DAILY ON ENERGY: • Largest U.S. shale operator pushes back against Hochstein • Kremlin says Russia still considering its oil price cap response • Jones Act tightened in NDAA - ICYMI
TALLYING UP THE ADMINISTRATION’S EFFICIENCY REGULATORY ACTIONS: The Inflation Reduction Act is the headline-grabbing climate change achievement for President Joe Biden in 2022, but its passage was preceded in life by dozens of efficiency rulemakings from the Department of Energy that enabled the administration to make incremental progress on its climate change agenda while leadership haggled with Sen. Joe Manchin.
DOE also said its newest light bulb efficiency rulemaking would improve the security and “security and reliability of the nation’s energy system.” Rules governing light bulb efficiency that were finalized in April were themselves a rollback of Trump-era regulations designed to blunt the phaseout of incandescent bulbs.
LARGEST U.S. SHALE OPERATOR PUSHES BACK AGAINST HOCHSTEIN: The head of the largest shale operator in the U.S. pushed back on recent White House claims that domestic energy producers are “un-American” for failing to accelerate drilling, saying in a Financial Times interview that doing so would harm the industry and trigger a run on energy stocks.
KREMLIN SAYS RUSSIA STILL CONSIDERING ITS OIL PRICE CAP RESPONSE: The Kremlin said today it is still considering what measures to take in response to the Western-led Russian oil price cap that came into force earlier this month. It is the third emergency meeting ministers have held on the effort, which has caused a deep rift among holdouts— Germany, the Netherlands, and Austria— who fear the cap could risk security of supply, while others have demanded a more aggressive tool to tackle high gas prices.
JONES ACT TIGHTENED IN NDAA – ICYMI: A measure included in the $858 billion National Defense Authorization Act cleared by the Senate last week could make it harder to ship fuel during national emergencies due to changes made to the Jones Act— the century-old shipping law aimed at ensuring a minimum strength for the domestic shipping industry but that inflates costs and limits availability of cargo ships.
"This change has eliminated the ability for the administration in any administration to react in an emergency," Cota said."This is the equivalent to requiring that a firetruck that's already on the road [and] driving by a house that's on fire go back to the firehouse, unload, request permission to go and put out the fire, and wait two days, minimum, before it can go back to put out the fire.
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