** Exxon is asking shareholders to approve moving its formal incorporation from New Jersey to Texas, citing a more favorable legal and regulatory environment. New Jersey has the highest corporate tax rate in the nation.
** Advocates and Texas officials in the petrochemical hub of Corpus Christi warn of a “water emergency” within months that could disrupt fuel supplies, lead to a spike in gasoline prices, and cause an economic crisis.
** California’s petroleum industry pushes back on proposed state carbon cap-and-trade program updates, saying the changes could force the firms to shutter refineries.
** Arkansas residents organize against a proposed wind farm in a county located in the Ozarks.
** A February oil spill at the Louisiana Offshore Oil Port is much larger than was initially thought, but officials say more than three-quarters of the oil has been recovered.
** Zelestra begins construction of two Texas solar farms totaling 441 MW, with all of the power going to social media company Meta.
WORLD
** Saudi Aramco CEO Amin Nasser warned that further disruptions to global energy supply could prove “catastrophic” as tensions in the Middle East continue to escalate. Underscoring the precarious nature of the situation, Nasser said in comments to analysts and investors on Tuesday morning that the Iran war is “the biggest crisis the region’s oil and gas industry has faced.”
** In a phone call from President Trump, Russian leader Vladimir Putin said Russia, the world’s second-largest oil exporter and holder of its biggest natural gas reserves, was ready to work again with European customers if they wanted to return to long-term cooperation. Trump’s administration is considering reducing oil sanctions on Russia, three sources familiar with the planning said.
** Hungary’s government implemented a price cap on gasoline and diesel at fueling stations this week, Prime Minister Viktor Orbán announced on Monday. The move came against the backdrop of soaring global oil prices as the Iran war, now in its second week, ensnares countries and infrastructure critical to the production and movement of oil and gas.
** EU chief Ursula von der Leyen on Tuesday said Europe’s turn away from nuclear power had been a “strategic mistake”, as soaring oil prices rekindled concerns about the bloc’s energy vulnerability. Speaking at a nuclear summit in Paris, the European Commission president endorsed a return to atomic energy, saying the European Union would back investments in “innovative nuclear technologies”.