Progressives, Conservatives Not Happy with EPA’s New Rule on Vehicle Emissions

President Biden driving and electric vehicle

The U.S. Environmental Protection Agency said Wednesday it is finalizing more protective emissions standards that it called the “strongest ever” for light-duty and medium-duty vehicles that it claims will reduce air pollution and be phased in from 2027 through 2032.

In a news release, the EPA claimed the standards would result in a reduction of 7 billion tons of carbon emissions and have a net benefit of $100 billion in terms of public health benefits as well as reduced fuel costs and maintenance and repair costs for drivers.

Read More

Flush with Cash, Big Oil Is Poised for a Huge Shopping Spree

While U.S. oil and gas deals slowed considerably in the first quarter of 2023, industry players are poised to make significant investments in shale over the next year, according to Axios.

Oil and gas mergers and acquisitions fell to $14.8 billion in the first quarter, down 47% from the fourth quarter of 2022, according to a report from accounting firm KPMG. However, after a record-breaking year left companies flush with cash, producers will be incentivized to “secure inventory, create operational efficiencies and put their capital to work,” Mike Harling, energy sector lead partner at KPMG, told Axios.

Read More

White House to Go on Offensive Against GOP as Gas Prices Drop

The average price for a gallon of gas has fallen below what it was one year ago, and the White House is preparing to go on the offense politically as consumers see more money in their pockets ahead of the holidays. The administration argument? Thank President Biden.

Read More

Analysis: The Reason Big Oil Is Backing Dems’ Climate Bill

Large oil and gas producers are lauding the Senate Democrats’ climate bill due to its green incentives and regulations on fossil fuels; however, smaller producers argue that the new taxes and fees included in the bill will kill their operations.

Big oil is hailing the $369 billion climate bill for its steps to regulate the fossil fuel industry and promote green energy, according to Bloomberg. However, smaller, independent oil and gas companies are arguing that the bill’s numerous, costly regulations will threaten their industry’s development, according to an industry letter that was sent Tuesday night to the House Ways & Means Committee.

Read More

Big Oil Makes Big Bucks as Pump Prices Stay High

ExxonMobil’s quarterly fuel profits could reach as high as $4.4 billion in the second quarter as major refiners were set to collectively make $14 billion in profits, The Wall Street Journal reported.

Overall, ExxonMobil is projecting $18 billion in profit this quarter, its highest profit margin in 25 years. The projections come as average fuel prices remain elevated throughout the country, averaging well over $4 per gallon and up as much as $1.50 from this time last year, according to AAA data.

Read More