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DAILY ENERGY NEWS  | 05/12/2025
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Just repeal the whole thing.


E&E News (5/12/25) reports: "The House Energy and Commerce Committee’s section of the Republicans’ party-line megabill includes billions of dollars in clawbacks from a host of Inflation Reduction Act programs. The legislation — up for markup Tuesday — would affect the Department of Energy’s Loans Program Office, EPA’s Greenhouse Reduction Fund and many other climate law initiatives, according to text released Sunday night. Chair Brett Guthrie (R-Ky.) said the climate law repeals would add up to $6.5 billion in savings. He said the unobligated balances represented 'the most reckless parts of the engorged climate spending in the misnamed Inflation Reduction Act.' The legislation would scrap 'the unobligated balance' of IRA funding for the Loans Program Office and money dedicated to transmission projects. The LPO received over $35 billion from the climate law, while DOE’s Grid Deployment Office got around $3 billion as part from the IRA’s 'Transmission Facility Financing' section. Republicans will also try to rescind IRA funds boosting a number of other DOE programs, including initiatives on advanced vehicle manufacturing, energy infrastructure reinvestment financing, tribal energy loan guarantees and state-based efficiency grants. Those programs, in total, received around $8.3 billion from the climate law."

"This is the administration of FACTS. No longer will facts be buried for political reasons [the DOE is] ensuring that affordable, reliable, and secure energy is powered by integrity." 

 

– Energy Secretary Chris Wright

Time for a reality check, California.


Los Angeles Times (5/7/25) opinion: "California’s refusal to keep tapping our own fossil fuel energy resources means the state will not attract any of the massive investment aimed at, for instance, new liquid natural gas facilities. To assure its economic viability, California needs to stop genuflecting to the fantastical notion that wind and solar will soon produce oodles of cheap, clean energy. The Trump administration is fast withdrawing federal support for renewables in favor of 'drill, baby, drill.' In reality, short of an unexpected boom in controversial but emissions-free nuclear power, most experts project continued dominance of fossil fuels, even coal, well into the future and even in California. Last summer, Exxon Mobil’s forecast for 2050 saw the overall energy market dominated by oil (54%), with renewables reaching only 15%. California can only prosper if it can develop affordable, reliable energy from all sources, including the state’s fossil fuel supplies. Without a change of direction, the trajectory is building toward a neo-feudal future — a state widely divided between the few rich and the many struggling."

Vote now.


Semafor (5/12/25) reports: "Senate Republicans hate new California regulations that would eventually eliminate gas-powered engines in the state. It’s still not clear whether they’ll vote on a repeal. A handful of Republicans are still studying whether rolling back the waiver California got to impose its regulations would expand potential congressional powers to gut executive-branch rules. Some in the party are concerned that if they disregard the nonpartisan parliamentarian’s guidance on that matter, they would create a precedent that could come back to bite them if Democrats try to undo the legacy of a future GOP president. Republicans hold 53 Senate seats, and they can roll back the rules with 50 votes. Curtis is among at least four Republicans to watch as Senate Majority Leader John Thune prepares to bring the rollback to the floor sometime before the June 1 deadline. Curtis and Republican Sens. Mitch McConnell, Lisa Murkowski and Susan Collins are either staying quiet or acknowledging they aren’t yet sure how to handle the vote. Asked about the California regulations, Murkowski said on Thursday she was seeking more information … about the new pope."

Thanks a lot, Biden.


Reuters (5/12/25) reports: "A U.S. House committee released a budget proposal that includes more than $1.5 billion to replenish and maintain the Strategic Petroleum Reserve, and cancels a congressionally mandated sale, following huge sales from the facility in 2022. Biden, a Democrat, sold a record 180 million barrels from the SPR in 2022 after Russia, a leading oil producer, invaded Ukraine, bringing the reserve down to its lowest level in 40 years. U.S. Energy Secretary Chris Wright had estimated in March that it would take $20 billion and years to accomplish U.S. President Donald Trump’s goal of filling the SPR, a move that would help domestic energy producers amid relatively low oil prices. The facility has the capacity to store about 727 million barrels and currently holds about 399 million barrels. The Biden administration had adopted a fixed-price rule, arguing that it helped in arranging quick purchases for the reserve. The DOE said in the new proposed rule that fixed-price contracts have 'only served to unnecessarily create confusion in the industry.'"

Energy Markets

 
WTI Crude Oil: ↑ $63.36
Natural Gas: ↑ $3.81
Gasoline: ↓ $3.13
Diesel: ↓ $3.50
Heating Oil: ↑ $213.41
Brent Crude Oil: ↑ $66.20
US Rig Count: ↑ 611

 
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