Friday’s Overnight Energy & Environment is open!Subscribe to, your source for the most recent news on energy, the environment, and beyond.
Today we are looking at the Interior Department’s announcement that it will continue oil leasing after a court restored its ability to calculate climate cost, the SECs upcoming regulation on climate risk disclosure, and India buying 3 million barrels Russian oil.
Rachel Frazin and Zack Budryk were the Hill’s editors. Write to us with tips:[email protected]@thehill.com.
Lets jump in.
Interior can continue leasing thanks to climate ruling
After previous delays caused by a court order that blocked a climate accounting tool, the Interior Department announced Friday that it is now able to plan for oil and gas leasing on federal lands.
The department previously stated that there would delay in permitting and leasing for oil and gas programmes after a lower court banned the Biden administration deriving a tool to calculate the climate cost of such actions.
An appeals court, however, halted this week’s decision.
Melissa Schwartz, Interior spokesperson, stated that the department is continuing its planning for responsible oil & gas development on America’s public land and waters in light of Friday’s new ruling.
Schwartz declined to comment further on leasing. However, she clarified that permitting has never been halted and that the court ruling has had a minimal impact on fewer than 20 permits.
American Petroleum Institute (API), an organization that lobbys for oil and natural gas, cheered the announcement. However, it also called for additional actions in a statement.
Background:We are pleased with the Department of the Interiors’ announcement today and call on the administration to keep onshore lease sales under the Mineral Leasing Act with adequate acreage, fair terms, stated Frank Macchiarola, senior vice president of policy and economics at API.
This is the latest news after an appeals court halted a lower court’s injunction that had prohibited the Biden administration using values known as social costs of greenhouse gasses.
These social costs are used by the administration in analyses behind regulations to permit to help it determine climate consequences and the benefits or costs that these consequences will have on society.
Learn more about the situation.
COMING SOON, TO ANOTHER WALL STREET NEAR YOUR HOME
Monday will see the Securities and Exchange Commission (SEC), issue proposed rules on climate risks that public companies must disclose.
The proposal would mark the first update to the SEC rules in this area in over a decade. The disclosure requirements for climate change were issued by the commission in 2010. Shareholders have repeatedly called for stricter requirements over the years.
The rule will also require disclosures about the risks of transitioning away fossil fuels as well as byproducts such as higher temperatures or increased drought conditions.
Although the details of the proposal are not yet available, the topics being discussed include whether companies should disclose their direct greenhouse gas emissions or those accrued through the supply chain.
Environmentalists have lobbied to include emissions not only directly caused by a company’s operations but also indirect emissions, such as those resulting from products that a company sells. These Scope 3 emissions pose a hidden risk to investors if they are not disclosed.
Principles for Responsible Investment (Apaper) estimated that if Scope 3 emissions were not disclosed, it would mean that as many as three-quarters of companies’ overall carbon emissions had not been addressed.
Report: India purchases 3 million barrels Russian oil
The Associated Press reported that India’s state-run oil company bought 3 million barrels worth of Russian crude oil this week, while many other countries ban such imports due the invasion of Ukraine.
Indian Oil Corp. purchased the oil despite international pressure led by the U.S., other Western nations and others to stop Russia from accessing the global energy markets over the incursion. India, the largest democracy in the world, imports approximately 85 percent of its oil.
India’s largest oil source is Iraq at 27 percent. Saudi Arabia comes in second at 17 percent, followed by Saudi Arabia at 13 percent, the United Arab Emirates at 13 percent, and the United States at 9 percent.
How did we get here?The U.S. and most of Europe have already imposed heavy sanctions on Russia in addition to the U.S. energy import ban.
White House Press Secretary Jen Psaki
Jen PsakiHealth Care Pelosi jumps higher on COVID-19 funding Defense & National Security Blinken outlines Russia’s possible next steps Biden states that the US is open to helping Ukrainian refugees MOREAccording to the US, Indian oil purchases from Russia would not be subject to sanctions. However, Indian leaders need to consider where they might fall foul of U.S. sanctions. [they]You want to be there when history books are written.
India imports the bulk of its oil. We are looking at all possible options in the global oil market. Arindam Bagchim of India’s External Affairs Ministry stated that he doesn’t believe Russia has been a major supplier of oil to India.
The AP’s report is coming days after Reuters reportedthat Indian officials were looking into buying oil from Russia at a deeply discounted price.
As part of coordinated releases in response to international spikes in gas prices, India had previously reached an agreement that it would release 3.5 million barrels from its oil reserves. India currently has 31 million barrels oil in its emergency reserves.
You can read more about the announcement here.
GOP senators introduce bill banning uranium imports
Sen. John Barrasso
John Anthony BarrassoRepublican senators propose bill to ban Russian Uranium Imports Capito to make Senate GOP Leadership bid Manchin delays vote for Interior nominee, citing the energy crisis (R-Wyo.) On Thursday, several Republican senators introduced legislation that would ban Russian uranium imports as an economic way to economically isolate Russia following its invasion of Ukraine.
The legislation would expand on the U.S.’s efforts to prohibit Russian energy imports. President Biden
Joe BidenRepublican senators propose bill to prohibit Russian uranium exports Energy & Environment Ruling preventing climate accounting metric halted Fauci claims officials need more that.5B for COVID-19 ResponseLast week, the country announced a ban of imports of natural gas, oil, and coal.
Barrasso, the top Republican on Senate Energy and Natural Resources Committee said in a statement that the time has come to remove all Russian energy permanently from the American market. Vladimir Putin
Vladimir Vladimirovich PutinRepublican senators propose bill to ban Russian uranium exports Hillicon Valley Invasion complicates Social Media Policy Defense & National Security Blinken details Russia’s possible next stepsHe uses the money to fund his brutal, unprovoked conflict in Ukraine.
While banning Russian oil, coal, and gas imports is a significant step, it can’t be the only one. Banning Russian Uranium Imports will further defund Russia’s warmachine, help revive American Uranium production, and increase our nation’s security.
Sens. Kevin Cramer
Kevin John CramerRepublican senators propose bill to ban Russian Uranium Imports Lawmakers from both parties see limits for US aid to Ukraine Senate GOP shrugs off the latest Trump revelation (R-N.D), Cynthia Lummis
Cynthia Marie LummisRepublican senators propose bill to ban Russian Uranium imports GOP demands that vote on spending be delayed, Ukraine aid Trojan horse: How the Senate is poised for codification of censorship of social networks MORE (R-Wy.) (R-Wy.) Roger Marshall
Roger W. MarshallRepublican senators present bill to ban Russian uranium Imports Members of the People’s Convoy’ given Capitol tour by GOP senator GOP wants to delay vote on spending, Ukraine assistance MOREBarrasso was joined in the introduction of the legislation by (R-Kan.).
Marshall stated in a statement that this country has shown a willingness repeatedly to use their energy exports to geopolitical advantage and have used those profits for their aggressive and unprovoked military war against the sovereign nation, Ukraine. Enough energy independence is energy independence, and that must include uranium.
Continue reading from The Hills Caroline Vakil.
ON TAP NEAREST WEEK
On Wednesday:
The Senate Environment & Public Works Committee will hold a hearing entitled Promoting American Energy Security by Facilitating Investments and Innovation in Climate Solutions.
WHAT WE ARE READING
Trump’s EPA chief Scott Pruitt
Edward Scott Pruitt (Scott) PruittOvernight Energy & Environmental Biden Fed picks out after Trump’s climate stance fight Trump EPA chief will serve as adviser to Youngkin, after losing confirmation fight Trump’s relocation of the Bureau of Land Management was part of a familiar Republican strategy MORE weighing Senate run in Oklahoma (CBS News)
A $400 tax rebate to offset California’s high gas prices Here’s how it would look (The Los Angeles Times).
The Seattle Times adds Columbia River Island contaminated to the Superfund list
Industry pressured EPA not to remove key Ohio air quality regulation (E&E News).
Finally, something a little offbeat and unorthodox:The perfect crime
This is it for today. Thanks for reading. For the latest news and coverage, check out The Hillsenergy & environment. We look forward to seeing you Monday.
