DAILY ON ENERGY: • Georgia extends tax-holiday through mid-August • Oil drops below $100 a barrel amid recession fears • New protest trend: Green activists gluing themselves to art
IN CASE YOU WERE TOO BUSY ENJOYING THE FOURTH OF JULY… The Interior Department waited until close of business on Friday before the holiday weekend to drop its 500+-page proposed program for offshore oil and gas leasing, a classic news dump for a document that mostly delayed major decisions about the fate of drilling in federal waters and prolonged the dissatisfaction among many parties…
The yays and nays: The proposed program was met with intense backlash from green groups, who want to see an end to both the onshore and offshore leasing programs in order to abate climate change and brought up President Joe Biden’s campaign trail promise to restrict oil and gas leasing on federal lands.
Oil and gas interests, and notably Democratic Sen. Joe Manchin, welcomed the proposed program but reacted warily to Interior’s emphasis on the discretion it holds to ultimately hold fewer sales than the 11 contemplated — or none at all. “A Proposed Program is not a decision to issue specific leases or to authorize any drilling or development,” Secretary Deb Haaland said in a statement.
The timing: Republicans in Congress, and industry too, had lobbied the Biden administration to act more swiftly in putting together the proposed program, which is well behind schedule compared to the predecessor program finalized during the Obama administration. The move comes with the national average gas price at $4.80 a gallon, down from a record $5.02 a gallon last month, according to AAA.
"Currently, our US economists do not expect the US to dip into a recession, but are also skeptical about the Fed's ability to engineer a modest slowdown, as the historical experience has been of hard rather than soft landings," the group wrote. Read more from Breanne here. Yesterday, two protesters affiliated with the group also glued themselves to the frame of The Hay Wain, a 200-year-old masterpiece by John Constable, at London's National Gallery.
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