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REPUBLICAN E&C BILLS: Members of the House Energy and Commerce Committee are debating nearly two dozen Republican-led bills and resolutions today, most of which are designed to thwart President Joe Biden’s energy policy agenda or otherwise preempt administrative actions his administration has teased in some fashion.Inflation Reduction Act repeals: A bill introduced by new E&C member Rep.
The Biden administration flirted with petroleum export restrictions last year among its “tools” to lower retail fuel prices, although it never went through with any measure. Energy Secretary Jennifer Granholm bemoaned low regional refined product inventories and demanded the sector channel more fuel toward stocks and ease up on exports to bring prices down.
Republican leadership pledged to use its majority to take on Biden’s energy and environmental policies that favor renewable energy and have added new regulations to traditional fossil fuel sources. The group also identified more than 90 new clean energy projects created since the IRA was signed into law, totaling $89.5 billion in new investments.
If no damage is found and weather conditions improve, operations could resume as early as today. The Ceyhan export terminal is a crucial hub for oil sales from northern Iraq and Azerbaijan, and exported roughly 1% of total global oil supplies last month. Under the price cap mechanism, Western service providers are prohibited from providing insurance, trading, or other services to ship Russian oil above the capped price, which currently stands at $60 per barrel for crude and $100 per barrel for refined premium petroleum products, such as diesel fuel. The effort is designed to keep Russian supplies on the market while also cutting into Russian President Vladimir Putin’s war chest.
Both Swedish and Danish investigators have said the blasts, which were carried out last September in their exclusive economic zones, were a deliberate act of “sabotage,” though neither has named a culprit. “[We] are in contact” with both countries, Frank said of Germany's investigation. At least 30% of EDF employees took part in the strike, contributing to the disruptions. Meanwhile, 56% of TotalEnergies employees participated, as well as employees at Exxon subsidiary Esso, interrupting the delivery of gas supplies.
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