“Traders piled into options that oil could surge even further after rising to the highest since 2008, with some even placing low-cost bets that futures will rise above $200 before the end of March,” Bloomberg reports.
U.S. Gas Prices Soar
“U.S. gasoline prices jumped 11% over the past week to the highest since 2008 as global sanctions cripple Russia’s ability to export crude oil after its invasion of Ukraine,” Reuters reports.
Pelosi Backs Banning Russian Oil Imports
Speaker Nancy Pelosi (D-CA) said Thursday she supports banning oil import from Russia in response to Moscow’s unprovoked invasion of Ukraine, Axios reports.
Said Pelosi: “I’m all for that. Ban it. Ban the oil coming from Russia.”
How Gas Prices Could Crush Biden Before Midterms
Playbook: “If he does block Russian oil, skyrocketing gas prices will go even higher. On Wednesday, crude oil prices reached their highest level in more than a decade, which will further inflate the cost of gasoline, already averaging $3.60 a gallon nationally. While Russian oil and gas makes up a tiny fraction of U.S. energy supply, choking off its energy products will likely send prices soaring even more.”
“That’s the last thing Biden wants, as inflation is already dragging down his poll numbers. It’s why he used his State of the Union to announce that the U.S. and other countries would release 60 million barrels of oil from reserves. It’s why desperate Hill Democrats looking toward the midterms are floating the idea of a gas tax holiday.”
“If he doesn’t block Russian oil and gas imports, Biden opens himself to allegations that he’s giving Putin precious breathing room. And the GOP is itching to pounce.”
Fossil-Fuel Companies Stonewall Fed Nomination
The New Yorker reports that fossil-fuel companies — which have donated generously to the campaigns of all twelve Republican members of the Senate Banking Committee — are now stonewalling Sarah Bloom Raskin’s nomination to the Federal Reserve.
White House Mulls Sanctions on Russia Oil Exports
“The possibility of the U.S. sanctioning Russian oil exports is ‘still on the table’ as President Biden looks for more ways to punish the country for its invasion of Ukraine,” CNN reports.
“Taking such a step would be an extraordinary measure that could have an intense effect on domestic gas prices, however.”
Russia Sanctions Largely Spare Energy Sector
“The West is rolling out increasingly tough sanctions on Russia but it is going out of its way to preserve the country’s biggest source of revenue: energy exports,” the Wall Street Journal reports.
Russian Attack Threatens European Gas Supplies
“Russia’s new military push against Ukraine poses another threat to Europe’s already tenuous supply of natural gas,” the Wall Street Journal reports.
“Russian President Vladimir Putin earlier this week said he wouldn’t turn off his country’s flow of gas to Europe, after deploying troops to two breakaway Ukrainian provinces. But his announcement early Thursday of fresh military action in the country ratchets up risks to Ukraine’s gas-transport infrastructure, crucial to European supplies. It also poses the threat that Russia will shut off its gas in response to Western sanctions meant to punish Moscow.”
Financial Times: “Russia is confident it can shrug off Germany’s decision to halt certification of the Nord Stream 2 gas pipeline and believes EU efforts to diversify the bloc’s energy sources will fail.”
Biden Allows Sanctions on Company Behind Pipeline
“The Biden administration is expected to announce on Wednesday that it will allow sanctions to move forward on the company in charge of building Russia’s Nord Stream 2 gas pipeline, after blocking such sanctions last year using a national security waiver,” CNN reports.
“Sanctioning Nord Stream 2’s parent company, Nord Stream 2 AG — a registered Swiss firm whose parent company is the Russian gas giant Gazprom — is effectively a death knell to the project.”
The Hill reports Sen. Ted Cruz (R-TX) has now lifted his hold on Biden’s State Department nominees now that the sanctions are moving forward.
Germany Halts Nord Stream 2
Wall Street Journal: “Germany said it halted moves to open the Nord Stream 2 pipeline that would allow Russia to bypass Ukraine in exporting natural gas to Europe, and the European Union proposed a ban on purchases of Russian bonds, sanctions on all members of the Russian parliament, which is voting on the recognition Tuesday, and an asset freeze for three Russian banks with links to the two statelets.”
“The U.K. government announced a first wave of sanctions against five Russian banks and three high-net-worth individuals.”
Associated Press: “However, Putin continued to knock the world off-kilter with a strategy where confusion about the true extent of an invasion, which would automatically kick in major sanctions, remained unclear and debatable.”
GOP Quashes Efforts to Cut Natural Gas Use
As cities try to cut natural gas from new homes, Republicans and the gas lobby are quashing the effort by passing preemption laws to prohibit cities from taking climate action and electrifying their buildings, CNN reports.
Green That Life: What is preemption law?
The U.S. Is Now Energy Independent
“For decades, politicians have talked about the U.S. achieving energy independence, a seemingly elusive goal of producing enough fuels to avoid relying on the rest of the world to fill up gas tanks and keep electricity flowing,” Axios reports.
“It’s elusive no more. The U.S. produced more petroleum than it consumed in 2020, and the numbers were essentially in balance in 2021.”
Saudis Snub U.S. Amid Ukraine Crisis
“Rising oil prices and fears of a Russian invasion of Ukraine have created a dilemma for Saudi Arabia: Help the West by pumping more crude to tame the market, or stand by a five-year-old oil alliance that is helping Moscow at the expense of Washington,” the Wall Street Journal reports.
“For now, the world’s largest crude exporter is sticking with Russia.”
Corn-Based Ethanol Worse for the Climate Than Gasoline
“Corn-based ethanol, which for years has been mixed in huge quantities into gasoline sold at U.S. pumps, is likely a much bigger contributor to global warming than straight gasoline,” Reuters reports.
Related: 7 Sustainable Habits That Aren’t
Russian Invasion Peril Is Driving Oil Prices Near $100
“The threat of a Russian invasion of Ukraine is shaking up a fragile global oil market, pushing prices closer to $100 a barrel as traders calculate that supplies will struggle to cushion the effect from any significant disruption in Russian fossil fuel exports,” the Wall Street Journal reports.
“Demand for oil has outpaced production growth as economies slowly rebound from the worst of the pandemic, leaving the market with a small buffer to mitigate an oil-supply shock.”
France to Build 14 New Nuclear Reactors
“Emmanuel Macron has announced a ‘renaissance’ for the French nuclear industry with a vast program to build as many as 14 new reactors, arguing that it would help end the country’s reliance on fossil fuels and make France carbon neutral by 2050,” The Guardian reports.
Gas Prices Surge Across U.S.
“Gasoline prices across the U.S. are surging to the highest level in eight years as the price of crude oil rises, spiked by worries about geopolitical tensions in Eastern Europe,” CBS News reports.
Biden Mocks Trump on Windmills Causing Cancer
While addressing a roundtable of energy executives, President Biden asked: “Are you getting less resistance when you start talking about wind and the windmills? I know they cause cancer.”
As the table broke out in laughter, Biden declared it a “bad joke” and that he “shouldn’t kid about that.”
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