DAILY ON ENERGY: • Bernstein touts oil and gas lease sales • Brussels to propose a temporary gas price 'ceiling' • BP to purchase Archaea energy
BERNSTEIN TOUTS OIL AND GAS LEASE SALES: The White House is using new oil and gas leasing mandates in Democrats’ Inflation Reduction Act to shield President Joe Biden and the party from accusations that their energy policy is crippling domestic production of fossil fuels.
Breaking it down: The IRA’s oil and gas language made the cut at the behest of Joe Manchin, the Senate Energy and Natural Resources chairman and holdout vote who pledged not to vote for something he saw as too aggressive against fossil fuels. The law resurrected three canceled offshore lease sales that Biden’s Interior Department canceled in May, and it reinstated Lease Sale 257, the lone offshore lease sale to be held since Biden took office.
Many green groups, alternatively, have criticized the administration for not being aggressively green enough by doing things like approving more exports of liquefied natural gas, for leasing new federal acreage, and for considering a plan to make more acreage available for leasing over the next five years.
The UAE’s energy minister, Suhail al-Mazrouei, reaffirmed Riyadh’s position:"I would like to clarify that the latest OPEC+ decision, which was unanimously approved, was a pure technical decision, with NO political intentions whatsoever,” he wrote on Twitter yesterday. It also puts mandatory limits on the amount that prices can fluctuate in a single day, and encourages more cooperation among member states on gas purchasing and refilling its storage tanks before next winter.
On the consumption side, leaders are hoping to make good on their 15% gas reduction target set earlier this summer—a voluntary step that could become mandatory in event of a supply crisis. Putin first warned of a supply cutoff last month. Speaking at an economic forum in Russia, Putin described the West’s plans to impose a price cap on oil and gas exports as “stupid” and said they would not come without consequence.
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