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DAILY ENERGY NEWS | 06/03/2025
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** Californians must love high gas prices.
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KRON 4 ([link removed]) (5/29/25) reports: "California is bracing for the closure of two major oil refineries, including one in the Bay Area. State lawmakers are sounding the alarm on what that could mean for gas prices. At just under $5 per gallon in Walnut Creek, some drivers are forking out over $100 to fill up the tank. With two refineries preparing to shut down, that’s expected to drive up prices. In the East Bay, the Valero Benicia Refinery is expected to close in April 2026. Down in Southern California, owners of the Phillips 66 refinery are also planning to stop operations in the next year. Assemblymember Cottie Petrie-Norris (D-Irvine) said, 'If all we’re doing here in California is reducing our emissions, which are 1% global emissions, it doesn’t matter a damn. I would argue again that when we’re thinking about climate leadership, we need to make sure that the policies that we’re implementing here in
California are affordable and accessible for all Californians. I know that what climate leadership does not look like, and that is $10 gas.' Fewer refineries will mean higher prices. It’s a simple case of supply and demand. That has some state lawmakers concerned about the future."
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** "There's no reason the U.S., with its large, abundant natural resources, natural gas in particular, can't win this [AI] race."
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– Jeff Gustavson, Chevron New Energies president ([link removed])
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Another unsurprising move by China to influence American energy policy.
** Daily Caller ([link removed])
(5/31/25) reports: "A nonprofit organization bankrolled by numerous Chinese Communist Party (CCP)-linked entities advocated for a New York law that authorizes the state to charge energy companies billions for their roles in climate change. The Chinese-American Planning Council (CPC) is a New York nonprofit that has received over $1.4 million in taxpayer funds since 2022, in addition to significant funding from Chinese government-linked sources in recent years, as the Daily Caller News Foundation previously reported. The CPC supports New York’s climate superfund law, which would require energy companies to cough up $75 billion combined over time to fund green initiatives, in addition to a number of other bills and programs favored by Democrats. "
Keep slashing away, Mr. Secretary.
** Department of Energy ([link removed])
(5/30/25) announcement: "U.S. Secretary of Energy Chris Wright [on Friday] announced the termination of 24 awards issued by the Office of Clean Energy Demonstrations (OCED) totaling over $3.7 billion in taxpayer-funded financial assistance. After a thorough and individualized financial review of each award, DOE found that these projects failed to advance the energy needs of the American people, were not economically viable and would not generate a positive return on investment of taxpayer dollars. Of the 24 awards cancelled, nearly 70% (16 of the 24 projects) were signed between Election Day and January 20^th. The projects primarily include funding for carbon capture and sequestration (CCS) and decarbonization initiatives. By terminating these awards, DOE is generating an immediate $3.6 billion in savings for the American people."
Everyone needs power.
** Wall Street Journal ([link removed])
(6/03/25) reports: "Meta Platforms META is turning to nuclear power for the massive amounts of electricity it needs to fuel its artificial-intelligence ambitions. The tech giant will buy the power generation of a nuclear plant in Illinois for 20 years under a deal with Constellation Energy. Financial arrangements weren’t disclosed, but Constellation Chief Executive Joe Dominguez said the Meta deal would help cover the costs of relicensing, upgrades and maintenance for the Clinton Clean Energy Center in Clinton, Ill. Nuclear-power advocates see a window of opportunity to halt the closure of existing plants, or add small modular reactors, newer designs that many consider the best option for fresh projects. New-build nuclear projects face cost and timeline hurdles, and President Trump last month signed executive orders that aim to speed their development."
Energy Markets
WTI Crude Oil: ↓ $63.09
Natural Gas: ↓ $3.65
Gasoline: ↓ $3.13
Diesel: ↓ $3.51
Heating Oil: ↑↓ $206.78
Brent Crude Oil: ↓ $65.13
** US Rig Count ([link removed])
: ↑ 590
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