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REACTION TO THE BIDEN OFFSHORE LEASING PLAN: The news that the Biden administration will hold just three new oil and gas offshore lease sales through 2029 was met with sharp criticism by industry groups, which argued that Interior’s new five-year plan will hamstring overall U.S. energy production – not just fossil fuels – and drive new development to other, less-efficient countries around the world.
“No administration knows in advance what the market is going to be for any energy source, whether it's oil and gas, or solar and nuclear,” Milito added. Manchin, who negotiated the inclusion of the IRA provision that tethers oil and gas leasing to offshore wind, also castigated the plan, saying in a statement that it shows the Biden administration has “once again decided to put their radical political agenda” over U.S. energy security.
“Why have you yet to declare a climate emergency?” the person shouted from the crowd. “Arizonians have died.”“Why don’t you wait – hang on a second, I’d be happy to meet with you after I speak, OK?” Biden said.
If you’ll recall: The Senate passed the two disapproval resolutions under the Congressional Review Act back in May, with the same Democrats voting with Republicans. President Biden vetoed the two measures earlier this week. RUSSIA GOES BEYOND OIL PRICE CAP IN INDIA SALES: Russia is selling crude oil to India at prices of roughly $80 per barrel, new trading data show, roughly $20 above the capped price set by the G-7-led coalition in December and further padding Russia's coffers as its war in Ukraine drags on, Breanne reports.
The Treasury Department has claimed success in its implementation of the price cap, noting in a May progress report that Russian oil revenue in the first three months of 2023 had dropped by more than 40% compared to the same period in 2022, even as its oil sales volumes have increased by as much as 10%, largely due to increased sales to India and China.
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