FEDERAL - LEGISLATIVE: H.R. 859 – Protecting American Energy Jobs Act. On March 1, official bill text was made available for H.R. 859, known as the Protecting American Energy Jobs Act. Sponsored by Rep. Lauren Boebert (R-CO), the bill would prohibit President Biden “from issuing moratoria on leasing and permitting energy and minerals on certain Federal land.” According to Rep. Boebert, “Blocking future oil and gas leases on 700 million acres is an unlawful attack on the livelihoods of the people in my district.” Read more.
FEDERAL - REGULATORY: Energy Secretary Confirmed – Washington, DC. On February 25, Jennifer Granholm was confirmed as the next Secretary of the U.S. Department of Energy, which according to Bloomberg Government, puts “the former Michigan governor at the head of the agency that will play a key role in implementing the Biden administration’s ambitious climate agenda.” The Senate voted 64-35, with 14 Republicans voting in favor of President Biden’s pick, to confirm Granholm to lead a department which has a yearly budget of $35 billion and research laboratories spread across 17 states. It also has a wide-ranging mission, including building the nation’s nuclear arsenal and guarding oil supplies. However, some Republicans raised concerns on the impact of the Biden administration's agenda on the fossil fuel industry and remained skeptical of Granholm’s appointment. “President Biden has declared war on American energy and American energy workers,” said Sen. John Barrasso (R-WY). "I cannot in good conscience vote to approve his nominee for Secretary of Energy." Read more.
INDUSTRY NEWS: COVID-19 stimulus expected to boost oil industry. On March 1, Rystad Energy, an oil and gas industry research firm, reported that oil is finally pricing in the full boost from the long-awaited Covid-19 stimulus bill, rising on the prospect of extra spending and its related market benefits. “Oil prices are naturally moving as spending is expected to rise in industrial and social activity, naturally creating more demand for oil,” said Rystad analyst Louise Dickson. Read more.