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Governors' Biofuels Coalition
NEWS UPDATE May 9, 2022

Top Story

Gas prices race back near record highs

By Matt Egan, CNN Business  •    •  Posted May 9, 2022

Prices at the pump are once again flirting with record highs. That’s adding to inflationary headaches for families, the US economy and the White House. The national average for regular gasoline rose to $4.328 a gallon on Monday, according to AAA. That’s a fraction of a penny shy of the all-time high of $4.331 set on March 11. Gas prices have climbed 13 cents over the past week and stand well above the recent low of $4.07 a gallon. [ read more … ]

States

Environmental justice law in New York could prevent new pollution in hard-hit neighborhoods

By Julia Kane, Grist  •    •  Posted May 9, 2022

Industry will no longer be able to build polluting facilities like power plants, warehouses, and garbage dumps in communities that already have more than their fair share of environmental contamination, according to a bill passed by the New York state legislature the last week of April. Once the bill is signed into law, New York will join New Jersey, which passed a similar law in 2020, as the two states with the most ambitious environmental justice protections in the country. [ read more … ]

Congeress

Bipartisan climate talks pick up steam

BY RACHEL FRAZIN, The Hill  •    •  Posted May 9, 2022

A group of about a dozen lawmakers is pushing for a bipartisan deal on climate change, meeting three times in two weeks to try to work out a deal that could get 60 votes in an evenly divided Senate.   The talks, led by Sens. Joe Manchin (D-W.Va.) and Lisa Murkowski (R-Alaska), appear to have gained momentum as work on a separate reconciliation package that would have included climate provisions sits on ice. However, lawmakers are describing discussions on the bipartisan maneuver as still being relatively early, and it’s not clear whether they will be able to reach a deal that satisfies enough senators on both sides.  [ read more … ]

5 issues to watch this week in Congress

By Jeremy Dillon, Manuel Quiñones, E&E News  •    •  Posted May 9, 2022

The Senate will vote this week on legislation to secure abortion rights, with the Supreme Court poised to overturn the Roe v. Wade ruling, according to a draft opinion published by POLITICO this month. But Democrats don’t have the Senate votes to act on abortion. Their actions on energy, however, could define their legacy for the current Congress and set their momentum going into the midterm elections. [ read more … ]

Markets

Energy Stocks Still Have Gas in the Tank

By Jinjoo Lee, Wall Street Journal  •    •  Posted May 9, 2022

Passive index investors didn’t get a huge lift from energy’s shining moment. Energy accounted for just 2.7% of the S&P 500 at the end of last year, a far cry from the 11% weighting the sector commanded a decade ago. And, according to BofA, active funds were significantly underexposed to the energy sector in the first quarter. Today, the weighting is at roughly 4.5%. Investors who are tempted by energy’s returns might be wondering if the rally has already run its course. Energy is a cyclical sector, after all: Exhilarating peaks tend to be followed by equally harrowing troughs. Periods of high prices either lead to more drilling or damped demand, until eventually the commodity’s price falls. [ read more … ]

Biofuels industry still waiting on subsidies to compete with oil, gas, electric vehicles

By KVPI  •    •  Posted May 9, 2022

Production peaked in 2018 at 51.8 million gallons and has dipped since the pandemic hit, and it’s not likely to pick back up for the next few years. “The average gallon of biodiesel or renewable diesel is 74% less carbon intensive than petroleum, according to the Department of Transportation’s model,” said Paul Winters, director of public affairs and federal communications for Clean Fuel Alliance America, an industry trade group. “That’s the carbon emissions. In terms of just pollutants, black carbon from burning it; it cuts that in half, essentially.” [ read more … ]

EVs

A Guide to U.S. Electric Car Tax Credits and Rebates

By Dimitra Kessenides, Bloomberg  •    •  Posted May 9, 2022

Federal tax deductions for qualifying purchases can meaningfully change a buyer’s math. Add to that any applicable state rebates or credits from a power utility and before you know it, you’ve reduced your cost, potentially by several to many thousands of dollars. Dealers have become more practiced in explaining the options available to help lower the cost. Prospective shoppers are catching on — they’re coming in having done their research. [ read more … ]

Note: News clips provided do not necessarily reflect the views of coalition or its member governors.