Energy Daily: Walz’s Record, Oil Hit by Recession Fears and Birol Shrugging Off Critics

WALZ PRAISED BY CLIMATE GROUPS: Vice President Kamala HarrisMinnesota Governor Election. Tim Waltz His vice presidential bid drew praise from environmental groups, which cited his achievements in clean energy, electric vehicles and other areas.

“Tim Walz has made Minnesota a national leader on climate” Manish Bapnapresident and CEO of the Natural Resources Defense Council Action Fund, said in a statement, ABC News reported.

Of particular note, Walz signed legislation last year requiring 100% of electricity to come from carbon-free sources by 2040. He also signed comprehensive permit reform, legislation promoting electric vehicles and a ban on PFAS in consumer products.

Walz has reportedly faced criticism from environmentalists for approving the construction of an oil pipeline and has avoided getting involved in legal disputes over mining projects in the state, including the Twins Metals mine. S&P Global

As a member of the U.S. House of Representatives, Walz was a member of the bipartisan Energy Working Group and amassed a relatively centrist record. However, he voted for the Waxman-Markey Cap and Trade Act of 2009.

“During his service in Congress and as governor, he worked to protect clean air and water, grow our clean energy economy, and ensure we did everything we could to avoid the worst impacts of the climate crisis,” said Sierra Club executive director Ben Jealous said in a statement.

Opposition: Republican Party Energy Strategist Mike McKenna he said Bloomberg that Walz’s record of promoting renewable energy would put him at odds with voters who favor an all-inclusive energy strategy. Walz “is selling a product that no one in Pennsylvania is going to want to buy,” he said.

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RECESSION FEARS WILL DRIVE OIL PRICES TO DROP DESPITE MIDDLE EAST TENSIONS: Oil prices are currently hovering near their lowest levels this year despite growing concerns about an escalating conflict between Israel and Iran.

“It is quite striking that the oil market has so far failed to price in the risk of a conflict that seems very imminent.” Daniel Yerginvice president of S&P Global, said on CNBC this morning.

Brent crude prices remained above $76. West Texas Intermediate crude prices hovered around $73.

Oil prices fell Friday after a monthly jobs report showed a slowdown in job growth and an increase in the unemployment rate fast enough to trigger a key indicator of a recession. Markets generally sold off as investors mulled over the possibility that the U.S. could be headed into recession.

Fears of a recession and falling demand for gas and oil have outweighed reports that Iran is possibly preparing an attack on Israel in retaliation for the killing of a senior Hamas official in Tehran last week.

BIROL DISCLAIMS CRITICISM OF OIL FORECASTS: Head of the International Energy Agency Fatih Birol He dismissed criticism from oil industry representatives and Republican politicians, citing Financial Timeswhich featured a lengthy article about him and his agency’s warnings that the world must transition from fossil fuels to clean energy.

“Sometimes I take it personally, but I try to put it in context,” he says. “We have, I think, beautiful goals to achieve, and to achieve them, you have to get bruises.”

Birol and the IEA have faced criticism from OPEC for predicting that the world will reach peak oil production within the next five years. OPEC, in turn, has predicted that oil demand will continue to grow indefinitely.

The IEA’s projections have landed it in trouble with Republicans, who may seek to cut funding or oust Birol if Donald Trump is re-elected.

“The next president should take action… to end this progressive echo chamber and return the International Energy Agency to its original, non-partisan mandate of promoting energy security,” he said. Carla Sands America First Policy Institute. Read more here.

IN CASE YOU MISSED IT, THE BIDEN ADMINISTRATION AWARDS $2.2 BILLION IN GRANTS TO IMPROVE THE ELECTRIC GRID: The Energy Department announced $2.2 billion in grants from bipartisan infrastructure legislation for eight projects in 18 states to improve power grids, Canarian media reports.

The grants are to be matched by nearly $10 billion from the private sector and local governments, according to the DOE. They will enable 13 gigawatts of clean energy to be connected to the grid, including 4.8 GW of offshore wind.

Among the projects: The North Plains Connector Interregional Innovation Project is set to receive $700 million to build high-voltage, direct current interregional links through Montana and North Dakota.

“The consortium’s lead project, the North Plains Connector, will be the first HVDC link connecting the Western Electricity Coordinating Council-run power grid, which includes much of the Intermountain West, with the Midcontinent Independent System Operator and Southwest Power Pool transmission networks, which connect to the broader eastern U.S. grid… The North Plains Connector would enable the western and eastern U.S. grids to share 14 times more electricity than they do today and would support approximately 3 gigawatts of new generating capacity in the wind-rich states it traverses.” Canarian media reports.

Another $390 million in grant funding was awarded to Power Up New England, a project led by Connecticut, Maine, Rhode Island, New Hampshire and Vermont to develop onshore facilities to connect high-voltage underwater cables carrying power from offshore wind farms. Read more here.

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