Capitol Crude: The US Energy Policy Podcast S&P Global Commodity Insights

On Sept. 6, the Biden administration took steps to fulfill the president’s campaign promise to block oil and gas drilling in the Arctic National Wildlife Refuge, cancelling the last remaining oil and gas leases within ANWR. But the holders of those leases -- Alaska’s state-owned development finance corporation, the Alaska Industrial Development and Export Authority -- is not taking this lightly.
AIDEA Executive Director Randy Ruaro joined the podcast to talk about the lease cancellation, the organization’s planned lawsuit and why oil development and protecting the environment do not pose an either-or proposition as he sees room for both to coexist. He also touched on AIDEA’s views on rising oil prices and recent predictions about peak oil demand.
Stick around for Starr Spencer with the Market Minute, a look at near-term oil market drivers.

The Interior Department is set to hold Lease Sale 261 on Sept. 27, but oil and gas producers are not happy with the leasing terms and stipulations that Interior has put forth for this sale. Their main issue is with a voluntary settlement agreement the Biden administration entered into with environmental groups in July intended to protect the endangered Rice’s Whale. The settlement puts restrictions on oil and gas vessels and prompted the department to take millions of acres off the table for leasing. 
Erik Milito, president of the National Ocean Industries Association, joined the podcast to discuss the upcoming lease sale and hurdles the oil industry faces in acquiring the federal acres he says are needed to boost domestic production and help lower oil and gasoline prices. He also touched on the obstacles the offshore wind industry could face from delays in oil and gas leasing as the Inflation Reduction Act created new links between renewable and fossil fuel development.
Stick around for Binish Azhar with the Market Minute, a look at near-term oil market drivers.

The G7-led coalition’s price cap imposed on Russian crude is set to be tested as oil prices rise. At the same time, the greenback’s supremacy in global oil trade is being challenged. 
Rachel Ziemba, an adjunct senior fellow at the Center for a New American Security and global consulting firm Horizon Engage’s senior advisor on sanctions, delves into the sanctions and currency impacts on the oil markets on the podcast. She gives her take on the fate of the Russian oil price cap, the effects of price competition among sanctioned entities and whether we’re going to see the end of King Dollar anytime soon.
Stick around for Chris van Moessner with the Market Minute, a look at near-term oil market drivers.

A new report from the Energy Industries Council found that energy supply chain bosses are not seeing all the hype and ambitious net-zero pledges translate into consistent and profitable work on green projects.
EIC CEO Stuart Broadley contends that at the end of the day, if the volume and profitability metrics for net-zero solutions aren’t showing up in order books, energy supply chain businesses will have no other choice but to focus on the booming oil and gas space. He joined the podcast to discuss how these realities on the ground are playing out for the oil and gas sector, what it means for the already wide gap between green ambitions and actions, and the policy challenges and needs going forward.
Stick around for Binish Azhar with the Market Minute, a look at near-term oil market drivers.
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The country’s emergency crude stockpile -- called the Strategic Petroleum Reserve, or SPR -- played heavily in President Joe Biden’s strategy last year for curtailing global oil supply shortages and bringing down domestic fuel prices. The Biden administration has now turned its attention to refilling the SPR, which has seen some progress as well as some hiccups.
Skanda Amarnath, executive director of the macroeconomic policy think tank Employ America, joined the podcast to discuss the crude buyback effort and actions the Department of Energy might pursue in the coming months. He also gave his take on how the SPR could best be put to use, legislation backed by Republicans to put some checks on the DOE’s authority over the SPR and how last year’s unprecedented drawdown impacted US ties with major oil producing countries on the world stage.
Stick around for Starr Spencer with the Market Minute, a look at near-term oil market drivers.
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OPEC on Aug. 4 renewed production cuts that are expected to tighten global oil supplies and in turn keep upwards pressure on oil prices which have seen several consecutive weeks of gains recently.
Tim Evans, energy analyst and founder of the new consultancy Evans on Energy, joined the podcast to discuss OPEC’s production policy, the group’s objectives and what that means for oil prices. Evans has offered daily market commentary about the crude oil, heating oil, RBOB gasoline and US natural gas futures markets since 1995. On the podcast, he hits on the economics as well as the politics behind some of the OPEC+ alliance’s decisions, possible tensions brewing within the alliance and whether the US can combat their desire for a tighter physical market and subsequent higher prices.
Stick around for Binish Azhar with the Market Minute, a look at near-term oil market drivers.
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