CNN: “Far from the coasts, wind energy is thriving here in America’s heartland, on the vast plains of Oklahoma, Texas and Nebraska. Long an area devoted to oil and gas, Western Oklahoma is now home to one of the largest wind farms in the world.”
Germany Prepares for a Russian Gas Embargo
Financial Times: “Talk of a full-scale embargo on Russian energy is spreading panic in Germany, which until the war received 55 percent of its imported gas from Russia. The fear is that any sudden gas shut-off could paralyze large parts of the country’s industry…”
“Germany also faces the risk that Russia could itself retaliate against western sanctions by unilaterally stopping the flow of gas to Europe. Either way, Berlin is facing a scenario unthinkable even a few weeks ago — a gas supply shock that would force it to ration energy to industry and could shutter some of the country’s largest factories.”
Biden Launches Effort to Save Distressed Nukes
“The Biden administration is launching a $6 billion effort to rescue nuclear power plants at risk of closing, citing the need to continue nuclear energy as a carbon-free source of power that helps to combat climate change,” the AP reports.
Biden Plans to Open More Public Land to Drilling
“The Biden administration announced on Friday that it would resume selling leases for new oil and gas drilling on public lands, but would also raise the federal royalties that companies must pay to drill, which would be the first increase in those fees in more than a century,” the New York Times reports.
“The move comes as President Biden seeks to show voters that he is working to increase the domestic oil supply as prices surge in the wake of the Russian invasion of Ukraine. But it also violates a signature campaign pledge made by Mr. Biden as he sought to assure climate activists that he would prioritize reducing the use of fossil fuels.”
Biden to Announce Plan to Ease Gas Prices
“The White House plans to roll out new policies Tuesday aimed at curbing gas prices as it braces for a crushing new report that will show inflationary pressures on millions of Americans have intensified this year,” the Washington Post reports.
“President Biden will announce plans for the Environmental Protection Agency to allow a blended form of gasoline that uses ethanol, known as E15, to be sold this summer — a measure long resisted by some energy and environmental groups that could help deliver short-term relief at the pump.”
Wall Street Journal: “Allowing fuels with a higher ethanol content will lessen reliance on oil and give drivers more options, senior administration officials said, adding that it could save drivers 10 cents a gallon off current prices.”
Most Blame Putin and Oil Companies for High Gas Prices
“As politicians spar over who’s to blame for recent increases in gas prices, a large majority of Americans say oil companies and Russian President Vladimir Putin are major culprits,” a new ABC News/Ipsos poll finds.
“Along party lines, Americans are more likely to blame Democrats for the increase in gas prices than Republicans, according to the poll, which also found much greater enthusiasm about voting in this November’s elections among Republicans than among Democrats.”
Democrats on the Defensive Over Gas Prices
Washington Post: “The blame game over high fuel prices is in full throttle in Washington and congressional districts across the country as people like Languren decide who deserves the bulk of their anger over the sudden hit to their wallets. A self-described conservative Democrat now leaning Republican because of economic worries, Languren is the kind of voter who will help determine whether Democrats can hang on to their fragile congressional majorities come November.”
“Meanwhile, Democrats such as Levin — who represents a state with some of the highest gas prices in the country — are struggling to come up with quick fixes or even long-term solutions to the gas price problem, along with record levels of inflation overall. The issue is testing the mantra that Democrats are the party that ‘delivers.’”
Lithuania Cuts Off Russian Gas
Biden Embraces Oil as War Overwhelms Climate Agenda
“President Joe Biden delivered his strongest endorsement of oil on Thursday, ordering an unprecedented release of emergency U.S. crude in a move that gambled his climate-saving credentials on lowering gasoline prices in an election year,” Bloomberg reports.
“If the strategy works, Biden may help stave off both a recession and crushing defeats for his party in midterm elections, while drawing the ire of climate activists and potentially derailing his green goals. If it fails — and it very well might — he risks looking like Jimmy Carter, snubbed by oil-rich Mideast nations and powerless to rein in prices at the pump.”
“It’s a remarkable shift for a president who campaigned on promises to combat climate change, accelerate renewable fuels and block drilling permits on public lands and waters. In the space of a week, he’s instead ordered the emergency release of 180 million barrels of crude from U.S. stockpiles and presided over a plan to boost exports of American natural gas to Europe.”
New York Times: As gas prices soar, Biden’s climate ambitions sputter.
AP: “The president said it was not known how much gasoline prices could decline as a result of his move, but he suggested it might be ‘anything from 10 cents to 35 cents a gallon.’”
Biden Ready to Release a Million Barrels of Oil a Day
“President Biden is considering a plan to release one million barrels of oil a day from the Strategic Petroleum Reserve for as long as 180 days, a move that would add a large amount of oil to the global market,” the New York Times reports.
What if Putin Didn’t Miscalculate?
Bret Stephens: “Suppose for a moment that Putin never intended to conquer all of Ukraine: that, from the beginning, his real targets were the energy riches of Ukraine’s east, which contain Europe’s second-largest known reserves of natural gas (after Norway’s).”
“Combine that with Russia’s previous territorial seizures in Crimea (which has huge offshore energy fields) and the eastern provinces of Luhansk and Donetsk (which contain part of an enormous shale-gas field), as well as Putin’s bid to control most or all of Ukraine’s coastline, and the shape of Putin’s ambitions become clear. He’s less interested in reuniting the Russian-speaking world than he is in securing Russia’s energy dominance.”
Said Canadian energy expert David Knight Legg: “Under the guise of an invasion, Putin is executing an enormous heist.”
“If this analysis is right, then Putin doesn’t seem like the miscalculating loser his critics make him out to be.”
Americans’ Energy Worries Surge
Gallup: “Nearly half of Americans, 47%, say they worry a great deal about the availability and affordability of energy. This is up from 37% a year ago and is more than double the percentage in 2020, when energy concern was at its low point.”
Biden to Invoke Cold-War Powers to Boost Batteries
“President Joe Biden is poised to invoke as soon as this week Cold War powers to encourage domestic production of critical minerals for electric-vehicle and other types of batteries,” Bloomberg reports.
White House Studies Options on Gas Prices
“The White House is studying a range of potential responses to rising gas prices as top Democrats in Congress push the administration to embrace a new tax on large corporate profits ahead of the 2022 midterm elections,” the Washington Post reports.
“With the price of gas jumping after Russia’s invasion of Ukraine and remaining high, Biden administration officials have in recent days conducted what is described as wide-ranging internal talks about potential ideas for bringing relief to consumers.”
“The ideas they have discussed include a major release of the nation’s oil reserves, loans and other incentives to energy producers to encourage production, and a federal gas tax holiday.”
Germany Pledges to End Dependence on Russian Gas
“Germany unveiled targets to rapidly cut dependence on Russian energy and the US set out plans to redirect gas to Europe as western allies stepped up efforts to reshape global energy markets and punish Moscow for the Ukraine war,” the Financial Times reports.
“Berlin vowed to all but wean itself off Russian gas by mid-2024 and said it aimed to become “virtually independent” of Russian oil by the end of this year.”
Pruitt Called Oil Tycoons While Weighing Senate Bid
“Scott Pruitt, who ran the Environmental Protection Agency under Donald Trump before resigning under a crush of ethics scandals, called two major Republican donors while weighing a run for Senate in Oklahoma in recent weeks,” the Washington Post reports.
“Pruitt dialed up two billionaires who made their fortunes in the fossil fuel industry — oil tycoon Harold Hamm and coal baron Joseph W. Craft III.”
Americans Overwhelmingly Back Gas Tax Pause
A new Politico/Morning Consult poll finds 73% of voters said they would support “a temporary break” from federal gas taxes, while 72% support a similar move with state gas taxes.
In addition, 63% said it’s time for the U.S. to release oil from the Strategic Petroleum Reserve.
More Blame Biden for Higher Gas Prices
A new Emerson College poll finds 83% of voters say they are experiencing some hardship due to increased prices on everyday items, with 40% reporting significant hardship, and another 43% reporting some hardship.
When asked about who they blame for an increase in gas prices, 39% blame the Biden Administration, 21% blame the sanctions on Russia, and 18% blame gas and oil companies.
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