This post was originally published on this siteThe Iowa Supreme Court on Friday ruled that the state constitution does not protect the right to an abortion, clearing the way for the state’s Republican legislative majority to potentially enact stricter abortion measures.
This post was originally published on this siteWhen US intelligence and national security officials gathered at a classified facility in April to speak with election officials around the country, there was no burning new intelligence to share about threats to American democracy.
Biden to announce new initiatives on curbing methane, zero-emissions vehicles at international climate meeting
This post was originally published on this siteThe Major Economies Forum is the largest climate meeting of world leaders in the run-up to COP27 in November.
President Biden on Wednesday sent a letter to leading oil refiners calling for them to produce more gasoline and dial back record profits to help bring down fuel prices, which have been soaring since Russia invaded Ukraine in February. Biden said oil companies’ profits have tripled since the war triggered sanctions against Russian oil and disrupted global supply. “The crunch that families are facing deserves immediate action,” Biden wrote. “Your companies need to work with my administration to bring forward concrete, near-term solutions that address the crisis.”
Just days earlier, the national average climbed above $5 per gallon, adding to broader concerns about high inflation. The Commerce Department reported Friday that consumer prices had risen 8.6 percent in May, compared to a year earlier, marking the worst inflation in four decades. Biden noted that gas prices were 75 cents per gallon lower last year when oil prices were roughly the same as they are today, around $120 per barrel, and he put part of the blame on refiners’ high profits. The American Petroleum Institute responded with a statement saying U.S. refinery capacity has fallen as the Biden administration pushed to reduce fossil-fuel use as part of its effort to fight climate change. Is Biden right to scold oil executives for the pain Americans are feeling at the pump?
It’s fair to call out oil companies
Biden’s burdens on refineries and his canceling of the Keystone XL pipeline might hurt production in the future, says Will Daniel at Fortune, but that’s not why pump prices are rocketing up now. The current problem is due to a “pandemic-driven mismatch of supply and demand,” oil-market disruption due to Russia’s invasion of Ukraine, obstacles to cranking up oil production, and, yes, “record profit margins from oil and gas companies,” which Jay Hatfield, chief investment officer of Infrastructure Capital Management, says account for $1-per-gallon in the current run-up at the pump.
Actually, Biden’s the one to blame
What “a lot of drizzly nonsense,” says Ed Morrissey at Hot Air. Refiners’ profit margins are modest. Marathon’s was 3.8 percent in the first quarter. ExxonMobil’s was 6 percent. BP had a loss. The real reason for rising gasoline costs, according to industry groups, is “regulatory hurdles that prevent any expansion of refining capacity, along with policy hostility that keeps scaring off investors.” If Biden really wants to help, he should rescind his Executive Order 13990, which canceled the Keystone XL pipeline and directed federal agencies to review every Trump-era regulation that conflicted with Biden’s climate agenda, making it nearly impossible for refineries to expand operations.
Recognizing the need for more refineries is a first step
Maybe this call to jumpstart refineries means Biden is realizing what’s sending gas prices sky-high, says The Wall Street Journal in an editorial. “At least he’s finally noticed the dearth of refining capacity to process crude, which some of us have warned about for years.” U.S. refining capacity plunged by one million barrels a day in the coronavirus pandemic, and even with a few new refineries in Asia, the International Energy Agency says global capacity dropped by 730,000 barrels a day last year. “A major culprit is U.S. government policy,” which has forced some older refineries to shut down because “companies couldn’t justify spending on upgrades as government forces a shift from fossil fuels.”
There is a better way to fight inflation
“Biden can’t flip a magic switch to increase the gasoline supply or otherwise bring down prices at the pump,” says Eric Boehm at Reason. Pumping more oil and increasing refinery output “takes time and money,” and energy companies aren’t going to make that investment while the government’s long-term goal is reducing fossil fuel use. “But there is one magic switch that Biden could flip tomorrow to save the average American household about $800 annually: He could repeal the tariffs imposed by former President Donald Trump on steel, aluminum, solar panels, and many other goods imported from China.” That won’t won’t solve the inflation problem — that will take higher inflation rates or a “debilitating recession” — but tariffs are contributing to high prices and eliminating them will help.
This post was originally published on this site
This post was originally published on this site
The senators trying to finalize a bipartisan gun safety bill left Washington on Thursday, missing a self-imposed deadline to transform their landmark framework agreement into legislative text. “We’re not ready to release any smoke,” lead GOP negotiator Sen. John Cornyn (Texas) said as he walked out of two hours of closed-door negotiations with Sens. Chris Murphy (D-Conn.), Tom Tillis (R-N.C.), and Kyrsten Sinema (D-Ariz.). “I’m not frustrated, I’m done.”
“I’m not as optimistic right now, but we’re continuing to work,” Cornyn said. “I’d say it’s fish or cut bait,” he added later. “I don’t know what they have in mind, but I’m through talking.”
Other negotiators were more hopeful. “A deal like this is difficult,” Murphy said. “It comes with political risk to both sides. But we’re close enough that we should be able to get there.” Tillis said the legislation could be finalized by the end of Friday, setting it up for vote next week, before a two-week break.
The main sticking points involve a provision to incentivize states to adopt “red flag” laws and a measure to close the “boyfriend loophole” for domestic abusers. The red flag provision “appeared to be back on track after Cornyn on Wednesday raised concerns that the program would disfavor states who choose not to enact those laws,” like Texas, The Washington Post reports.
But Senate negotiators are having a tough time deciding what level of relationship qualifies for new abuse-related gun restrictions.
“Part of it, it’s a definitional issue,” Cornyn said. Federal law “already covers people who are married, people who have a child in common, and people who are cohabitating, and Democrats want to extend it to other relationships and I’m not clear exactly what it is they want to cover,” he added. “This has got to be something other than, you know, one date.”
“I’m of the view that if you beat the hell out of your dating partner, and you end up getting convicted for that crime, there should be consequences,” Murphy said. “There is already well-developed law both at the federal and state level around what a dating partner is,” he added, so “the definition is there for the taking.” Tillis made a similar comment.
Some of Cornyn’s protestations may be a little performative, Axios reports, intended to quell a “growing conservative backlash” from a handful of GOP colleagues who are unlikely to vote for any gun bill.