DAILY ON ENERGY: • A test on leasing • Gas prices could spike again this winter, Yellen says • Wildfires in California scorch thousands of acres
A TEST ON LEASING: The Biden administration faces a big test in the coming weeks and months in how it moves forward with the federal oil and gas leasing program in light of the Inflation Reduction Act’s leasing instructions and recent leasing-related court decisions.
Where the IRA is concerned, the most immediately relevant date is Sept. 15. The law requires Interior to accept bids for Lease Sale 257, the lone offshore oil and gas lease sale carried out last year that was subsequently invalidated by a federal judge, no later than 30 days after the law’s enactment. That would be this Thursday.
The implications: The administration faces competing pressures here with 257. The IRA’s directive is plain, and where Interior carried out lease sales in the past 12 months, it maintained that its hand was forced by U.S. District Judge Terry Doughty’s preliminary injunction from last summer, which put Biden’s leasing moratorium on hold.
Doughty last month returned a permanent injunction against Biden’s leasing pause, although he limited its scope to the 13 states that originally sued over the executive order in question. However, green interests expect Interior to exercise the discretion charted out in Skavdahl’s ruling and restrict leasing.
RUSSIAN SHELLING SHUTS DOWN ZAPORIZHZHIA NUCLEAR POWER PLANT: Ukraine’s largest nuclear power plant has powered down its last operational reactor, state operators said yesterday, a step it described as a “safety measure” to help avert nuclear catastrophe amid heavy Russian shelling in the area."Preparations are underway for its cooling and transfer to a cold state," the operators said in a statement.
“Ministers agreed that the current levels of electricity and gas prices put pressure on the inflation and the EU economy, threatening the competitiveness of European companies and creating social tensions,” the Czech Republic, which holds the rotating European Council presidency, said in a statement following last week’s emergency meeting.
And Norway said today it is “skeptical” of the gas price cap. Speaking after a call with von der Leyen, Norwegian Prime Minister Jonas Gahr Stoere said that a “maximum price would not solve the fundamental problem, which is that there is too little gas in Europe.” "This winter, the European Union will cease, for the most part, buying Russian oil. And, in addition, they will ban the provision of services that enable Russia to ship oil by tanker,” Yellen told host Dana Bash. “And it is possible that that could cause a spike in oil prices.”
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