavera, who has left the organization.
Oil and gas drilling tax credits draw criticism
** Utah officials and advocates criticize the state for extending a tax credit to SM Energy for a 400-well drilling project in the Uinta Basin.
Renewable energy policy rollback in Arizona
** Arizona regulators repeal a state rule requiring utilities to obtain at least 15% of their electricity from renewable sources, including residential rooftop solar, drawing pushback from advocates.
Coal plant closures dispute between Colorado and the EPA
** Colorado Attorney General Phil Weiser files a lawsuit challenging the U.S. Environmental Protection Agency’s rejection of the state’s clean air plan that would force the closure of six coal plants, saying it illegally impinges on state authority.
Major utility acquisition involving AES Corporation
** A consortium led by BlackRock’s Global Infrastructure Partners and EQT Partners agreed to acquire a majority stake in utility and power company AES for $33.4 billion.
WORLD
** The U.S.-Israeli war with Iran that has engulfed the Mideast has entered its second week with no end in sight, and the turmoil in energy markets is now threatening to devastate the global economy. Brent crude oil prices surged to over $119 a barrel at one point on Monday, hitting levels not seen since mid-2022.
Strait of Hormuz tensions and maritime threats
** The Iranian military confirmed that the Strait of Hormuz remains open, but it explicitly stated that it would target any U.S. or Israeli ships attempting to pass through.
Fuel price controls in South Korea
** In South Korea, which buys 70% of its oil from the Middle East, President Lee Jae Myung said Seoul would cap fuel prices for the first time in nearly 30 years and he warned against panic buying.
Venezuela crude exports resume
** For the first time since late 2024, Venezuela has resumed exports of diluted crude oil (DCO). The grade had been sitting frozen in storage tanks for 15 months while U.S. sanctions choked the country’s oil sector. According to a document from PDVSA reviewed by Reuters, Chevron shipped a 500,000-barrel cargo to the U.S. Gulf Coast this month.
Sanctioned vessels and missile fuel concerns
** Two sanctioned Iranian vessels departed a Chinese chemical port carrying what experts say may be sodium perchlorate, a key missile fuel ingredient, raising questions about Beijing’s Tehran relations.
Nuclear energy investment discussions with South Korea
** South Korea’s Industry Minister Kim Jung-kwan said on Monday that Seoul is in talks to invest in a nuclear power project in the United States as part of Seoul’s pledge to invest a total of $350 billion in U.S. projects, reported Reuters.