What happened
The US Senate has released a draft text for a bill aimed at streamlining the federal permitting system. The bipartisan legislative package, which is over 400 pages long, includes provisions to ensure the executive branch cannot delay or block the permitting of energy projects. It also gives the Federal Energy Regulatory Commission more authority to approve interstate power lines and process transmission infrastructure applications.
The bill would reform several existing laws, including the National Environmental Policy Act, the National Historic Preservation Act, and the Clean Water Act. It would set a new deadline of 150 days for groups to legally challenge environmental reviews. The Senate plans to make the permitting bill its first vote once returning from the midterm elections.
In other news, the White House is expected to announce a major investment from South Korea in a liquefied natural gas pipeline in Alaska. The $54 billion investment is part of the country's plans to invest about $200 billion in the US. The pipeline would make it easier for the US to ship LNG to trade partners across the Pacific.
Additionally, oil and gas executives in the US are concerned about the impact of the war in Iran on global energy markets. A survey by the Federal Reserve Bank of Dallas found that many executives believe it will take months for gas and diesel prices to return to levels seen last year.
