CERAWEEK: US lawmakers dismiss oil leasing pause, tout energy independence

[Elderberry]

S&P Global 3/5/2021

 Highlights

Reverse Keystone XL cancellation: Manchin

Shutting production doesn't end demand: Murkowski

Energy industry under assault: Cornyn

Wrapping up the final day of the annual CERAWeek by IHS Markit conference, several US lawmakers outlined legislative priorities pertaining to the energy sector, ranging from critical minerals development to mitigating cybersecurity threats.

Speaking March 5 at CERAWeek, US Sen. Joe Manchin, D-W.Va., the new chairman of the Senate Energy and Natural Resources Committee, said the US must "challenge" itself to produce cleaner energy but noted that the transition must not leave workers behind or threaten the country's energy security. With Democrats holding a narrow majority in the US Senate, the moderate fossil fuel-state lawmaker's support will be critical to any climate proposal Democrats want to advance.

"My main goal is to make sure that we remain energy independent in America," Manchin said. "I think it's very important for us. And that means an all-of-the-above energy portfolio."

To balance those interests, Manchin and Sen. Debbie Stabenow, D-Mich., recently introduced legislation that would amend an advanced energy manufacturing tax credit to direct investment to communities that have been hurt by the transition away from coal-based electric generation. If passed, the bill would provide $8 billion for new facilities that make or recycle energy-related products, with half that money going to formerly coal-reliant communities that have not previously benefited from the tax credit.

More: https://www.spglobal.com/platts/en/market-insights/latest-news/natural-gas/030521-ceraweek-us-lawmakers-dismiss-oil-leasing-pause-tout-energy-independence

[Elderberry]

Biden team gives oil executives hard sell on energy transition

Houston Chronicle by James Osborne 3/5/2021

https://www.houstonchronicle.com/business/energy/article/Biden-team-gives-oil-executives-hard-sell-on-16003020.php

One after another, top officials from the Biden administration popped up on oil and gas executives’ screens this week, extolling the tremendous opportunity that climate change presents.

Their stage was the annual CERAWeek by IHS Markit conference — held virtually this year, but still a see and be-seen event that attracted the biggest names in the energy industry. And not unlike officials from foreign nations who show up each year to sell executives on “exciting” new oil or gas fields, Biden administration officials were trying to convince attendees that technologies such as carbon capture and hydrogen energy mean there is a place for oil and gas companies in the administration’s plans for a clean energy future.

“It’s a heck of an economic opportunity,” promised Energy Secretary Jennifer Granholm.

John Kerry, the U.S. special presidential envoy for climate, told the virtual audience, “I don't object to fossil fuels. I object to the byproducts,” specifically greenhouse gases.

The road show approach by the Biden administration marks the early stages of a generational effort to transform the U.S. economy, to virtually eliminate the greenhouse gas emissions that largely come from the burning of oil and other fossil fuels by mid-century.

On the campaign trail, now President Joe Biden said the United States needed to “transition” away from oil. But with the world getting about 80 percent of its energy through oil, natural gas and coal, the thinking is that not only will fossil fuels be around for a while yet, but the expertise oil and gas companies have built up over the past century will be essential in developing clean energy technologies such as geothermal and offshore wind, bringing them to a commercial scale and ultimately reducing emissions.

More at link.

[Sled Dog]

Speaking March 5 at CERAWeek, US Sen. Joe Manchin, D-W.Va., the new chairman of the Senate Energy and Natural Resources Committee, said the US must "challenge" itself to produce cleaner energy but noted that the transition must not leave workers behind or threaten the country's energy security. With Democrats holding a narrow majority in the US Senate, the moderate fossil fuel-state lawmaker's support will be critical to any climate proposal Democrats want to advance.

"My main goal is to make sure that we remain energy independent in America," Manchin said. "I think it's very important for us. And that means an all-of-the-above energy portfolio."

To balance those interests, Manchin and Sen. Debbie Stabenow, D-Mich., recently introduced legislation that would amend an advanced energy manufacturing tax credit to direct investment to communities that have been hurt by the transition away from coal-based electric generation. If passed, the bill would provide $8 billion for new facilities that make or recycle energy-related products, with half that money going to formerly coal-reliant communities that have not previously benefited from the tax credit.

More: https://www.spglobal.com/platts/en/market-insights/latest-news/natural-gas/030521-ceraweek-us-lawmakers-dismiss-oil-leasing-pause-tout-energy-independence

In other words, Manchin is telling the coal miners that voted for him "learn to code".