Texas Bans BlackRock for Anti-Oil Agenda

The state of Texas announced new restrictions on at least 10 finance firms that have declared an opposition to oil and other fossil fuels, since such a stance could “undermine” the Texas economy that depends heavily on such fuel sources.

The Daily Caller reports that the restrictions, announced by the Texas Comptroller of Public Accounts Glenn Hegar, will prevent the companies in question from entering into most contracts with entities at the state or local level. The new policy is the result of a law passed in 2021 that requires the state government to limit its ties with anti-oil companies. As a result, the government requested information from over 100 companies to determine their stances on fossil fuels.

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Top 10 Tough Votes Democrats Had to Take During Vote-a-Rama for Massive Spending Bill

During a “vote-a-rama” on their $739 billion reconciliation spending bill that has hundreds of billions for climate and health care programs, Democratic senators had to take a series of uncomfortable votes on hot-button issues — particularly tough for those representing swing states.

The bill, which also includes federal funding for 87,000 new IRS agents, passed on a party line vote 51-50 with Vice President Kamala Harris breaking the tie.

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Biden Pursues More Foreign Oil Despite Invite from U.S. Producers

Prior to heading to Saudi Arabia, the U.S. energy industry invited President Joe Biden to visit American energy sites.

The Texas Oil and Gas Association, Texas Independent Producers & Royalty Owners Association, and over 25 U.S. energy associations invited Biden and his cabinet members to visit U.S. energy facilities throughout the U.S.

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Eco Activists Sue to Stop U.S. Oil and Gas Lease Sales

Environmental groups sued the Interior Department Tuesday to challenge the first oil and gas lease sale on public lands during the Biden administration.

A coalition of environmental groups led by Dakota Resource Council filed a lawsuit in in the U.S. District Court for the District of Columbia, alleging that the sales violate the Federal Land Policy and Management Act, which requires that the Interior Department prevent “unnecessary or undue degradation” of public lands.

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Biden Admin Considers Banning All Offshore Drilling as Energy Crisis Worsens: Report

The Biden administration is mulling the prospect of banning new American offshore oil and natural gas drilling projects as fuel prices continue to spike, The New York Times reported Thursday.

The Interior Department’s Bureau of Ocean Energy Management, working closely with the White House to shape policy, will release its drafted five-year plan for new oil and gas drilling leases in federal waters to Congress by June 30, according to The New York Times, citing people familiar with the matter. The administration is likely to stop new offshore drilling projects in the Atlantic and the Pacific, and is considering whether to end leasing in the Arctic and Gulf of Mexico.

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Biden Once Again Turns to Venezuela for Oil After Shutting Down U.S. Leases

The Biden Administration is reportedly set to announce that it will lift several sanctions and other restrictions on Venezuela, allowing for the purchase of oil from the socialist dictatorship.

As reported by The Daily Caller, two anonymous administration officials said that the federal government will soon ease up some of the energy sanctions against the Latin American country, and will allow the American oil company Chevron to enter into negotiations to purchase oil from the state-owned firm PDVSA. In return for the lifting of sanctions, dictator Nicolas Maduro has tentatively agreed to talks with opposition leader Juan Guadio, who has claimed that Maduro’s rule is illegitimate and that he is the rightful president of Venezuela.

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Feds Offering 80 Percent Less in Oil and Natural Gas Lease Sales, Increasing Royalty Rate

The U.S. Department of Interior announced it is making only 20% of eligible acreage for oil and natural gas production available for leasing on federal lands to comply with a federal court order.

In his first week in office, President Joe Biden issued an executive order directing new oil and natural gas leases on public lands and waters to be halted by the Interior Department. The agency was also tasked to review existing permits for fossil fuel development.

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Blumenthal Falsely Claims Oil Companies to Blame for High Gas Prices

A U.S. Senator from Connecticut is falsely scapegoating oil companies for skyrocketing gas prices nationwide. 

“Oil companies are exploiting Russia’s war in Ukraine to drive up gas prices to obscene levels. It’s time to end this corporate profiteering,” Sen. Richard Blumenthal (D-CT) said Thursday. “We need a Big Oil Windfall Profits tax to take excess profits & deliver them to Americans getting stuck with the bill.”

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Janet Yellen Defends Sustainable Investing Craze That’s Trying to End U.S. Oil and Gas Drilling

Treasury Secretary Janet Yellen defended sustainable investing practices and climate change policies that have negatively impacted U.S. oil and gas drilling in an interview Friday.

“I don’t think that the ESG movement and the emphasis on climate change is creating the problems that we have,” Yellen told CNBC’s “Squawk Box” on Friday morning when asked if investors need to rethink their stance on fossil fuels. “If anything, the problem is that we haven’t moved as rapidly as we should have.”

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Commentary: Ukraine Crisis Reveals New Bipartisan Energy Opportunities

city factory at night

In just the last three weeks, Russia’s invasion of Ukraine has significantly altered our national energy policy landscape and dramatically shifted the political dynamics around legislative priorities and political possibilities in Congress. The roiling of global oil markets, underpinned by an already tight supply situation from the post-pandemic economic awakening, has been driven by perceived risks of supply disruption caused by the Russian invasion. Risk premiums and a formal American embargo of Russian energy have sent prices skyrocketing and revealed, once again, that we have few good short-term options when faced with energy supply challenges. While our tools are limited today, the current moment may present an important window of opportunity to develop a policy approach that reduces this vulnerability and limits our exposure next time. This renewed attention to energy security combined with a focus on fighting energy inflation has the potential to galvanize a bipartisan policy pathway that would have been unthinkable as the year began.

The broad support that materialized in Congress and the White House for a ban on Russian oil and natural gas imports earlier this month is a case in point. Remarkably, widespread congressional support for the ban occurred despite already high gasoline prices, with oil prices well over $100 a barrel and gasoline averaging more than $4.30 a gallon across the nation.

As President Biden said when announcing the ban, “Americans have rallied to support the Ukrainian people and have made it clear we will not be part of subsidizing Putin’s war… This is a step that we’re taking to inflict further pain on Putin, but there will be costs as well here in the United States.”

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Biden Administration Backtracks on Media Reports Signaling Oil, Gas Leasing Resumption

The Biden administration backtracked on reports that it is resuming the federal oil and gas leasing program in light of a recent appeals court decision.

On Friday, Reuters reported that the Department of the Interior (DOI), the agency tasked with overseeing the leasing program, was planning to resume the previously-delayed program. But a DOI spokesperson pushed back on the report, saying it overstated the administration’s position that it would begin planning the next steps, not that it had already resumed the program.

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Commentary: All of Joe Biden’s Multitude of Failures Were Foreseeable in 2020

Every single one of senile president Joe Biden’s struggles was easily foreseeable.

It’s a bold statement, since many if not most of the issues that confront a new president can’t always be seen from a distance. If it can be said that elections are always about the future, it’s just as true to claim that the future would almost certainly be shaped by yet unseen events and circumstances that no politician could forthrightly discuss in the lead-up to his victory.

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Left-Wing Democrats Ask Biden to Cancel Oil Drilling on Federal Lands, Declare ‘Climate Emergency’

The Congressional Progressive Caucus (CPC), a group of 97 left wing lawmakers, urged President Joe Biden to declare a “climate emergency” and issue a series of bans on federal oil and gas leasing.

The requests were part of the CPC’s proposed agenda for executive action released Thursday that it would like to see the White House pursue moving forward. Democratic Washington Rep. Pramila Jayapal is the caucus’ chair and Sen. Bernie Sanders is its sole member from the Senate.

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Biden in Trouble with Voters on Job Approval, Inflation, Ukraine: Poll

A new poll conducted by Insider Advantage for the Center for American Greatness shows Biden in big trouble with voters. 54% of likely voters disapprove of Biden’s job approval versus 42% who approve. Worse, this survey shows that only 36% approve of his handling of Ukraine. Other highlights from the survey are the 64% of people who believe high gas prices should be solved by eliminating Biden’s restrictions on pumping American oil and gas.

Perhaps most troubling, and portending more difficulty in the future for the country is the question that asked, “How much is rising inflation in the cost of goods and services impacting you and your family?” 85% of respondents said that inflation is having a “significant” impact on them and their families. Inflation, of course, is bad for the country, especially the middle class. But the politics of it spell trouble for Democrats whose policies have increased and accelerated the inflation currently beggaring the nation.

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Drilling Permits Spiked Under Biden Administration Before Dropping Significantly

After a massive rise in the number of drilling permits approved in 2021, the total number has plunged to some of the lowest levels ever in 2022, all on the watch of the Biden Administration.

Politico reports that after the previous high of 643 permits that were issued by the Department of Interior’s (DOI) Bureau of Land Management (BLM) in April of 2021, just 95 permits were approved in January of this year. The sudden shift reflects the wildly different approaches taken by the Trump Administration and the Biden Administration when it comes to domestic energy production.

While President Donald Trump supported unlimited domestic production in order to establish national energy independence, Biden pledged to reduce the production of fossil fuels in order to combat “global warming,” and instead has tried to promote so-called “green” energy alternatives. But the fallout from the Russian invasion of Ukraine, including the impacts on the global energy market, has forced Biden to consider restarting domestic production in order to offset rising gas prices.

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Commentary: High-Octane Solutions to the New Energy Crisis

Russia’s invasion of Ukraine and soaring energy prices are a bracing wake up call to the West to abandon our anemic energy policies, which have pretended to be green but in reality have only shifted the dirtiest parts of our energy supply chains to bad actors like Russia and China. Western energy dependence on hostile powers limits our ability to preserve peace, to reduce our supply vulnerability, and to find the most cost-effective climate change solutions.

President Biden has acknowledged some of these problems, conceding that gasoline prices are too high and promising to do “everything in my power to limit the pain the American people are feeling at the gas pump.” But gas prices continue to rise, up by 10% in the last week.

One option President Biden has not yet explored is working with Congress to fix our incoherent domestic fuel policy to improve fuel efficiency across the board and reduce the amount Americans pay for gasoline. Currently, the EPA regulates fuels and automobiles separately, instead of as a single system. Automakers have the technological know-how to make much more efficient car engines, but regulatory barriers prevent them from doing so because they do not permit the use of cleaner fuels that would reduce carbon emissions and enhance performance.

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Newt Gingrich Commentary: Biden Helping Dictators and Harming Americans

When the Biden administration appeals to Iran, Venezuela, and Saudi Arabia for oil but rejects American and Canadian oil and gas production, there is something profoundly wrong.

Why does Joe Biden think dictators are better than Americans? Why send money to Iran instead of Oklahoma – or to Venezuela instead of Texas? If he wants to send money outside the United States, why not send money to Canada rather than Saudi Arabia?

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Commentary: The Green Immoralists

President Joe Biden, Secretary of State Antony Blinken and Special Presidential Envoy for Climate John Kerry participate in a virtual meeting of the Major Economies Forum on Energy and Climate, Thursday, September 17, 2021, in the South Court Auditorium of the Eisenhower Executive Office Building at the White House. (Official White House Photo by Adam Schultz)

Thousands are dying from Russian missiles and bombs in the suburbs of Ukraine.

In response, the Biden Administration’s climate-change envoy, multimillionaire and private-jet owning John Kerry, laments that Russian president Vladimir Putin might no longer remain his partner in reducing global warming.

“You’re going to lose people’s focus,” Kerry frets. “You’re going to lose big-country attention because they will be diverted, and I think it could have a damaging impact”

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One Year After Refusing to Negotiate with ‘Dictator’ Maduro, Biden Changes Course over Oil

Just one year after refusing to negotiate with Venezuelan “dictator” Nicolas Maduro, President Biden appears to have changed course.

Democrats and Republicans have put pressure on Biden to cut off Russian oil imports over Russian leader Vladimir Putin’s escalating invasion of Ukraine. Russia and Venezuela are partners in several areas including oil. Putin and Maduro recently discussed increasing a “strategic partnership,” according to Reuters.

Reports of the negotiations preceded an expected announcement Tuesday morning by President Biden that the U.S. will ban oil imports from Russia.

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Analysis: White House Keeps Misleading Public on Oil, Gas Leasing

Oil rig at sunset/sunrise

The White House has repeatedly suggested the private sector can boost oil supply amid surging gas prices, but industry groups have countered that the administration has placed hurdles for new drilling.

“There are 9,000 unused, approved drilling permits,” White House press secretary Jen Psaki told reporters Monday. “So I would suggest you ask the oil companies why they’re not using those if there’s a desire to drill more.”

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Commentary: ‘Wokeness’ on Energy Is Weakness

As Joe Biden’s approval numbers sink further into the sewer, the only thing he’s building back better is 1970s-style inflation. Up until Biden, most polls usually named Jimmy Carter as one of the weakest and most inept presidents we’ve ever had. That was until Biden showed up and said, “Hold my beer!” Which you have to know has brought so much joy to Carter. Heck, he probably has a set of “Let’s go Brandon!” PJs that he wears every night as he thanks God for the gift of Biden. 

Fact is, this country is now being “led” by a man who absolutely will go down as one of the worst presidents in our history. In just over a year, Biden has brought inflation roaring back to levels not seen in 40 years, has destroyed our southern border as millions of illegal aliens, along with Chinese fentanyl, flood the country, and now we have been involved in two major international debacles with Afghanistan and Ukraine. The list could go on, but perhaps that’s too depressing. 

Rest assured, however, it’s not going to get better. Biden is like the anti-Midas, turning everything he touches into crap.

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Stock Market Sinks, Oil Tops $130 as West Considers Russian Energy Sanctions

oil fields

The stock market dropped during early trading Monday after the U.S. benchmark oil index briefly touched its highest level since the Great Recession.

The Dow Jones Industrial Average, an index measuring 30 major U.S. corporations, dropped 0.94% as of early Monday. The S&P index, which measures 500 of the largest publicly-traded companies, fell more than 0.93% while the NASDAQ, an index largely comprised of technology firms, declined 0.98%.

Late Sunday, the benchmark West Texas Intermediate crude oil futures hit more than $130 per barrel for the first time since July 2008. The index remained high on Monday, hovering above $118 per barrel, up more than 3%.

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Massive Bipartisan Coalition Introduces Legislation Banning Russian Oil Imports

Senator Joe Manchin speaking at a press conference

A group of bicameral Republican and Democratic lawmakers introduced legislation Thursday that would prohibit the U.S. from importing Russian oil and petroleum products.

Senate Energy and Natural Resources Chairman Joe Manchin unveiled the Banning Russian Energy Imports Act which would ban the import of Russian oil and petroleum to the U.S. amid the ongoing Russian invasion of Ukraine. More than a dozen Democratic and Republican lawmakers announced their support for the bill.

The U.S. imported more than 670,000 barrels of oil per day from Russia in 2021, U.S. Energy Information Administration data showed. That figure represented a 24% year-over-year uptick compared to 2020.

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Largest U.S. Oil Producer Vows Net Zero Emissions by 2050

ExxonMobil, the largest American producer of crude oil, outlined its plan Tuesday to achieve net zero carbon emissions by 2050, improving upon previous goals.

The major oil producer identified more than 150 “potential steps” that will help it achieve net zero emissions on its operations within 30 years, the company announced. ExxonMobil will increase investments in carbon capture and storage technology, hydrogen and biofuels, and bio-based plastic waste streams.

“ExxonMobil is committed to playing a leading role in the energy transition, and Advancing Climate Solutions articulates our deliberate approach to helping society reach a lower-emissions future,” ExxonMobil Chairman and CEO Darren Woods said in a statement.

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