August 2nd, 2024

• Stay up to date on all things energy by visiting the TEA Newsroom.
• America needs Affordable, Reliable, Clean energy security.
• Despite a breakthrough, permitting reform efforts face hurdles.
• Biden energy, environmental effects in WV massive but fragile.
• Climate law’s CCS windfall is almost 2 years old. Is it working?
• AI to boom the natural gas market.
• The 3 ways Biden reshaped oil drilling on public lands.
• Debunking claims that they have replenished the SPR.
• Dems join House GOP’s rebuke of Biden LNG export pause.
• Sherrod Brown runs from climate agenda.

The issue: The U.S. just hit record high electricity generation from natural gas, showing the importance of this Affordable, Clean, Reliable energy source. And a win on Nov. 5 by former President Donald Trump could unravel the Biden administration’s inflationary climate agenda, pushing America forward with more drilling, oil and gas exploration and consumption of domestic energy.

Why it matters:

It is against this backdrop that Democratic presidential candidate Kamala Harris is quickly backpedaling on energy issues, namely her anti-fracking stance that she supported previously, including as she campaigned in her failed presidential primary.

Now, against the criticism of her extreme views, she’s saying that, if elected, she will not ban the practice of hydraulic fracturing.

Harris is obviously attempting to moderate her positions on energy issues after proudly running as one of the more liberal candidates in the 2020 Democratic primary election.

Her past positions on American oil and gas won’t fare well in a crucial battleground state like Pennsylvania. In 2022, the industry supported 123,000 jobs with an average wage of $97,000, and contributed more than $41 billion to the state’s economic activity.

Consider:

• Natural gas power generation hit a record high in the U.S. on July 9 due to extreme heat.
• Despite record demand, natural gas prices remain relatively low due to high storage levels.
• The surge in gas demand highlights the fuel’s critical role in meeting peak electricity needs.

There’s a lot that voters don’t know about Harris since she is changing her stance almost daily. But we know this:

First, she has said she would ban hydraulic fracturing — a practice that has increased access to huge quantities of American natural gas.
Harris was an early and proud sponsor of the Green New Deal while she served in the U.S. Senate — out-of-touch legislation that even President Biden was too sensible (or moderate) to endorse.
Also, as the attorney general for California, Harris sued American energy producers over climate issues and has already accused former President Trump of being beholden to “Big Oil.”

Under Harris, the American consumer undoubtedly would see less production and higher costs for energy.

Bottom line: Voters know where Trump stands on energy issues. Harris, on the other hand, will continue to flip-flop based on the latest polling numbers and political consultants’ advice.

The issue: Treasury Secretary Janet Yellen says $3 trillion of fresh capital is needed annually to fight climate change. That’s not a joke, she made that statement with all seriousness. Talk about sticker shock!

Why it matters: First, let’s examine the job description for Yellen.

“The Secretary of the Treasury is responsible for formulating and recommending domestic and international financial, economic, and tax policy, participating in the formulation of broad fiscal policies that have general significance for the economy, and managing the public debt.”

So now she’s a climate expert too? We have no quarrel with her urging coordination between the U.S. and other nations to achieve global climate and economic goals — working within and across countries to catalyze investment in energy and infrastructure projects.

But at what price?

The Inflation Reduction Act and other out-of-control spending by this administration already is costing taxpayers billions. And Yellen wants to double down on that disaster with another $3 trillion every year. At a time when our national debt is rising at the rate of nearly $1 trillion every 3 months, this is preposterous.

A reminder that a majority of Americans (78%) live paycheck to paycheck. These policies are crushing millions of working American families and small business owners, along with senior citizens.

Consider:

• Yellen last week said that $3 trillion in new capital is required each year to combat climate change, and deemed the global transition to a low-carbon economy “the single greatest opportunity of the 21st century.”
• She needs reminding that wasteful spending on Green New Deal scams is putting our nation deeper and deeper into debt.
• There is a need for more effective taxpayer expenditures and she, President Biden and Vice President Kamala Harris own this fiscal mess with Build Back Better, the Inflation Reduction Act and reckless spending on projects like electric vehicle school buses.

The cost for food, energy and other items keeps going up. Wasting another $3 trillion per year to fight climate change won’t help anyone. It will drive up prices even more and do more harm to the average working American.

Bottom line: Janet Yellen says we need $3 trillion more per year to hit climate goals. After 3 years of inflation caused by green spending, you think they would have learned their lesson. Apparently not!

Finally, we have some movement. Over the past week, the national average for a gallon of gasoline decreased 4 cents, now at $3.48. This dip may be short-lived however, as we are watching a tropical depression approach the Gulf of Mexico. If this storm strengthens, you can expect oil prices to increase and gas prices will do the same.

Nothing on the calendar next week as Congress is in summer recess!

“Kamala Harris has forcefully stated on several occasions that she wants to ban fracking. That is who she is and what she believes. Harris will decimate Pennslyvania’s energy sector.”

-Dave McCormick, Republican candidate for U.S. Senate in Pennsylvania on Twitter/X.