Happy Monday!

First: Kudos to all of you who voted in the New Jersey primary election last week. NJ is an important state with lots of big issues — election outcomes there can have real impacts on our industries. Results here.

In this week’s news roundup: One piece I found particularly interesting — EIA published a primer on the Strait of Hormuz and its salience as one of the world’s most important oil chokepoints. Per EIA:

“Flows through the Strait of Hormuz in 2024 and the first quarter of 2025 made up more than one-quarter of total global seaborne oil trade and about one-fifth of global oil and petroleum product consumption.”

and

“Most volumes that transit the strait have no alternative means of exiting the region, although there are some pipeline alternatives that can avoid the Strait of Hormuz.”

Link to the full piece about the Straight of Hormuz at the top of the list of articles below.

-Charlie and the AFPM EMPOWER team

Have ideas for content, comments or questions? You can reach us at empower@afpm.org.

What we’re reading this week

Amid regional conflict, the Strait of Hormuz remains critical oil chokepoint - EIA
Although we have not seen maritime traffic through the Strait of Hormuz blocked following recent tensions in the region, the price of Brent crude oil (a global benchmark) increased from $69 per barrel (b) on June 12 to $74/b on June 13. This piece highlights the importance of the strait to global oil supplies.

Trump Plans Biofuel Quota Boost, Seeks to Crimp Imports - Bloomberg
The Trump administration is proposing oil refiners blend more biofuels into gasoline and diesel next year, while seeking to discourage the use of imported supplies.

After Trump signs bill overturning CA gas car ban, Newsom signs order reaffirming ban - The Center Square
Immediately after President Donald Trump signed a congressional bill overturning California’s 2035 gasoline-powered car ban, Gov. Gavin Newsom ordered the state to continue with the phased-in ban. And California Attorney General Rob Bonta filed a lawsuit to stop the ban from being overturned.

Oil prices see sustained surge after Israel strikes Iran - Markets Insider
Crude oil prices continued to surge on Friday after Israel launched strikes at Iran the day before, prompting fears of energy supply disruptions from the Middle East.

In 2024, the United States produced more energy than ever before - EIA
In 2024, the United States produced a record amount of energy, according to data in [EIA’s] Monthly Energy Review. U.S. total energy production was more than 103 quadrillion British thermal units in 2024, a 1% increase from the previous record set in 2023. Several energy sources—natural gas, crude oil, natural gas plant liquids, biofuels, solar, and wind—each set domestic production records last year.

Global Chemical Market Set for Robust Growth to USD 4.95 Trillion by 2031 Amid Rising Industrial Demand - Newstrail
The surge in demand for sustainable and high-performance chemicals, coupled with advancements in green manufacturing and bio-based products, is propelling market growth.

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