July 26th, 2024

• Stay up to date on all things energy by visiting the TEA Newsroom.
• America needs Affordable, Reliable, Clean energy security.
• ‘Mr. Secretary’: Burgum won’t be Trump’s VP, but he appears poised to take another role.
• Appeals court sides with Biden admin on updated power plant rules.
• The U.S. will fall behind in the AI race without natural gas, one top CEO says.
• Manchin, Barrasso announce permitting reform deal, breaking impasse.
• California regulators step up support for offshore wind.
• Biden gives billions in grants to states for heat pumps, EV chargers.
• Robert Bryce opinion: Breaking wind.

The issue: President Biden announced Sunday afternoon that he would not seek re-election. He was pushed out by the Democratic Party, but not before doing great damage to this nation. In the past 3 and 1/2 years he declared war on American energy. But in the end, energy won.

Why it matters: But it did cause considerable pain for American consumers and businesses.

According to a new report out from The Heartland Institute, the average American household has paid thousands of dollars more in energy costs between 2021 when Biden took office and last year; that “average” comes in at almost $2,548. That number is now likely higher, considering the cost increases incurred thus far in 2024.

Sadly, Biden tried his best to destroy domestic energy production and limit its consumption (failed bans on home appliances, remember?). But, just like with his political career, he failed to finish the job. American energy ultimately will prevail.

Consider:

• Boosted well productivity, along with infrastructure enhancements and a resource base that is essentially bottomless, has the United States producing “more crude oil than any nation at any time.”
• This despite the 2019 claim by Biden, who was seeking office, that he would “end fossil fuel.”
• Stopping the Keystone XL pipeline on Day One and limiting oil and gas exploration in Alaska also drove up energy prices at home. Biden opted for importing oil from Russia and Venezuela, among other adversarial nations.
• In 2023, the United States became the world’s largest LNG exporter, with exports increasing by 12% compared with 2022. Then Biden paused exports in January before a federal court overturned the decision.

Bottom line: Out with the old, in with the new? Despite 3 and a half years of Biden’s green-at-all-costs agenda, U.S. energy producers have persevered. They stand ready to unleash American energy dominance under a new admin.

The issue: Kamala Harris’ track record suggests that the Democratic Party’s presumptive presidential candidate will be more radical on energy issues than President Biden ever was. While her stances on energy have closely aligned with Biden during their administration, her past record on fossil fuels and climate is to the left of Biden’s positioning.

Why it matters: Politicians often evolve and are known to change positions on issues in a general election. So Harris could adopt more centrist viewpoints once she begins actively campaigning for president.

But that’s doubtful. While Biden at times attempted to distance himself from The Green New Deal, his VP has embraced it wholeheartedly. There is plenty to suggest that Harris might be more extreme than Biden on climate:

Consider:

• Harris said during the 2020 debate cycle that she would support eliminating the filibuster in order to pass a “Green New Deal.” (CNN)

• Harris said she would end fracking and offshore drilling if she was elected — going a step further than Biden, who said he wouldn’t ban fracking and issued both onshore and offshore oil and gas permits. (Politico)

• In 2019, Harris pledged to tax polluting industries and give the majority of the funds to environmental justice communities. The Biden administration only recently created a task force to consider whether the U.S. should put a carbon tax on imported goods. (The New York Times)

• On the 2020 campaign trail, Harris proposed a $10 trillion climate plan — an exponential increase over Biden’s historic $1.6 trillion climate legislation. (Politico)

Bottom line:Kamala Harris is no friend of domestic energy producers, nor does she support a pro-American energy agenda. If elected, she will usher in extreme policy that will make energy less affordable and reliable for Americans.

For the last month, gas prices have hit the “brakes” as oil prices have decreased globally. One month ago, the national average for a gallon of gasoline was $3.49. Today, the national average is only 3 cents higher at $3.52. For late July, this is the lowest gas prices have been since 2021, good news for American drivers!

Hearing On ESG: On Tuesday, July 30, the House Financial Services Subcommittee on Oversight and Investigations will have a hearing on “The Fall of ESG: Scrutinizing the Failed Use of Environmental, Social, & Governance Standards and the Influence of Proxy Advisors.”

Hearing On Permitting Reform: On Wednesday, July 31, the Senate Energy and Natural Resources Committee will have a hearing to consider a bill to reform leasing, permitting, and judicial review for certain energy and minerals projects.

Hearing On Electric Vehicles: On Wednesday, July 31, the Senate Budget Committee will have a hearing to consider a bill to examine the future of electric vehicles.

“Proud to work with Senator Joe Manchin to introduce the Energy Permitting Reform Act. This bipartisan legislation is an urgent first step towards improving our nation’s broken permitting process and securing affordable, available, and reliable American energy.”

—  Senator John Barrasso (R-WY) on Twitter/X.