| |
| |
 |
| By Arianna Skibell |
Presented by Natural Allies for a Clean Energy Future |
|
 An aerial view of the Strategic Petroleum Reserve storage in Freeport, Texas. | Brandon Bell/Getty Images |
A battle is brewing over the future of the nation’s underground petroleum stockpile… again. House Republicans are teeing up a bill that would prohibit releases from the Strategic Petroleum Reserve unless the government approves a corresponding increase in domestic oil and gas production on federal lands, writes POLITICO reporter Josh Siegel. The bill is a rebuke of President Joe Biden, who sold off a whopping 40 percent of the underground stockpile in a bid to lower gasoline prices. The administration says the move helped reduce the national average to $3.48 a gallon today, down from over $5 in June. GOP lawmakers spent the summer blaming Biden for the rising prices — leaving Democrats to try to explain to irate motorists that Russia’s invasion of Ukraine was roiling global oil markets that U.S. presidents have little ability to control. Now Republicans are saddled with the explainer role as they contend that drawing down the stockpile for anything other than an emergency endangers national security. (The underground network of salt caverns was created in response to the Arab oil embargo of 1973, which led to a national fuel shortage and soaring prices.) While Biden has a plan for replenishing the stockpile, it’s true that he has taken out more crude oil by far than any past president — it has fallen 266 million out of 638 million barrels since he took office — leaving the reserve at its lowest level since 1983. But he’s hardly the first to draw down that supply. Over the years, Congress has turned to the reserve for emergency and nonemergency reasons, with lawmakers of both parties approving sales to pay for needs such as revamping drug approvals or funding the government Former President Donald Trump once proposed selling off half the reserve to cut the budget deficit, and the Heritage Foundation, a conservative think tank, argued that the whole thing should be liquidated. While the House legislation is unlikely to get far under a Democratic administration, Republicans are using it to send a message of disapproval and express frustration with Biden’s broader efforts to wean the economy off the fossil fuels that drive climate change. The big question is: Will drivers care about this political fight now that fuel costs aren’t gouging their wallets?
|
|
|
| |
It's Wednesday — thank you for tuning in to POLITICO's Power Switch. I'm your host, Arianna Skibell. Power Switch is brought to you by the journalists behind E&E News and POLITICO Energy. Send your tips, comments, questions to askibell@eenews.net.
|
| |
| A message from Natural Allies for a Clean Energy Future: Let’s get to work on reaching climate goals faster. With the power of clean natural gas, we can power our future reliably and affordably. Let’s change the future today, together. Learn how natural gas partnered with renewables is accelerating our clean energy future at www.naturalalliesforcleanenergy.org. |
| |
|
| |
Today in POLITICO Energy’s podcast: Jordan Wolman breaks down how Pennsylvania's transition from coal mining to natural gas drilling is costing the state lost tax revenue.
|
| |
|
President Joe Biden (left) and former President Donald Trump (right). | Getty Images |
The Biden administration took office with the promise of demolishing Trump-era environmental policies in favor of more stringent rules, writes Robin Bravender. But two years into Biden’s term, some of those policy reversals haven’t been completed. With Biden halfway into his term and Republicans now holding the majority in the House, environmental advocates are worried about the administration’s pace. Failing to get new policies solidified in time, they warn, could make them easier for a future administration to unravel.
|
| |
| A message from Natural Allies for a Clean Energy Future:   |
| |
|
| |
|
Sen. Joe Manchin (D-W.Va.) speaks during a Senate Energy and Natural Resources Committee hearing. | Francis Chung/POLITICO |
Manchin slaps back
Sen. Joe Manchin took a swipe at the Biden administration on Wednesday by releasing a bill that would restrict subsidies for electric vehicles whose batteries aren't made in the United States, write Hannah Northey and David Ferris. The West Virginia Democrat's office also suggested the bill would force some electric car buyers who got a tax credit under the Inflation Reduction Act to return the money. One basket, all the eggs
As Massachusetts races to slash its carbon pollution, the state has repeatedly turned to one company for clean energy. Now that approach could jeopardize its climate targets, writes Benjamin Storrow. Avangrid has won three of the five long-term power contracts awarded by Massachusetts since 2017. Since then, two of the company’s projects have floundered: a major offshore wind farm and a transmission line for hydropower. Russia's war
The U.N.'s nuclear watchdog is sending a strong warning: As both Kyiv and Moscow prepare for military offensives in the coming months, the risk of an accident at Ukraine’s Russia-occupied Zaporizhzhia nuclear power plant will increase, writes Victor Jack. "[A]ny increase in bombing and shelling will undoubtedly increase the possibility of a nuclear accident,” Rafael Mariano Grossi, the International Atomic Energy Agency director general, told Victor.
|
| |
|
 The 2023 Doomsday Clock is displayed. | Anna Moneymaker/Getty Images) |
The end is nigh: The Bulletin of the Atomic Scientists set the Doomsday clock at 90 seconds to midnight, citing the war in Ukraine, climate change and online disinformation. State of affairs: Electricity bills may continue to shock you even as overall inflation eases. Here's why.
|
| |
| JOIN POLITICO ON 2/9 TO HEAR FROM AMERICA’S GOVERNORS: In a divided Congress, more legislative and policy enforcement will shift to the states, meaning governors will take a leading role in setting the agenda for the nation. Join POLITICO on Thursday, Feb. 9 at World Wide Technology's D.C. Innovation Center for The Fifty: America's Governors, where we will examine where innovations are taking shape and new regulatory red lines, the future of reproductive health, and how climate change is being addressed across a series of one-on-one interviews. REGISTER HERE. |
| |
| |
|
| |
A showcase of some of our best content.
|
A segment of the Mountain Valley pipeline. | Mountain Valley Pipeline LLC |
A federal appeals court with a track record of rejecting permits for the Mountain Valley pipeline appears likely to uphold one of the natural gas project's approvals. EPA proposed rejecting all six applications it received from power plants seeking to keep their unlined coal ash ponds in operation. Portugal agreed to forgive $152 million in debt from the island nation of Cape Verde in exchange for Cape Verde steering that money toward climate and environment efforts. That's it for today, folks! Thanks for reading.
|
| |
| LISTEN TO POLITICO'S ENERGY PODCAST: Check out our daily five-minute brief on the latest energy and environmental politics and policy news. Don't miss out on the must-know stories, candid insights, and analysis from POLITICO's energy team. Listen today. |
| |
| |
|
| |
| A message from Natural Allies for a Clean Energy Future: Everyone is focused on the next generation, and it’s time to get real about climate change.
Let’s get to work and cut emissions now by investing in clean natural gas infrastructure. Natural gas is the best way to reach climate goals faster and power our future reliably and affordably. Natural gas, partnered with renewables, will power our world today — while laying the groundwork for tomorrow. Learn how natural gas is accelerating our clean energy future at www.naturalalliesforcleanenergy.org. |
| |
|
| |
| Follow us on Twitter |
| |
| Follow us |
| |
