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DAILY ENERGY NEWS | 07/02/2025
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** Progress.
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The Associated Press ([link removed]) (7/1/25) reports: "The sprawling Republican budget bill approved by the Senate Tuesday removes a proposed tax on solar and wind energy projects but quickly phases out tax credits for wind, solar and other renewable energy. The Senate approved the bill 51-50 as President Donald Trump and GOP lawmakers move to dismantle the 2022 climate law passed by Democrats under former President Joe Biden. Vice President JD Vance broke a tie after three Republican senators voted no. The bill now moves to the House for final legislative approval. The excise tax on solar and wind generation projects was added to the Senate bill over the weekend, prompting bipartisan pushback from lawmakers as well as clean energy developers and advocates. The final bill removes the tax but mostly sticks with legislative language released late Friday night and would end incentives for clean energy
sooner than a draft version unveiled two weeks ago."
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** "The early frackers benefitted from the Sec 29 tax credit for unconventional oil and gas exploration from 1980-2002. Notably, the fracking revolution happened despite the lack of a permanent subsidy."
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– A ([link removed]) lex Trembath, The Breakthrough Institute ([link removed])
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All eyes are on Treasury guidance.
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Europe's zero-growth economy can't afford green steel.
** OilPrice.com ([link removed])
(6/28/25) op-ed: "The European Union has pledged billions in rearmament spending. It also just pledged billions in higher NATO spending. Steel is a crucial part of the rearmament drive. Without it, you can’t build tanks and make weapons. But Europe does not just want any steel—it wants it green. And green steel is so expensive, companies are walking away from green steel projects in droves. This week saw one of the world’s largest steelmakers, ArcelorMittal, ditch its plans for the conversion of two plants in Germany to green hydrogen as an energy source because the costs were exorbitant. Importantly, the German government had promised the steelmaker $1.5 billion in subsidies for the conversion projects. Still, they turned out to be too expensive. Germany’s ThyssenKrupp, meanwhile, is sticking with its green steel plans, although it noted the 'crisis' in the industry. At the same time, ThyssenKrupp is laying off 40% of its workforce and slashing production capacity by a quarter, the
Financial Times reported at the end of 2024."
The Unregulated Podcast #236: I'll Handle the Finances.
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** Listen here ([link removed])
Climate superfraud.
** Energy In Depth ([link removed])
(6/30/25) reports: "A growing number of states are considering climate superfund legislation that would impose retroactive fees on energy producers to fund climate projects. This approach, however, raises major questions around the legality, fairness and effectiveness of these laws, according to legal and policy experts who unpacked the far-reaching implications of these bills during a recent virtual panel hosted by the Institute for Energy Research (IER) and C3 Solutions. Moderated by IER President, Tom Pyle, the discussion included insights from Ian Banks (C3 Solutions), Jessica Weinkle (University of North Carolina, Wilmington), and Donald Kochan (George Mason University). The panelists explored how these bills represent not just a clear policy overreach, but a fundamental threat to legal norms, scientific integrity, and energy affordability. Climate superfund bills – which are designed and pushed by the same activists behind the litigation campaign against oil and gas companies – have
been introduced in over ten states and signed into law in two, Vermont and New York. These state superfund laws are now facing steep legal challenges from industry groups, other state attorney generals, and the Trump administration."
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Energy Markets
WTI Crude Oil: ↑ $66.20
Natural Gas: ↑ $3.43
Gasoline: ↓ $3.17
Diesel: ↓ $3.69
Heating Oil: ↑ $235.14
Brent Crude Oil: ↑ $67.85
** US Rig Count ([link removed])
: ↓ 571
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