The Trump administration has announced plans to provide nearly $17.5 billion in loans to support the construction of 10 new large nuclear power reactors, with operations expected to begin by the mid-2030s. The Department of Energy stated that it is issuing conditional loan commitments to finance five eligible projects for the procurement of long-lead-time items necessary for building these reactors. Each project must develop two large-scale reactors capable of generating over 1 gigawatt of electricity.
In related news, oil markets are stable as traffic in the Strait of Hormuz increases, with at least seven tankers passing through while broadcasting their positions. Brent crude was priced at $77.12 a barrel, and West Texas Intermediate was at $73.26 a barrel.
Mexican President Claudia Sheinbaum is considering restarting oil shipments to Cuba, which would help alleviate the island's ongoing energy crisis. This comes after the Trump administration's previous efforts to isolate Cuba by blocking oil shipments.
California has notified the Trump administration of its intent to sue over a buyout deal that would terminate an offshore wind project along its coast. The state argues that this agreement violates the Outer Continental Shelf Lands Act.
Seventeen states have filed a lawsuit against California over its law limiting single-use plastic packaging, claiming it imposes excessive requirements on manufacturers and distributors.
Mike Sommers, president of the American Petroleum Institute, emphasized the urgency for Congress to pass legislation to streamline the federal permitting process before the August recess.
In Europe, a significant heatwave has been reported, with France experiencing its hottest day ever, reaching 85.6 degrees Fahrenheit. Other countries, including Italy and Spain, are also facing extreme temperatures.