German energy company RWE reached a $1.22 billion settlement with the Trump administration to relinquish offshore wind leases off the coasts of New York, California, and Louisiana. The deal marks the fifth such buyback, bringing the total cost of offshore wind lease terminations to nearly $4 billion.
President Donald Trump and Treasury Secretary Scott Bessent publicly demanded that gasoline retailers immediately reduce prices, with Bessent warning "we're watching." The pressure comes as crude oil prices have fallen following progress on reopening the Strait of Hormuz and a memorandum of understanding with Iran, though gas prices had risen 40.5% year-over-year through May.
US President Donald Trump gave his first public comments on Andy Burnham, the frontrunner to replace Keir Starmer as UK Prime Minister, describing him as 'extremely liberal' and predicting he won't open the North Sea to more oil drilling. Trump also downplayed Burnham's political experience by referring to him as merely a 'mayor of a town.'
The Federal Energy Regulatory Commission announced that U.S. generating capacity will increase by approximately 75 gigawatts this summer compared to 2025, representing a significant expansion in power generation infrastructure.
