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Governors' Biofuels Coalition
NEWS UPDATE July 11, 2022

Top Story

Biden plan could advance massive Arctic oil project

By Scott Streater, E&E News  •    •  Posted July 11, 2022

The Biden administration released an updated analysis of a major Arctic oil and gas project last week that opened the door to approving a scaled-back version of the controversial proposal — a prospect environmentalists slammed as betraying the president’s climate agenda. The Interior Department’s draft supplemental environmental impact statement (EIS) of ConocoPhillips Alaska Inc.’s Willow project was the result of a federal court order last year. The draft, made public late Friday, includes a new alternative that could cut two of five drill sites in an effort to avoid critical habitat for polar bears, migrating waterfowl and caribou herds in the Teshekpuk Lake Special Area.
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Carbon Capture

Biggest CCS failure clouds Supreme Court ruling

By Corbin Hiar, Carlos Anchondo, E&E News  •    •  Posted July 11, 2022

The future for carbon capture and storage has perhaps never been brighter. Congress has appropriated billions of dollars of funding to the CCS technology through last year’s bipartisan infrastructure law. And the Supreme Court’s recent ruling in the West Virginia v. EPA case left the door open for EPA to require carbon capture as a way to reduce CO2 emissions from fossil-fuel-fired power plants. But there’s a cloud hanging over the potential CCS-building boom: Petra Nova. [ read more … ]

Congress

Three-week sprint: Dems eye deal on clean energy package

By Jeremy Dillon, Nick Sobczyk, E&E News  •    •  Posted July 11, 2022

Congress returns this week with a narrow window to decide the fate of hundreds of billions in clean energy tax credits as advocates are urging Senate Democrats to find a compromise on a climate and social spending package. The stakes could not be higher. The month’s work period could represent the last, best chance, climate advocates say, for the United States to make meaningful investments in the technology needed to unleash a clean energy transition. The hope is that legislation would help achieve net-zero emissions by 2050. [ read more … ]

Markets

Column: Funds’ bullish CBOT corn views fall to lowest since Oct. 2020

By Karen Braun, Reuters  •    •  Posted July 11, 2022

Chicago corn and soybean futures have undergone a significant downward correction within the last month, fueled largely by signs of an economic slowdown and waning U.S. crop concerns. Speculators during this time have notably eased their bullish bets, which have stood for more than two years in soybeans and nearly two years in corn. They have yet to firmly plant their feet on the short side of the market, though there was increasing indication of that in the latest week. [ read more … ]

Oil Sinks Amid Risk-Off Mood as China’s Virus Cases Climb Again

By Alex Longley, Bloomberg  •    •  Posted July 11, 2022

Oil declined as a renewed increase in China’s virus cases fed into weakness across global markets. West Texas Intermediate dropped near $101 a barrel. Covid cases continued to climb in Shanghai and other regions, with new sub-variants posing a challenge to the country’s Covid Zero strategy. Oil also fell on a stronger dollar, and on the cancellation of a court order halting loadings from a key Russian terminal. [ read more … ]

EVs

US Crosses the Electric-Car Tipping Point for Mass Adoption

By Tom Randall, Bloomberg  •    •  Posted July 11, 2022

Many people of a certain age can recall the first time they held a smartphone. The devices were weird and expensive and novel enough to draw a crowd at parties. Then, less than a decade later, it became unusual not to own one. That same society-altering shift is happening now with electric vehicles, according to a Bloomberg analysis of adoption rates around the world. The US is the latest country to pass what’s become a critical EV tipping point: 5% of new car sales powered only by electricity. This threshold signals the start of mass EV adoption, the period when technological preferences rapidly flip, according to the analysis. [ read more … ]

EV adoption is higher where consumers see more electric vehicles, studies show

By Dan Zukowski, Utility Dive  •    •  Posted July 11, 2022

The more electric vehicles people see in their neighborhood, the more likely they are to purchase one, according to results from a Consumer Reports survey released Thursday and a 2021 research report from the National Center for Sustainable Transportation. Talking with or knowing others who own electric vehicles creates “peer effects” that can influence someone’s decision to buy an EV, the studies revealed. [ read more … ]

Interest in EVs has grown substantially, survey shows

By Dan Zukowski, Utility Dive  •    •  Posted July 11, 2022

U.S. consumer interest in electric vehicles is growing rapidly, according to findings from a Consumer Reports survey released Thursday. This year, 14% of consumers said they would definitely buy or lease an electric-only vehicle if they were to get one today, compared with just 4% in the organization’s 2020 survey.  “What surprised me about the results of the survey is how many Americans really express interest in buying or leasing an EV,” said Mary Greene, senior policy counsel for CR’s sustainability policy team. Greene attributed the change primarily to two factors: the high cost of gas, and people “who are concerned about the impacts on the environment” who are aware that EVs may lessen that impact.
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Note: News clips provided do not necessarily reflect the views of coalition or its member governors.