Wholesale gasoline prices are down nearly 30 cents so far today, Bloomberg reports.
Nuclear Power Gets New Push in U.S.
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.
Germany Looks at Potential Rationing of Natural Gas
“The German government moved closer to rationing natural gas on Thursday after Russia cut deliveries to the country last week in an escalation of the economic war triggered by Moscow’s invasion of Ukraine,” the Wall Street Journal reports.
Biden Loses His Own Aides on Gas Tax Holiday
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.”
Manchin Won’t Support Biden’s Gas Tax Pause
Sen. Joe Manchin (D-WV) told ABC News he had several concerns with President Biden’s proposal for a gas tax holiday and signaled he would not support it.
Said Manchin: “I’m not a yes right now, that’s for sure.”
Biden and Chevron CEO Trade Sharp Words
“In a pointed back and forth, the head of Chevron complained Tuesday that President Joe Biden has vilified energy firms at a time when gasoline prices are at near record levels,” the AP reports.
Wrote Chevron CEO Michael Wirth: “Your Administration has largely sought to criticize, and at times vilify, our industry. These actions are not beneficial to meeting the challenges we face and are not what the American people deserve.”
Responded Biden: “I didn’t know they’d get their feelings hurt that quickly.”
Western Move to Choke Russia’s Oil Exports Boomerangs
“When the United States and European Union moved to curtail purchases of Russian fossil fuels this year, they hoped it would help make the Russian invasion of Ukraine so economically painful for Moscow that President Vladimir Putin would be forced to abandon it,” the New York Times reports.
“That prospect now seems remote at best.”
“China and India, the world’s most populous countries, have swooped in to buy roughly the same volume of Russian oil that would have gone to the West. Oil prices are so high that Russia is making even more money now from sales than it did before the war began four months ago. And its once-flailing currency has surged in value against the dollar.”
Biden to Call on Congress to Suspend Gas Tax
“President Biden on Wednesday will call on Congress to suspend the federal gas and diesel taxes for the next three months, the latest effort by the White House to provide relief to Americans struggling with record-high gasoline prices,” The Hill reports.
Wall Street Journal: “A suspension of the 18.4 cents a gallon federal gasoline tax would require congressional approval, so a move by Mr. Biden to throw his support behind the effort would be largely symbolic. Lawmakers of both parties have expressed resistance to suspending the tax, a move that would likely need bipartisan support to become law.“
New York Times: “Even if all of the benefits were passed on to consumers, the owner of a Ford-150 that gets 20 miles to the gallon driving a thousand miles per month would save about $9 if the federal gas tax were suspended — the cost, these days, of a decent ham sandwich.”
Jason Furman: “Whatever you thought of the merits of a gas tax holiday in February it is a worse idea now. Refineries are even more constrained now so supply is nearly fully inelastic. Most of the 18.4 cent reduction would be pocketed by industry–with maybe a few cents passed on to consumers.”
Yellen Backs Gas Tax Holiday
Treasury Secretary Janet Yellen said that federal policy makers should consider a temporary gasoline-tax holiday to ease the burden of soaring fuel prices, the Wall Street Journal reports.
Germany Steps Up Measures to Conserve Gas
“Germany will restart coal-fired power plants and offer incentives for companies to curb natural gas consumption, marking a new step in the economic war between Europe and Russia,” the Wall Street Journal reports.
“Berlin unveiled the measures Sunday after Russia cut gas supplies to Europe last week as it punched back against European sanctions and military support for Ukraine.”
Germany Will Fire Up Coal Plants Again
“Germany will restart coal-fired power plants in order to conserve natural gas, the country’s economy minister announced on Sunday, amid concerns about a looming supply shortage after Russia cut gas deliveries to Europe this week,” the New York Times reports.
Biden Tells Oil Refiners to Produce More Gas
“President Joe Biden on Wednesday called on U.S. oil refiners to produce more gasoline and diesel, saying their profits have tripled during a time of war between Russia and Ukraine as Americans struggle with record high prices at the pump,” the AP reports.
Meanwhile, The Hill reports the White House “is showing signs that it is more seriously considering a federal gas tax holiday,”
Quote of the Day
“On the issue of gas prices, I drove my electric vehicle from Michigan to here last weekend and went by every gas station and it didn’t matter how high it was.”
— Sen. Debbie Stabenow (D-MI), at a congressional hearing.
Gas Prices Reach $5 a Gallon Nationwide
“The average price of a gallon of regular unleaded gas in the U.S. hit $5 Friday night, and the rise in fuel costs is expected to persist throughout the busy summer driving season,” the Wall Street Journal reports.
Democrats Mull Attacks on Oil and Gas Companies
Washington Post: “Behind the scenes, several prominent Democrats have been pushing to make attacks on the greed of oil and gas companies a centerpiece of the party’s message, in the hopes of making Democrats the party of fighting inflation by the midterms.”
“They argue that the issue of gas prices needs to be reframed as a choice between Democratic support for proactive measures — like suspending the gas tax or prodding oil companies to drill on existing leases — and Republican opposition to taking action.”
An Alternative to Expensive Gas
Sen. John Kennedy (R-LA) joked that because of gas prices, it would be cheaper in his state “to buy cocaine and just run everywhere” rather than drive, the Washington Examiner reports.
Biden to Boost Production of Domestic Solar Panels
President Joe Biden will announce new executive actions to spur more domestic production of solar panels and clean energy technology on Monday, CNN reports.
The End of Energy Free Trade
“Russia’s attack on Ukraine is redrawing the world’s energy map, ushering in a new era in which the flow of fossil fuels is influenced by geopolitical rivalries as much as supply and demand,” the Wall Street Journal reports.
“Over the past half-century, oil and natural gas have moved with relative freedom to the markets where they commanded the highest prices around the world. That ended abruptly when Russian tanks rumbled across the Ukraine border on Feb. 24, triggering a barrage of trade sanctions by the U.S. and Europe targeting Russia that have plunged global commerce into disarray.”
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