Inside The Washington, D.C. Beltway Update
On Wednesday, Energy Secretary Granholm sent a letter to Congressional House Republicans warning them that limiting President Joe Biden’s authority to tap the nation’s oil reserves would undermine national security, cause crude oil shortages and raise gasoline prices.
The Strategic Production Response Act was introduced earlier this month by U.S. House Energy & Commerce Committee Chair Cathy McMorris Rodgers (R-WA), to limit presidential authority in releasing oil from the strategic reserve, except in the case of a severe energy supply interruption.
Meanwhile, Republican Attorneys General are beginning to take aim at investment firm’s push for certain climate investments, claiming that these climate-friendly policies could run afoul of the firm’s fiduciary responsibilities.
In a letter led by Utah Attorney General Sean Reyes, the group questioned “woke” financial decisions based on addressing climate change.
In June, EMA submitted comments on the SEC’s proposed rule that would mandate extensive climate disclosures by public companies.
While most energy marketers represented by EMA are not public companies and, therefore, are not required to report directly to the SEC, EMA is concerned due to the costs and burdens their SEC-regulated suppliers would incur by being required to disclose greenhouse gas emissions from upstream and downstream activities in its value or supply chain under many, if not most, circumstances.
Waters Of U.S.
In other news, the EPA released its final “Waters of the United States” (WOTUS) rule. The US Supreme Court currently has on its docket the Sacket v. EPA case to review whether a narrow definition of navigable waters is constitutional.
The rule is important to marketers and every business across the country because it will remove barriers imposed by the Clean Water Act to development of areas categorized as “wetlands” that are dry except for occasional severe storm runoff.
If the Biden Administration’s rule is upheld, energy marketers with facilities near streams, rivers, and other bodies of water, could be impacted.
U.S. House Committees
On Capitol Hill, the House and Senate are in recess this week though organizing for the 118th Congress continues.
New members of the House Transportation & Infrastructure Committee were announced this week and include: Burgess Owens (R-UT), Tracey Mann (R-KS), Rudy Yakym (R-IN), Lance Gooden (R-TX), Aaron Bean (R-FL), Lori Chavez-DeRemer (R-OR), Mike Collins (R-GA), Anthony D’Esposito (R-NY), Chuck Edwards (R-NC), John James (R-MI), Tom Kean, Jr. (R-NJ), Marc Molinaro (R-NY), Brandon Williams (R-NY), Eric Burlison (R-MO), John Duarte (R-CA), Mike Ezell (R-MS), and Derrick Van Orden (R-WI).