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Governors' Biofuels Coalition
NEWS UPDATE August 11, 2022

Top Story

Gas Prices in the U.S. Fall Below $4 a Gallon

By Isabella Simonetti, New York Times  •    •  Posted August 11, 2022

Gas prices in the United States fell below $4 a gallon on Thursday, retreating to their lowest level since March, a sign of relief for Americans struggling with historically high inflation and a political boost for President Biden, who has been under pressure to do more to bring down prices. The national average cost of a gallon of regular gasoline now stands at $3.99, according to AAA. That’s still higher than it was a year ago but well below a peak of nearly $5.02 in mid-June. The average price has fallen for 58 consecutive days [ read more … ]

Inflation Reduction Act

Democrats savor spending bill — and some tell voters they want to do more

By Tony Romm, Washington Post  •    •  Posted August 11, 2022

As Democrats prepare to cast their final vote on President Biden’s economic agenda, some party lawmakers are steeling themselves for the next fight: trying to persuade voters to let them finish what they started. The bill that is expected to be approved in the House on Friday clinches only some of Democrats’ long-delayed plans. It aims to combat climate change, lower health-care costs, revise the tax code and reduce the deficit, after party leaders jettisoned earlier, more ambitious spending proposals in pursuit of a deal that could win over moderates in their ranks. [ read more … ]

Inflation Reduction Act Draws Clear Battle Lines for Midterms

By Lindsay Wise and Chad Day, Wall Street Journal  •    •  Posted August 11, 2022

Democrats say the Inflation Reduction Act provides much needed investment in cleaner energy and lowers healthcare costs, while the GOP says the bill will pinch small businesses while subsidizing electric cars for wealthy Americans and do nothing to cut households’ bills. The Senate passed the package Sundayalong party lines, and House Democrats are expected to approve it Friday, sending it to President Biden’s desk. [ read more … ]

These congressional staffers helped clinch the historic climate deal

By Maxine Joselow, Washington Post  •    •  Posted August 11, 2022

At the center of these private talks was Gerry Petrella, a trusted Schumer aide. “Gerry held it all together at a point in time when everyone thought it was dead or going to be dead,” said Rich Gold, head of the public policy practice at Holland & Knight.  Other key participants included Lance West, Manchin’s chief of staff; Renae Black, the Democratic staff director for the Senate Energy and Natural Resources Committee; and Luke Bassett, a staffer on the committee, according to people familiar with the matter. [ read more … ]

Markets

Will the IRA’s Biofuel Provisions Ease Pump Prices? Sen. Ernst Isn’t Convinced

By JENNA HOFFMAN, Ag Web  •    •  Posted August 11, 2022

Sen. Joni Ernst (R-IA) told AgriTalk Host Chip Flory on Wednesday that she, and Sen. Amy Klobuchar (D-MN), are “thankful” for the fuel opportunities in this bill. But she’s not convinced the IRA is the answer to America’s inflation issues at the pump. “This reconciliation package is going to cost us billions of dollars. The overall cost of the package was over half a trillion dollars and that has to come from somewhere—we can’t just magically pull it out of the air,” she says. “They’re going to raise taxes on every income bracket and it’s going to punish our small businesses and farmers in the long run.” [ read more … ]

Big Oil Sees Upside of Climate Bill As Small Drillers Brace for New Fees, Taxes

By Zahra Hirji. Bloomberg  •    •  Posted August 11, 2022

Oil and gas executives from Exxon Mobil Corp. to Occidental Petroleum Corp.have been quick to applaud parts of the $437 billion climate, tax and health-care legislation that Congress is poised to pass this week.  The enthusiasm from Big Oil isn’t shared by some smaller and independent producers, which pump the vast majority of the crude and gas produced in the US. They’re bracing for a raft of new fees and taxes, including penalties on leaking methane and much higher payments for drilling on federal land.  [ read more … ]

Climate

Meet the energy and climate bigwigs with White House access

By Robin Bravender, E&E News  •    •  Posted August 11, 2022

McCarthy hosted a group of environmental leaders in the Old Executive Office Building on March 24 to discuss the status of the administration’s environmental justice and climate change agenda, according to a person familiar with the meeting. That person was granted anonymity to discuss the private conversation. Attendees included John Podesta and Christy Goldfuss of the Center for American Progress, Collin O’Mara and Mustafa Santiago Ali of the National Wildlife Federation, Gene Karpinski and Sara Chieffo of the League of Conservation Voters, Elizabeth Gore and Joseph Bonfiglio of the Environmental Defense Fund, John Bowman of the Natural Resources Defense Council, Jessica Eckdish of the BlueGreen Alliance, Sam Ricketts and Lena Moffitt of Evergreen Action, Claire Moser of Climate Power, and Kathleen Welch and Melissa Roy of Corridor Partners. [ read more … ]

Research Shows 90% of Farmers Won’t join Carbon Markets Without Changes

By NATE BIRT, Ag Web  •    •  Posted August 11, 2022

Despite the exponential growth in agricultural carbon market options, most producers aren’t biting. New research based on 500 farmer insights suggests adjustments in payment amounts, credit for existing conservation practices and reduction in paperwork could help but won’t be a cure-all for enrollments.  [ read more … ]

EVs

Buy now or wait? What the new electric vehicle credits mean for you.

By Allyson Chiu, Washington Post  •    •  Posted August 11, 2022

With the nation’s most significant climate bill likely to become law in days, many Americans might be wondering how it could affect them. The sweeping legislation contains a slew of incentives aimed at helping individuals who want to make more climate-friendly choices — chief among them, new tax credits for electric vehicles. The bill, dubbed the Inflation Reduction Act, made it through the Senate over the weekend. The House is expected to approve it Friday, sending it to President Biden to sign into law. [ read more … ]

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