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The Biden administration is touting the final release from the Strategic Petroleum Reserve of the 180 million barrels it announced in March.
Meanwhile, the Interior Department is announcing its first West Coast offshore wind lease sale, and a new analysis has found most waterways it surveyed containing “forever chemicals.”
This is Overnight Energy & Environment, your source for the latest news focused on energy, the environment and beyond. For The Hill, we’re Rachel Frazin and Zack Budryk.
US to release 15M oil barrels from strategic reserve
The White House is touting the release of 15 million barrels of oil from the country’s strategic reserve — expected to officially be announced by President Biden on Wednesday — as it faces headwinds from high gasoline prices.
The 15 million barrels of oil is the final part of a 180-million-barrel release announced in March, and does not constitute a further release.
Nevertheless, a White House fact sheet listed the action as one that would “take additional action to strengthen energy security, address the supply crunch, and lower costs.”
A gas price resurgence in recent weeks — linked to factors including refinery outages and production cuts from OPEC+ — has turned up the heat on the White House.
It is once again facing prices near $4 per gallon ahead of the midterms. While presidential policies have limited impacts on gasoline prices, the high costs are still expected to be a political liability for the party in power.
In addition, the White House detailed a new strategy for eventually purchasing oil to replenish the stockpile. It said it would aim to do so when prices are at or below the $67 to $72 per barrel range.
Currently, the U.S. benchmark for crude oil — a major factor in the price of gasoline — is around $84 per barrel.
Asked about the possibility of restricting fuel exports during a call with reporters, an administration official said they were keeping all of their options open, but did not explicitly endorse or condemn the idea.Interior unveils first Pacific offshore wind lease sale
The Interior Department on Tuesday announced the first offshore wind lease sale off the west coast of the U.S., set for Dec. 6 off the coast of California.
The sale will incorporate five lease areas with a total capacity to generate 4.5 gigawatts of wind energy, the department said in an announcement Tuesday.
Three of the areas are off the central cost of California, while two are off the state’s northern coast.
The agency said wind farms in these areas could be able to eventually produce enough energy to power more than 1.5 million homes.
“Today’s announcement represents years of close coordination and engagement with the state of California, Tribes, ocean users, local communities and all interested parties to move us closer towards achieving the administration’s vision to fight climate change and realizing California’s clean energy future, while creating a domestic supply chain and good-paying union jobs,” Bureau of Ocean Energy Management (BOEM) Director Amanda Lefton said in a statement.
“BOEM remains committed to ensuring transparency and active engagement with stakeholders throughout the post-leasing process.
