High-gas summer

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Jun 24, 2022 View in browser   By Debra Kahn Presented by THE WEEK THAT WAS Will drivers keep "Putin's price hike" in mind? | Marta Lavandier/AP Photo GAS-TAX GAMBIT — President Joe Biden laid out the case this week for enduring the privations at the pump caused by "Putin's Price Hike" — but no one's biting. Biden framed it as a fix: He asked Congress on Wednesday to consider suspending the 18.4 cents per gallon federal gasoline tax and the 24.4 cents per gallon federal diesel tax for the next three months. He also called on the oil and gas industry to expand refining capacity, and for states to pass their own gas-tax holidays. He got a predictable chorus of boos from environmentalists — and also hefty pushback from some Republicans, as well as cement manufacturers and construction firms who are counting on the gas tax to fund infrastructure spending. But the reality is that he's doing all this cajoling because the bully pulpit is pretty much the only tool he has to work with. And the political upsides of what he's trying to do aren't that clear, either. Even if Congress was in a mood to cooperate, which it's not, most studies show that only a small portion of the savings from halting the tax would reach consumers. Suspending the federal gas tax would save drivers about $3 on a $75 fill-up, as Tanya Snyder reports. Vulnerable Democrats who had been begging Biden to act earlier are now saying it's nowhere near enough, as Sarah Ferris, Adam Cancryn and Burgess Everett report . "I think that we should be suspending the gas tax for at least the next year. So no, I don't think 90 days is enough," said Sen. Maggie Hassan (D-N.H.), who's up for reelection and one of the keys to Democrats retaining the Senate. And the Biden administration's messaging is confused, with the president bashing oil companies' "profiteering" on one hand and Energy Secretary Jennifer Granholm wooing them as "partners" on the other. As Bloomberg columnist Liam Denning put it: "[A]s the clock ticks down to November, the air of desperation around energy prices is thickening, and White House actions and messages are becoming more erratic. Repeating the phrase "Putin's Price Hike" is no substitute for an honest conversation about what standing up to Russia — which is necessary — really costs." A message from UnitedHealth Group: At UnitedHealth Group, sustainability is an integral part of our business strategy, culture and mission as we work to ensure the health care system works better for everyone — both now and in the future. Learn more about our progress and new long-term commitments in our recently released 2021 Sustainability Report.   WASHINGTON WATCH GAS PRICES, PT. II — The people who are in a position to do something about gas prices probably won't, either. As Mike Lee reports for POLITICO's E&E News, oil companies aren't planning a lot of new investment, even though oil and natural gas prices are up. Instead, they're continuing to buy up their own stock to bolster share prices. Exxon Mobil Corp. and Chevron Corp. are both working to increase their oil and gas production, but might also each spend up to $10 billion this year on share buybacks. Toby Rice, CEO of Pittsburgh-based EQT Corp., the biggest natural gas producer in the U.S., said oil and gas producers worldwide have cut their spending in half over the last eight years, largely because of "anti-fossil fuel" policies. Here's more from Mike. A meeting between Granholm and oil execs on Thursday lowered tensions somewhat but didn't produce concrete details. E&E's Scott Waldman has more. MANCHIN UNCHAINED — Sen. Joe Manchin (D-W.Va.) threw some cold water on Biden's electric-vehicle plans yesterday by lamenting U.S. reliance on Chinese supply chains, David Iaconangelo reports for POLITICO's E&E News. "Right now, we're about ready to put our whole eggs in one basket, thinking EVs are the way to go, and we're going to be absolutely so taken advantage of, to the point to where we're going to be held hostage by the foreign supply chain that China has a grip on," Manchin said. "I just can't believe we're even thinking about going down that path, and I'm going to do everything I can to stop it. Because I think it's stupid." Manchin's comments were his latest sign of opposition to the Biden administration's ambitions for electric vehicles, which the president wants to make up half of all car sales by 2030. They land in the midst of negotiations among Democrats over the clean energy details of a reconciliation measure, which stalled last year due to Manchin's resistance. Read more from David here.   DON'T MISS THE 2022 GREAT LAKES ECONOMIC FORUM:  POLITICO is excited to be the exclusive media partner again at the Council of the Great Lakes Region's bi-national Great Lakes Economic Forum with co-hosts Gov. JB Pritzker and Mayor Lori Lightfoot. This premier, intimate networking event, taking place June 26-28 in Chicago, brings together international, national and regional leaders from business, government, academia and the nonprofit sector each year. "Powering Forward" is this year's theme, setting the stage to connect key decision-makers with thought leaders and agents of change to identify and advance solutions that will strengthen the region's competitiveness and sustainability in today's competitive climate of trade, innovation, investment, labor mobility and environmental performance. Register today.     YOU TELL US Happy Friday. Welcome to the post-Roe era. This week we learned that the fraction-of-a-cent gas pricing is an artifact of the earliest gas taxes. Something to ponder as we fill up. Team Sustainability is editor Greg Mott, deputy editor Debra Kahn, and reporters Lorraine Woellert and Jordan Wolman. Reach us at gmott@politico.com, dkahn@politico.com, lwoellert@politico.com and jwolman@politico.com. Want more? You can have it. Sign up for the Long Game. Four days a week and still free. That's sustainability!   A message from UnitedHealth Group:   WHAT WE'RE CLICKING — Three Chinese companies are raising more than $10 billion from investors to help the country increase its domination of global clean technology supply chains. The Financial Times has details. — Reuters reports that Texas legislators are allowing the nation's biggest exporter of liquefied natural gas to regularly exceed pollution limits even as the company boasts that it's helping to improve local air quality globally. — Arizona Gov. Doug Ducey's effort to create a new agency to boost the parched state's water supply has morphed into a plan to give an existing agency more power. The Associated Press explains. — Texas Monthly tells the story of a Texas rancher's investigation into one of big oil's big secrets — groundwater contamination linked to leaks from abandoned wells.   STEP INSIDE THE WEST WING: What's really happening in West Wing offices? Find out who's up, who's down, and who really has the president's ear in our West Wing Playbook newsletter, the insider's guide to the Biden White House and Cabinet. For buzzy nuggets and details that you won't find anywhere else, subscribe today.     LOOK AHEAD Events are listed in Eastern Time. June 26 — The Commerce Department's International Trade Administration holds its Select USA Investment Summit. 7:30 a.m. June 27 — The RAND Corporation holds a virtual discussion on "Energy Resilience: How Energy Fits Into Disaster Preparation, Response, and Recovery." Noon. June 28 — The United States Energy Association holds a discussion on "An Opportunity to Facilitate Resilient Domestic Critical Material Supply Chains." 9 a.m. June 28 — The Information Technology and Innovation Foundation holds a virtual discussion on "How 5G Can Spur Climate Tech Innovation." 10 a.m. June 28 — The Business Council for Sustainable Energy holds a discussion on "Federal Sustainability Solutions: Leveraging Technology for Resilience and Decarbonization." Noon. June 28 — The Carnegie Endowment for International Peace holds a virtual discussion on "The Politics of an Oil Crisis." 1 p.m. June 29 — The House Foreign Affairs Europe, Energy, the Environment and Cyber Subcommittee holds a hearing on "Global Efforts to Encourage a Sustainable Blue Economy." Noon. June 29 — The Environmental and Energy Study Institute holds a virtual discussion on "Offshore Wind Energy." 1 p.m. June 29 — The Brookings Institution holds a virtual discussion on "The future of place-based investments: New tools to align planning, infrastructure, and economic development." 2 p.m. June 30 — The Society for International Development holds a virtual discussion on "Scaling Innovations to Mitigate Ocean Plastics Pollution." 9 a.m. June 30 — The Atlantic Council's Global Energy Center and CALSTART's Drive to Zero Program hold a virtual discussion on "Transatlantic policies enabling deployment of zero-emission medium- and heavy- duty vehicles." 10 a.m. A message from UnitedHealth Group: At UnitedHealth Group, our approach to sustainability reflects our belief that the health of any society is measured by the health and well-being of its people. Our commitment to sustainability is an integral part of our mission and culture, brought to life through collaboration, partnership and the collective efforts of all UnitedHealth Group employees working to positively impact the people and communities we serve. Our 2021 Sustainability Report highlights new long-term commitments focused on advancing health equity and improving environmental health and shares progress toward our ongoing commitments to expanding access to care, improving health care affordability and achieving better health outcomes. Read the report.     Follow us on Twitter Debra Kahn @debra_kahn Greg Mott @gwmott Lorraine Woellert @Woellert Jordan Wolman @jordanwolman   Follow us

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