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• Biden looks everywhere to lower gas prices — except boosting oil production
  President Joe Biden has pushed a series of policies and executive actions to lower gasoline prices...
  President Joe Biden has pushed a series of policies and executive actions to lower gasoline prices but has yet to back boosting domestic oil production.
  
  The president called on Congress Wednesday to implement a three-month gas tax holiday that would reduce pump prices by 18 cents a gallon and diesel fuel prices by 24 cents per gallon. Pushing a temporary gas tax pause is Biden's latest attempt to address gasoline prices which remain near all-time highs, according to AAA data.
  
  "President Biden understands that a gas tax holiday alone will not, on its own, relieve the run-up in costs that we’ve seen," the White House said in an announcement. "But the President believes that at this unique moment when the war in Ukraine is imposing costs on American families, Congress should do what it can to provide working families breathing room."
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• Tankers Bound for Freeport LNG Divert to Trinidad, Maryland
  At least six tankers set to...
  
  

  
  
  At least six tankers set to load LNG at Freeport LNG this month have been diverted following the June 8 blast that shut the Texas facility, Refinitiv Eikon vessel tracking data showed.
  
  A partial restart of the Quintana, Texas, plant is not expected until at least September, the company said last week, leaving about 40 cargoes to be canceled or rescheduled. The loss has European LNG buyers and some U.S. shale producers reeling, while rivals Cheniere Energy and Sempra LNG rush to produce more LNG to offset the losses.
  
  Freeport accounts for roughly 20% of U.S. LNG processing capacity, drawing 2.1 Bcf/d of natural gas, primarily from U.S. shale fields. Natural gas prices have slumped in the United States and soared in Europe during the extended shutdown.
  
  

  
  
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• What Else is Brewing Thursday Morning
  Food delivery company Daily Harvest is recalling its lentil and leek crumbles dish after customers complained on social media that it gave them stomach problems.
  
  Google and NBCUniversal are the leading candidates to work with Netflix on developing an ad-supported tier, per the WSJ.
  
  Elon Musk called Tesla’s new factories in Germany and Texas “gigantic money furnaces” that are losing billions of dollars.
  
  Americans gave $485 billion to charity in 2021, a new record (but not enough to keep pace with inflation)
  
  
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• Chesapeake Energy doubles share buyback to $2 billion
  Chesapeake Energy announced Wednesday it is doubling its share repurchase program from $1 billion...
  Chesapeake Energy announced Wednesday it is doubling its share repurchase program from $1 billion to $2 billion.
  
  The company said its Board of Directors reached the decision to offer up to $2 billion in the aggregate value of its common stock and/or warrants through the end of 2023.
  
  To date, under its previously authorized program, Chesapeake has repurchased approximately 5.4 million shares of its common stock at an average price of approximately $89 per share.
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• Closing oil and gas prices for Wednesday
  Benchmark U.S. crude oil for August...

  Benchmark U.S. crude oil for August delivery fell $3.33 to $106.19 a barrel Wednesday. Brent crude for August delivery fell $2.91 to $111.74 a barrel.

  
  

  Wholesale gasoline for July delivery rose 4 cents to $3.83 a gallon. July heating oil rose 4 cents to $4.40 a gallon. July natural gas rose 5 cents to $6.86 per 1,000 cubic feet.

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