FERC NOMINEE VOTES: The Senate Energy and Natural Resources Committee is set to vote Tuesday on nominations for the Federal Energy Regulatory Commission as the agency risks losing a quorum.
The details: The ENR committee will consider the nominations of Democrats David Rosner and Judy Chang and Republican Lindsey See. So far, there hasn’t been any significant setbacks to delay the confirmation of the slate.
But several Republicans have raised concerns about Chang – the more liberal pick of the bunch – citing issues with her record of promoting clean energy.
The other two nominees, Rosner and See, are expected to sail through with bipartisan support.
Why it’s important: FERC is the agency that regulates the interstate transmission of energy, ranging from electricity to natural gas, and is set to play an important role in the Biden administration’s implementation of its energy agenda.
But one of the current commissioners, Allison Clements, announced in February that she would not seek a second term. If she leaves when her term expires on June 30, the commission would lack a quorum, causing it to be at a standstill for major decisions.
Clements has not indicated whether or not she would stay on past her term.
What to be on the lookout for: Both Democratic and Republican opposition to the nominees during the committee vote. Any opposition would likely spill over to a full floor vote in the Senate.
As we’ve covered, Republicans criticized Chang over her 2018 prediction that New England will move away from natural gas, meaning that it would be fiscally irresponsible for the region to invest in pipelines. GOP senators also grilled her on her views on climate change and how they could shape her decision-making as a FERC commissioner.
The key vote on Chang will be from centrist committee Chairman Joe Manchin.
Democrats, on the other hand, didn’t have as much of an issue with the GOP nominee See or Democratic nominee Rosner, they tell us.
The details of the business meeting: The committee will consider the nominees on Tuesday at 10 a.m. More details on that here.
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METHANE EMISSIONS FELL SIGNIFICANTLY EVEN AS GAS PRODUCTION ROSE: Methane emissions from natural gas extraction fell 37% from 2015 to 2022 even as production rose 40%, Ceres and the Clean Air Task Force reported in a new analysis today.
Why it matters: The report, based on Environmental Protection Agency data, illustrates how the industry became cleaner even during the shale boom.
It also helps explain why many in the industry were initially open to the concept of imposing a fee on methane emissions (although industry groups have since hardened their opposition to the version of the fee enacted by Democrats in the Inflation Reduction Act and implemented by the Biden administration). The administration is also moving forward with several regulations related to methane, which we reviewed recently.
OIL PRICES SLIP DESPITE OPEC+ PRODUCTION CUTS: Oil prices slipped this morning despite an agreement from members of OPEC+ to extend cuts in production.
West Texas Intermediate was down below $75 a barrel, and Brent fell below $79, a drop of more than 3% in both cases.
The agreement: Members of OPEC+ reached an agreement to maintain output cuts of 3.66 million barrels per day. Eight top producers also agreed to extend voluntary supply cuts of 2 million bpd for three months before gradually ramping them down. Of that, 1 million is accounted for by top producer Saudi Arabia. In effect, the deal gives the cartel wiggle room to adjust supply depending on how the market shapes up, the Wall Street Journal reports.
Although prices fell immediately after news of the agreement, the extension in output cuts is likely to limit declines in oil prices ahead of the election, in which oil and gasoline prices could play a major role.
ICYMI – BURGUM DENIES TRUMP-OIL INDUSTRY QUID PRO QUO: North Dakota Gov. Doug Burgum said yesterday that there was no request from Donald Trump for $1 billion in campaign contributions from oil industry executives.
Why it matters: Trump’s reported plea to oil industry figures to support his campaign has been described by Democrats as an attempt to execute an unethical quid pro quo. It has spurred investigations from congressional Democrats into the oil and gas sector.
Burgum’s comments: Burgum, who was present at the meeting at Mar-a-Lago in April at which Trump reportedly made the request, denied that it happened.
“He didn’t ask for a billion dollars in donations, and there was no quid pro quo,” Burgum said on CBS’ Face the Nation yesterday.
“He didn’t make promises. He listened. He went around the room for two hours asking each of the people to tell me, what are your challenges, what are you facing, what are the – what are the things – he was there learning the whole night about the challenges that we’re facing,” Burgum said, according to the transcript from CBS.
Burgum, thought to be a top candidate to be Trump’s running mate, has ties to the oil industry in North Dakota.
CRES’ NATIONAL CLEAN ENERGY WEEK: Registration for the 8th Annual National Clean Energy Week Policymakers Symposium – hosted by Citizens for Responsible Energy Solutions – opened up over the weekend. The two day in-person event will convene elected officials from both sides of the aisle, White House officials, business leaders, advocates, investors and trade associates to discuss how to advance clean energy.
The event, which will take place on Sept. 25 and 26, will be held in period at the Conrad in Washington, D.C. Register for the event here.
RUNDOWN
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