Daniel Yergen: “Is today’s energy crisis as serious as similar previous ones – particularly the 1970s oil shocks? That question is being asked around the world, with consumers hit by high prices, businesses worried about energy supplies, political leaders and central bankers struggling with inflation, and countries confronting balance-of-payments pressures.”

“So, yes, this energy crisis is as serious. In fact, today’s crisis is potentially worse. In the 1970s, only oil was involved, whereas this crisis encompasses natural gas, coal, and even the nuclear-fuel cycle. In addition to stoking inflation, today’s crisis is transforming a previously global market into one that is fragmented and more vulnerable to disruption, crimping economic growth. And, together with the geopolitical crisis arising from the war in Ukraine, it is further deepening the world’s great-power rivalries.”

The European Union proposed a plan for countries to reduce demand for natural gas — as officials warned that Russia was “likely” to cutoff the flow to Europe, the Washington Post reports.

Bloomberg: “As searing Texas heat drives power demand to record highs, the state’s grid operator is ordering plants to run at a historic pace, often forcing them to put off maintenance to keep cranking out electricity. That’s helped keep the lights on, for now, but the short-term focus is putting even more stress on a system that’s already stretched near the limit.”

“Twice in the past week, officials have called on Texans to limit electricity use during scorching afternoons as demand inched perilously close to overwhelming supply. Now, there are growing concerns over how long power plants can maintain the grueling pace as they run nonstop.”

“Amos Hochstein, a senior state department adviser for energy security, said on Sunday that he expects gas prices in the U.S. to fall to $4 per gallon,” Axios reports.

Washington Post: “Drivers relieved by the recent dip in gas prices may be in for a shock when the summer winds down, with energy analysts warning a fresh round of price surges could emerge as soon as October.”

“The prospect of a new gas price jolt coinciding with midterm elections has the White House and many Democrats on edge.”

“The price concerns are tied to the timeline for stricter sanctions on Russia that will further choke the global oil supply. J.P. Morgan has warned that in a worst-case scenario — in which Russia retaliates by shutting down its supply altogether — the price of oil could jump to $380 per barrel, more than triple what it is today.”

“Record-high gas prices might be in the rearview mirror for drivers, as prices at the pump have now fallen 30 days in a row amid a drop in crude oil,” Yahoo Finance reports.

“The worst oil-supply crisis in decades is showing tentative signs of easing as flagging economic growth weighs on demand for crude while sanctions on Russia are having less impact on oil production than expected,” the Wall Street Journal reports.

The latest talking point from Fox News is that gas prices are coming down so quickly that it might hurt the independent “Mom and Pop” gas stations.

Multiple sources tell the Quorum Report there’s a high possibility of rolling blackouts in Texas between 2 and 6 p.m. in the afternoon for the next three days.

Last November, Gov. Greg Abbott (R) guaranteed that “no one will face danger again from a power failure” in his state.

The average price of a gallon of regular gasoline is now $4.68, according to AAA, down from $5 a month ago. 

“Gas prices fell two cents Wednesday to $4.779 per gallon, according to AAA data, down 24 cents from its highest-ever recorded level of $5.016 last month, and are on track to continue falling,” Forbes reports.

Wholesale gasoline prices are down nearly 30 cents so far today, Bloomberg reports.

New York Times: “Driven by the difficulty of meeting clean energy goals and by surging electricity demands, a growing number of political leaders are taking a fresh look at nuclear power — both extending the life of existing reactors and building new ones.”

“Even past skeptics, largely Democrats, have come around to the idea — notably in California, where the state’s sole remaining nuclear plant, Diablo Canyon, is scheduled to close in 2025. The search for clean energy has given nuclear power a spark that has drawn bipartisan support that added billions in funding for existing and new projects…”

Matt Yglesias: The nuclear policy America needs.

Washington Post: “The notion of a gas tax holiday was met with instant criticism — not only from members of both parties on Capitol Hill, but even from many officials within the administration who said privately that it would probably do little to significantly lower gas prices.”

“Top Treasury Department officials expressed doubts about the gas tax holiday, and at least two top White House economists also privately conveyed reservations, according to two people familiar with the internal deliberations who spoke on the condition of anonymity to disclose sensitive conversations.”

Politico: “Biden’s break-glass moment on gas prices fell flat in the Capitol, with Democratic leaders keeping their distance and even those who support the idea privately wondering whether the White House has a longer-term plan. Even if the holiday had a chance of becoming law, lawmakers in Biden’s party say it’s far too limited a remedy.”