The U.S. Supreme Court ruled 7-2 in favor of fuel producers and energy industry groups, allowing them to challenge California's stringent vehicle emissions standards and electric car mandates. The court's decision restores legal standing for companies such as Valero and other fuel producers to sue the Environmental Protection Agency (EPA) over its Clean Air Act waiver, which permits California to set its own greenhouse gas emissions rules for vehicles. This ruling revives industry efforts to overturn California's stricter clean car standards and could lead to broader legal challenges against the state's pro-electric vehicle regulations. The decision aligns the Supreme Court with former President Donald Trump and congressional Republicans who have opposed California's aggressive climate policies. While the ruling does not address the merits of the challenge, it marks a significant procedural victory for the fossil fuel industry, potentially impacting the future of California's climate and emissions regulations.

The U.S. Supreme Court ruled 7-2 in favor of fuel producers and energy industry groups, allowing them to challenge California's stringent vehicle emissions standards and electric vehicle (EV) mandates. The ruling permits these companies to contest the Environmental Protection Agency's (EPA) Clean Air Act waiver that enables California to set its own greenhouse gas emissions rules for vehicles. This decision revives ongoing legal efforts by major fuel companies, including Valero, ExxonMobil, Chevron, BP, Shell, Occidental Petroleum, ConocoPhillips, Devon Energy, and Valero, to oppose California's stricter climate regulations, which include plans to ban gas-powered cars by 2035.

The Supreme Court’s ruling does not address the merits of the challenge but grants standing to the fuel industry to pursue the case in court. The decision aligns the Court with former President Donald Trump and congressional Republicans who have opposed California's aggressive climate policies. The ruling could introduce new risks and legal battles around California's EV rules and greenhouse gas emission standards.

The U.S. Supreme Court’s liberal wing delivered two unusually pointed dissents this week as the conservative majority advanced restrictions in separate health-care and environmental cases. On Wednesday, the Court voted 6–3 to uphold Tennessee’s 2023 law barring doctors from prescribing puberty blockers and hormone treatments to transgender minors. Justice Sonia Sotomayor, reading her dissent from the bench, said she did so “in sadness,” arguing the decision departs from decades of equal-protection precedent and permits legislatures to cloak sex-based discrimination in neutral-sounding language.

Read more

The European Commission has finalized its proposal for the 17th package of sanctions against Russia, targeting over 50 individuals and firms, including five entities in China, and blacklisting more than 100 vessels linked to Russia's shadow oil tanker fleet. The package includes tighter export controls on dual-use technologies that could support Russia's military capabilities. Additionally, the sanctions will officially accuse Russia of using chemical weapons in Ukraine, specifically citing the use of CS tear gas in combat near Maryivka and Ilinka, based on evidence supported by the Organisation for the Prohibition of Chemical Weapons (OPCW). This marks the first formal EU accusation of chemical weapon use by Russia in the conflict.

The EU is also requiring Slovakia and Hungary to present plans this year to phase out Russian oil imports. An exemption from sanctions on the Russian oil and gas project Sakhalin-2 will be extended until June. Furthermore, the EU is considering sanctions on Lukoil's Dubai unit for its links to the shadow fleet. The Ministry of Defence in the UK has condemned Russia’s continued use of banned chemical weapons in Ukraine and reaffirmed support for holding violators accountable. The EU plans to add 15 new entities and individuals to its sanctions framework related to Russia's hybrid warfare tactics. Market observations indicate that the Russian ruble has returned to pre-invasion levels despite falling oil prices, reflecting expectations that sanctions on Russia might be lifted unless the EU intensifies its measures against the shadow fleet, particularly in the Baltic Sea.

A natural gas explosion occurred early Monday morning at the Chevron facility located at Redwood and North Temple in Salt Lake City, causing extensive damage. Meanwhile, an active fire broke out at the Valero refinery in Benicia, California, on the same day. The Benicia Fire Department is responding to the incident and has advised residents to close doors and windows if they detect smoke. The Valero refinery in Benicia has a processing capacity of 145,000 barrels per day. Smoke was reported billowing into the sky from the site.

Valero Energy Corporation has confirmed plans to cease operations at its Benicia refinery in California's San Francisco Bay area by the second quarter of 2026. The company had previously indicated it might idle, restructure, or close the facility. The decision is attributed to a challenging regulatory environment and high operating costs, with the Benicia refinery being more expensive to maintain compared to Valero's Wilmington refinery in Southern California. This closure contributes to a substantial reduction in California's refining capacity.

Valero also reported a first-quarter loss driven by lower margins and impairment charges. Meanwhile, other industry players reported mixed first-quarter earnings: LyondellBasell Industries posted adjusted earnings per share (EPS) of $0.33 on revenue of $7.68 billion, missing EPS estimates but beating revenue expectations, and announced a $500 million cash improvement plan amid rising costs and maintenance challenges. Phillips 66 reported a larger-than-expected quarterly loss with an adjusted EPS loss of $0.90 on revenue of $31.7 billion, despite a net income of $487 million. The company highlighted strong performance in marketing and specialties, losses in refining due to major turnarounds, and strategic gains from a new Permian gas plant. Phillips 66 also returned $716 million to shareholders through dividends and other means. Valero's announcement raises concerns about the future of other California refineries amid ongoing operational and regulatory pressures.

Valero Energy Corporation has had its license to import fuel into Mexico reinstated after it was suspended earlier in April. The suspension was imposed by Mexico's Tax Administration Service (SAT) amid efforts to combat illegal fuel flows into the country. Valero regained the permit after authorities confirmed the company's compliance with fiscal and transparency requirements.

Mexico exported its first cargo of ultra-low sulfur diesel (ULSD) from the Olmeca refinery, also known as the Dos Bocas refinery, at the beginning of April. This marks a milestone for the new refinery despite ongoing infrastructure challenges. The export was confirmed through vessel tracking data and sources familiar with the matter. Meanwhile, Valero Energy Corp's license to import fuel into Mexico, which had been suspended earlier in April, has been reinstated, allowing the company to resume fuel imports into the country.

The Mexican Tax Administration Service (SAT) has temporarily suspended fuel import permits for Valero Energy due to allegations of illegal purchases involving falsified documentation. Valero confirmed that the suspension stems from a lack of a valid permit, which the company attributed to an error. The suspension follows the SAT's notification regarding the issue. Meanwhile, the U.S.

Energy Information Administration (EIA) has revised its forecasts for oil production and global demand growth in 2025, reducing U.S. oil production estimates by 100,000 barrels per day and global demand growth by 400,000 barrels per day. The EIA now expects global oil consumption to rise by 0.9 million barrels per day in 2025, down from previous estimates.

The U.S. Supreme Court ruled 7-2 in favor of fuel producers and energy industry groups, allowing them to challenge California's stringent vehicle emissions standards and electric car mandates. The court's decision restores legal standing for companies such as Valero and other fuel producers to sue the Environmental Protection Agency (EPA) over its Clean Air Act waiver, which permits California to set its own greenhouse gas emissions rules for vehicles. This ruling revives industry efforts to overturn California's stricter clean car standards and could lead to broader legal challenges against the state's pro-electric vehicle regulations. The decision aligns the Supreme Court with former President Donald Trump and congressional Republicans who have opposed California's aggressive climate policies. While the ruling does not address the merits of the challenge, it marks a significant procedural victory for the fossil fuel industry, potentially impacting the future of California's climate and emissions regulations.

The U.S. Supreme Court ruled 7-2 in favor of fuel producers and energy industry groups, allowing them to challenge California's stringent vehicle emissions standards and electric vehicle (EV) mandates. The ruling permits these companies to contest the Environmental Protection Agency's (EPA) Clean Air Act waiver that enables California to set its own greenhouse gas emissions rules for vehicles. This decision revives ongoing legal efforts by major fuel companies, including Valero, ExxonMobil, Chevron, BP, Shell, Occidental Petroleum, ConocoPhillips, Devon Energy, and Valero, to oppose California's stricter climate regulations, which include plans to ban gas-powered cars by 2035.

The Supreme Court’s ruling does not address the merits of the challenge but grants standing to the fuel industry to pursue the case in court. The decision aligns the Court with former President Donald Trump and congressional Republicans who have opposed California's aggressive climate policies. The ruling could introduce new risks and legal battles around California's EV rules and greenhouse gas emission standards.

The U.S. Supreme Court’s liberal wing delivered two unusually pointed dissents this week as the conservative majority advanced restrictions in separate health-care and environmental cases. On Wednesday, the Court voted 6–3 to uphold Tennessee’s 2023 law barring doctors from prescribing puberty blockers and hormone treatments to transgender minors. Justice Sonia Sotomayor, reading her dissent from the bench, said she did so “in sadness,” arguing the decision departs from decades of equal-protection precedent and permits legislatures to cloak sex-based discrimination in neutral-sounding language.

Read more

The European Commission has finalized its proposal for the 17th package of sanctions against Russia, targeting over 50 individuals and firms, including five entities in China, and blacklisting more than 100 vessels linked to Russia's shadow oil tanker fleet. The package includes tighter export controls on dual-use technologies that could support Russia's military capabilities. Additionally, the sanctions will officially accuse Russia of using chemical weapons in Ukraine, specifically citing the use of CS tear gas in combat near Maryivka and Ilinka, based on evidence supported by the Organisation for the Prohibition of Chemical Weapons (OPCW). This marks the first formal EU accusation of chemical weapon use by Russia in the conflict.

The EU is also requiring Slovakia and Hungary to present plans this year to phase out Russian oil imports. An exemption from sanctions on the Russian oil and gas project Sakhalin-2 will be extended until June. Furthermore, the EU is considering sanctions on Lukoil's Dubai unit for its links to the shadow fleet. The Ministry of Defence in the UK has condemned Russia’s continued use of banned chemical weapons in Ukraine and reaffirmed support for holding violators accountable. The EU plans to add 15 new entities and individuals to its sanctions framework related to Russia's hybrid warfare tactics. Market observations indicate that the Russian ruble has returned to pre-invasion levels despite falling oil prices, reflecting expectations that sanctions on Russia might be lifted unless the EU intensifies its measures against the shadow fleet, particularly in the Baltic Sea.

A natural gas explosion occurred early Monday morning at the Chevron facility located at Redwood and North Temple in Salt Lake City, causing extensive damage. Meanwhile, an active fire broke out at the Valero refinery in Benicia, California, on the same day. The Benicia Fire Department is responding to the incident and has advised residents to close doors and windows if they detect smoke. The Valero refinery in Benicia has a processing capacity of 145,000 barrels per day. Smoke was reported billowing into the sky from the site.

Valero Energy Corporation has confirmed plans to cease operations at its Benicia refinery in California's San Francisco Bay area by the second quarter of 2026. The company had previously indicated it might idle, restructure, or close the facility. The decision is attributed to a challenging regulatory environment and high operating costs, with the Benicia refinery being more expensive to maintain compared to Valero's Wilmington refinery in Southern California. This closure contributes to a substantial reduction in California's refining capacity.

Valero also reported a first-quarter loss driven by lower margins and impairment charges. Meanwhile, other industry players reported mixed first-quarter earnings: LyondellBasell Industries posted adjusted earnings per share (EPS) of $0.33 on revenue of $7.68 billion, missing EPS estimates but beating revenue expectations, and announced a $500 million cash improvement plan amid rising costs and maintenance challenges. Phillips 66 reported a larger-than-expected quarterly loss with an adjusted EPS loss of $0.90 on revenue of $31.7 billion, despite a net income of $487 million. The company highlighted strong performance in marketing and specialties, losses in refining due to major turnarounds, and strategic gains from a new Permian gas plant. Phillips 66 also returned $716 million to shareholders through dividends and other means. Valero's announcement raises concerns about the future of other California refineries amid ongoing operational and regulatory pressures.

Valero Energy Corporation has had its license to import fuel into Mexico reinstated after it was suspended earlier in April. The suspension was imposed by Mexico's Tax Administration Service (SAT) amid efforts to combat illegal fuel flows into the country. Valero regained the permit after authorities confirmed the company's compliance with fiscal and transparency requirements.

Mexico exported its first cargo of ultra-low sulfur diesel (ULSD) from the Olmeca refinery, also known as the Dos Bocas refinery, at the beginning of April. This marks a milestone for the new refinery despite ongoing infrastructure challenges. The export was confirmed through vessel tracking data and sources familiar with the matter. Meanwhile, Valero Energy Corp's license to import fuel into Mexico, which had been suspended earlier in April, has been reinstated, allowing the company to resume fuel imports into the country.

The Mexican Tax Administration Service (SAT) has temporarily suspended fuel import permits for Valero Energy due to allegations of illegal purchases involving falsified documentation. Valero confirmed that the suspension stems from a lack of a valid permit, which the company attributed to an error. The suspension follows the SAT's notification regarding the issue. Meanwhile, the U.S.

Energy Information Administration (EIA) has revised its forecasts for oil production and global demand growth in 2025, reducing U.S. oil production estimates by 100,000 barrels per day and global demand growth by 400,000 barrels per day. The EIA now expects global oil consumption to rise by 0.9 million barrels per day in 2025, down from previous estimates.