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Today we’ll be discussing the Obama administration’s decision not to tap into its oil reserves amid high oil prices, Russia’s attack against Ukraine, bipartisan calls to end Russian oil imports, and tonight’s State of the Union address.
Rachel Frazin and Zack Budryk are The Hill’s Rachel Frazin & Zack Budryk. Send tips to [email protected], [email protected]. Follow us on twitter: @RachelFrazinAnd @BudrykZack.
Let’s get started.
US joins forces with allies for oil reserve release
As shockwaves are sent through the energy market by the Russian invasion of Ukraine, the U.S. will be releasing 60 million barrels from its strategic reserves.
According to Jen Psaki, White House press secretary, and the Department of Energy, this will include 30,000,000 barrels from the U.S. Strategic Petroleum Reserve. The remaining 30 countries of International Energy Agency (IEA) will supply the rest.
Psaki stated, “Today’s news is another example where partners around the globe condemn Russia’s unprovoked invasion of Ukraine and work together to address the effects of President Putin’s war on choice.” “President Biden made it clear from the beginning that all options are available to protect American consumers and businesses, including rising prices at the pumps.
What about everyone else?Separately, the IEA announced that it supported international sanctions against Russia. It stated that it made the decision not to draw oil from its reserves amid volatile prices and an eight year low in commercial inventories.
Fatih Birol, Executive Director of IEA, presented the release to show international cooperation against the invasion.
“I am happy that the IEA has also gathered today to take action. Birol stated that the situation in energy markets is extremely serious and requires our full attention. “Global energy security is at risk, putting the global economy at risk during an unstable stage of recovery.”
Some statsRussia is the world’s biggest oil exporter. It exports approximately 5 million barrels per day. 60 percent of the world’s oil exports go to Europe. Another 20 percent goes to China. According to the IEA, the secretariat of the IEA will release guidance to European nations on Thursday on how to reduce their dependence on Russian energy throughout the year.
Learn more about the decision.
Russian oil imports are under threat: There are increasing calls for an end to them
Two bills introduced during Moscow’s bloody invasion in Ukraine are part of a bipartisan push to force the U.S. to halt its oil imports from Russia.
A group of nine Republicans introduced legislation Tuesday to ban Russian oil imports. Green New Deal champions also supported the bill. Sen. Ed Markey (D-Mass.).
Both sides were in agreement that the U.S. should not import Russian oil. However Republicans push for increased drilling in the USA while Markey supports a switch from clean energy to clean energy.
Both the Markey bill as well as the separate Republican version, which is led by Sen. Roger Marshall (R.Kan.), would make oil imports from Russia illegal.
Marshall stated in a statement that President Biden must restart America’s energy production, and stop financing Vladimir Putin’s war against Ukraine by continuing to buy crude oil from Russia.
Markey’s legislation would also require a report listing entities that knowingly imported Russian oil into the United States, their connections to Russian President Vladimir Putin, and the formulation of a strategy to prioritize clean-energy over Russian oil. It would also require the Biden administration’s to issue sanctions based upon the findings.
“Our global dependency on oil keeps the world in dangerous cycles and corruption. But, we can choose a safer path to peace. In a statement, the Democrat stated that by ending our dependence on Russian oil, we can create a path to a more prosperous, peaceful future that is free from reliance upon dirty oil and natural gas.
But wait! There’s more!Swing vote Senator Joe Manchin (D-W.Va.), Monday night called for an end to Russian oil imports.
“If there was ever an opportunity to be energy independent, now is it.” Manchin released a statement urging the Administration and industry partners “to take immediate action, up to and including banning crude oils imports from Russia.”
Find out more about the calls for an immediate halt to imports here.
GET ON THE LIST
Stay ahead of the news cycleWith The Hill’s new Evening ReportThe latest news and a glimpse into tomorrow’s future are featured in.
SOTU PREVIEW
Tonight, President Biden DeliversHis first State of the Union Address. He will likely touch on many topics, but he is expected to highlight his climate agenda.
The White House stated that the President will highlight clean energy investments made during his tenure. He will also advocate for those parts of his climate agenda which were frozen after Sen. Joe Manchin (D-W.Va.), spelled opposition to his climate and spending bill.
In particular, the president will call for tax credits and investments in clean energy manufacturing and deployment. This is a portion of the package Manchin has supported.
NOT VERY APPEALING
Monday’s decision by the Biden administration to not appeal a January court ruling that invalidated oil-and-gas leases it had sold last year was rejected by the administration.
The administration stated that it will not appeal the decision in a new court filing. The administration claimed that it was forced by another court order to sell the leases.
Other parties, such as the state of Louisiana and the American Petroleum Institute oil and gas lobbying organization, have indicated they will appeal. They won’t have the support of the federal government.
The Biden administration also claimed that, if Lease Sale 257 was reversed, it would have discretion over whether to issue leases that would allow companies to drill in Gulf of Mexico.
“Interior has agreed with the other parties that, in case this Court reverses its vacatur, Interior can award leases pursuant Lease Sale 257 after that date. However, as discussed herein,… Interior has the power to refuse to award the leases at such a time,” it stated in the filing.
Find out more about the move by clicking here.
ON TAP
Tonight:
President Biden will deliverHis first State of the Union Address
Tomorrow:
Transportation Secretary Pete Buttigieg Will testifyBefore the Senate Environment and Public Works Committee
WHAT WE ARE READING
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IG: Interior staff were troubled by the FOIA ‘awareness’ program (E&E News)
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16 states, including Ethanol producers contest EPA U.S. vehicle rulesReuters)
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Leaders of the Indiana NAACP decry education and environment bills in StatehouseWBAA)
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Delta reveals lobbying against certain environmental measures (Atlanta Journal-Constitution)
ICYMI
This concludes today’s post. We appreciate your reading. Visit The Hill’s website. Energy & Environment PageGet the latest news and coverage. We will see you Wednesday.
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