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DAILY ENERGY NEWS  | 05/22/2025
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A big thank you to the Senate for ending – once and for all – California’s gas-powered car ban. 


Just The News (5/22/25) reports: "The Republican-controlled Senate voted Thursday in favor of repealing the waiver granted to California by the Biden administration’s Environmental Protection Agency that allowed the state to ban gas-powered cars. The Biden administration finalized two rules impacting vehicle emissions. The tailpipe emission standards set limits on emissions from vehicles. And the National Highway Traffic Safety Administration’s Corporate Average Fuel Economy (CAFE) standards limited emissions across fleets of vehicles. Because automakers could only meet the standards by selling EVs, critics called the rules a de facto EV mandate...'Unelected people in California and the Biden administration abused the Clean Air Act waiver process to try and force a backdoor EV mandate. With President Trump’s anticipated signature, he and the Republicans in Congress will finally put an end to a decades-long quest by the fringe left to force people out of their cars,' Tom Pyle, president of the American Energy Alliance, said in a statement."

"The California Clean Air Act waivers...aim to implement a stringent electric vehicle mandate that would affect not just the state of California but the whole country." 

 

– Senate Majority Leader
John Thune

"Largely unusable" is a big win for taxpayers.


Politico (5/21/25) reports: "Among the changes secured by hardliners, the megabill would weaken the clean electricity investment and production tax credits in a way that clean energy developers say could make them largely unusable. House Republicans escalated their effort to gut Democrats’ clean energy tax credits, releasing updated text Wednesday night of their mega-reconciliation bill that would eviscerate former President Joe Biden’s trademark climate law despite resistance from moderates within their own party. The revised bill expected to receive a floor vote — likely Thursday — contains language pushed by hard-line conservatives speeding up the phaseout of tax credits after they protested the Ways and Means Committee’s draft that was already set to severely restrict the subsidies. The amended language was released after President Donald Trump went to Capitol Hill to warn lawmakers in his party not to vote against the bill.  Among the changes secured by hard-liners, the bill would weaken the clean electricity investment and production tax credits in a way that clean energy developers say could make them largely unusable...In a bid to back shovel-ready projects, the changes would require projects to 'commence construction' within 60 days of the bill’s enactment to qualify for tax credits and be placed in service by the end of 2028."

Turns out relying on taxpayer handouts instead of providing value to consumers isn't a great business model.


CNBC (5/22/25) reports: "Solar stocks plunged premarket on Thursday after House Republicans passed a tax bill that terminates key clean energy credits. Residential solar installer Sunrun plummeted more than 35%. The legislation ends tax credits for installers like Sunrun that lease equipment to customers. The GOP bill is a 'worse than feared' scenario for clean energy, as it takes a 'sledgehammer' to the Inflation Reduction Act, Jefferies analysts led by Julien Dumoulin-Smith told clients in a note. Some 70% of the rooftop solar industry now uses lease arrangements, making the bill disastrous for companies like Sunrun, Guggenheim analyst Joseph Osha told clients. Enphase and SolarEdge plummeted about 18%, as sales of their inverters would take a hit from lower demand for rooftop solar. The bill also ends the investment and electricity production credits for clean energy facilities that begin construction 60 days after the legislation is enacted or enter service after Dec. 31, 2028. Those credits have played a key role in the rapid expansion of utility-scale solar projects in the U.S."

How does this guy keep getting elected?

Thank you, Senator Thune.


Axios (5/21/25) reports: "Senate Republicans voted to move forward with repealing California's EV mandate — ignoring opinions from the Government Accountability Office and Senate parliamentarian. Democrats have called it the 'nuclear option,' warning Republicans are setting a new precedent for what kind of rules can be undone by Congress. Republicans argue it is a unique case and that GAO is inappropriately trying to interfere with what lawmakers are able to repeal through the Congressional Review Act...Thune raised a point of order to clear the way procedurally for a vote on the CRA resolutions. Republicans then voted to move forward. The Senate will now move to undo three of California's Clean Air Act waivers that would eventually ban various gas-powered vehicles."

Energy Markets

 
WTI Crude Oil: ↓ $60.98
Natural Gas: ↓ $3.30
Gasoline: ↑ $3.19
Diesel: ↑ $3.55
Heating Oil: ↓ $212.25
Brent Crude Oil: ↓ $64.34
US Rig Count: ↑ 604

 
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