The U.S. on Wednesday issued fresh sanctions against several Russian-linked entities and individuals involved in the building of Nord Stream 2, the massive undersea gas pipeline linking Russia to Germany.
The State Department said it has re-imposed financial penalties against entities and individuals involved in the construction of Nord Stream 2, including project operator, Nord Stream 2 AG, and a Russian-based insurer that worked with companies involved in the pipeline's construction.
Others included in the sanctions were a Russian-owned maritime rescue service, a Russian-based water transport logistics company, and more than a dozen vessel owners that were either formerly under sanctions designations or were being sanctioned for the first time.
State Department deputy spokesperson Vedant Patel told reporters Wednesday that the U.S. remains opposed to Nord Stream 2 as well as any efforts to revive it.
Officials also cited Russia’s ongoing efforts to weaponize its energy resources, including throttling its piped gas supplies to Europe shortly after the start of its war in Ukraine in 2022.
"We're going to continue to work and ensure that Russia is never able to weaponize its energy resources and its energy positioning for political gain," Patel said of the new sanctions.
News of the new sanctions designations comes after both the Nord Stream 1 and 2 gas pipelines linking Russia to Europe were hit by a series of explosions in late September 2022.
To date, no one has taken responsibility for the blasts, which U.S. and other Western leaders have described as an act of potential "sabotage."
Russia has dismissed suggestions that it would blow up its own pipeline, with Russian President Vladimir Putin describing such a move as "idiotic."
Though neither pipeline was operational at the time, both lines were filled with gas under pressure.
Prior to Russia's war in Ukraine, the Nord Stream 1 pipeline had supplied roughly 35% of the European Union’s total Russian gas imports before Moscow halted supplies indefinitely citing "maintenance" needs. Nord Stream 2 was expected to double that capacity.
In the years since Russia’s war in Ukraine began, the EU has scrambled to offset its reliance on Russian energy supplies, including by purchasing more liquefied natural gas from the U.S. and other suppliers, by devoting more resources toward nuclear power and by building more regasification terminals, among other things.
The Biden administration released a draft report on Tuesday warning of potentially negative impacts to Americans should the president's moratorium on liquefied natural gas (LNG) exports be lifted.
The report, which concludes that growth in LNG exports could cause U.S. energy prices to climb by as much as 30% in coming years while contributing to carbon emissions, was quickly met with pushback by energy industry officials dismissing it as a "politically motivated" appeal to environmentalists. Meanwhile, one environmental group panned the same report as "weak and half-hearted."
The study comes weeks before President-elect Donald Trump is to take office and follows on President Biden's decision in January to pause all new U.S. LNG exports to non-Free Trade Agreement countries, citing the need to better consider climate and economic impacts of such "sizeable" growth in sales of LNG to buyers in Asia and Europe. President-elect Trump vowed on the campaign trail to quickly reverse Biden's moratorium once he's in office.
The draft report analysis, which is now open for a 60-day comment period, found that U.S. LNG growth could cause prices to rise for U.S. consumers by as much as 30% in the near-term. Additionally, while it stopped short of recommending a full ban on LNG exports — in recognition of near-term demand from other countries — it also focused largely on the negative impacts for U.S. consumers, who Energy Department officials said could see energy prices rise by roughly $100 by 2050 as a result of the tighter demand.
The analysis noted that boosting U.S. LNG exports beyond currently authorized levels could cause as much as 1.5 gigatons of CO2 equivalent emissions into the atmosphere by 2050, or roughly 25% of the nation’s annual greenhouse gas emissions.
However, industry groups have pushed back on this assertion. One senior industry official told Fox News Digital that that data set models for a scenario that assumes the growth in LNG exports does not substitute any other forms of energy consumption, such as coal, the dirtiest fossil fuel. In reality, this person noted, LNG is expected to help offset emissions from coal use in the EU and elsewhere by as much as 50-60%, according to estimates from the International Energy Agency.
While the analysis found that increasing exports would result in a roughly 0.2% rise in U.S. GDP, Energy Department officials told reporters Tuesday that the increase in GDP "does not necessarily correlate with a positive effect on broader public and consumer welfare."
In a statement released alongside the report, Energy Secretary Jennifer Granholm noted that increasing LNG exports would "generate wealth for the owners of export facilities and create jobs across the natural gas supply chain," but she suggested that the domestic price of natural gas would increase.
The study comes as U.S. sales of the chilled natural gas have boomed. The U.S. rose in 2023 to become the world’s No. 1 exporter of LNG, and current capacity is already slated to double by the end of the decade on the backs of current projects, according to estimates from the Energy Information Administration.
It also comes as Russia’s war in Ukraine has sparked new demand from U.S. allies in Europe, who have scrambled to purchase LNG to offset lost Russian piped gas, and Japan, an import-dependent nation that receives as much as 90% of its energy from outside suppliers.
The report, released just weeks before Trump assumes office on Jan. 20, sparked backlash from natural gas advocates.
"Today’s report from Energy Secretary Jennifer Granholm is clearly a politically motivated document designed for an audience who believes no form of carbon-based energy is acceptable," National Association of Manufacturers (NAM) CEO and President Jay Timmons said in a statement. "LNG exports play a crucial role in reducing emissions by providing cleaner energy alternatives to countries reliant on higher emission sources."
For its part, NAM conducted a study on the ban that found nearly 1 million jobs would be threatened by the LNG pause over the next two decades if the restriction remains in place, Fox News Digital previously reported.
American Gas Association CEO and President Karen Harbert described the report as a "clear and inexplicable attempt to justify their grave policy error."
"America’s allies are suffering from the weaponization of natural gas and energy deprivation and any limitations on supplying life essential energy is absolutely wrong-headed," Harbert said in a statement, adding, "The Biden Administration’s pause on American LNG exports was a mistake that resulted in uncertainty for the market, for investors, and for America’s allies around the world."
The report is not without its critics from the left, however.
The environmental group, Food & Water Watch, also slammed the Biden administration for the "weak" report cautioning LNG exports.
"This study mirrors the Biden administration’s entire four-year approach to advancing a clean energy future: weak and half-hearted," Jim Walsh, Food & Water Watch policy director, said in a statement. "We cannot continue to be victimized by the profit-driven agenda of fossil fuel corporations. President Biden must listen to the warnings of his own government by banning further LNG exports and rejecting pending LNG permits before he leaves office."
President-elect Trump, for his part, has also repeatedly pledged to undo the LNG pause upon taking office and to "unleash" U.S. energy exports, blaming high costs and supply issues on the outgoing Biden administration.
In October, he vowed at a campaign rally that U.S. residents would see their energy prices cut "in half" within one year of his inauguration.
Most recently, he vowed to "go strong on the issue" by moving to immediately lift Biden’s LNG pause to allow for new LNG exports after his inauguration, sources familiar with the transition plans told Reuters.
The Biden administration has officially granted California permission to ban new gas car sales in the state by 2035.
California set a strict emissions standard that would ban new gas cars in the state by 2035, but officials needed to obtain a waiver from the Environmental Protection Agency (EPA) in order to proceed with the mandate.
The EPA on Wednesday announced that it would be approving two waivers, under the Clean Air Act, that grants California permission to phase out gas cars in the state — one of President Biden's final acts pushing the auto industry into the green energy sector.
One waiver grants California's near future request to mandate that 35% of new cars and light-duty trucks sales be zero emissions by 2026 and achieve 90% below current emissions by 2027.
The other EPA waiver allows California officials to mandate that all new car sales be zero-emission within the decade — the most strict EV mandate in the country.
However, the waivers could soon be revoked by President-elect Trump, who is reportedly planning to rescind both federal EV requirements and any waiver issued for California by the Biden administration.
"Fresh off imposing his insane, job-killing electric vehicle mandate at the federal level, Crooked Joe Biden is preparing to slaughter the remnants of the U.S. auto-industry by approving California’s waiver request outlawing the sale of all gasoline-powered automobiles," incoming White House press secretary Karoline Leavitt told Fox News Digital during the campaign.
EPA Administrator Michael Regan said that the waivers will "protect its [California] residents from dangerous air pollution coming from mobile sources like cars and trucks."
However, American Fuel & Petrochemical Manufacturers CEO and President Chet Thompson described the mandate as "unlawful."
"Contrary to claims on the campaign trail that they would never tell Americans what kinds of cars we have to drive, the Biden-Harris EPA just did exactly that by greenlighting California’s ban on sales of all new gas and traditional hybrid vehicles," Thompson said in a statement. "These policies will harm consumers — millions of whom don’t even live in California — by taking away their ability to buy new gas cars in their home states and raising vehicle and transportation costs."
The premier of a key region in Canada is threatening to cut off energy and critical mineral exports to the U.S. if President-elect Trump implements a sweeping tariff on all Canadian products.
Trump recently threatened a 25% tariff on all Canadian and Mexican exports in an effort to stop the flow of illegal immigration and illicit drugs coming into the U.S.
Just days after Trump's announcement, Doug Ford, the premier of Ontario, said that he would consider retaliatory measures against the U.S. if the incoming president acted on his promise.
"We will go to the extent of cutting off their energy — going down to Michigan, going down to New York State and over to Wisconsin," Ford told reporters.
"Some premiers proactively identified products that their provinces produce and export to the United States and which the U.S. relies on, and which should be considered as part of the Canadian response. This included some critical minerals and metals," Ford said.
Canada was reportedly the largest source of U.S. energy imports in 2019, according to the Energy Information Administration.
"Canadians get hurt, but I can assure you one thing: the Americans are going to feel the pain as well, and isn’t that unfortunate?" Ford said.
Ford is also reportedly considering barring American-made alcohol from being sold in Ontario.
Ford, however, might not be able to unilaterally cut off the province's energy supply to the U.S., according to a Canadian political science professor.
"I do not believe Ontario could unilaterally stop electricity exports to the U.S. without Ottawa’s approval. Similarly, Michigan cannot unilaterally stop the flow of western Canadian natural gas to eastern Canada without Washington’s approval," University of Toronto political science Professor Nelson Wiseman told Now Toronto in response to Ford's retaliatory threat.
Trump responded to the threats, saying "that's okay if he does that."
"The United States is subsidizing Canada, and we shouldn't have to do that," Trump told CNBC at the New York Stock Exchange on Thursday. "And we have a great relationship. I have so many friends in Canada, but we shouldn't have to subsidize a country."
After Trump threatened a tariff on the country, Prime Minister Justin Trudeau traveled to West Palm Beach, Florida, to meet with the incoming president at Mar-a-Lago. Trump called it a "very productive meeting."
Multiple top Alaskan officials are expressing outrage at the way the Biden administration is orchestrating its final congressionally mandated leasing of Arctic National Wildlife Refuge (ANWR) Section 1002 land for fossil fuel exploration.
Both of Alaska's U.S. senators, the state’s governor and local officials in the remote communities nearest the North Slope refuge collectively expressed that the Department of Interior’s planned January sale was set up in bad faith.
"These leases should be executed in good faith along the established historical processes. And obviously, the Biden administration in the past four years has just been brutal on Alaska," said Gov. Mike Dunleavy.
"And, you know, they're in the twilight of their term here. But nonetheless, they're going to continue to double-down on denying Alaska opportunities, denying our people opportunities, denying America the opportunity to potentially get some more oil [exploration] going to the future."
Dunleavy added that, despite his top perch in Juneau, he remained unclear on exactly what the Biden administration sought to gain by treating Alaska as alleged while buying energy from America’s rivals and working to shepherd in alternative fuels.
"I think when we look back on this over time, there's going to be a lot of head-scratching as to what was the purpose of all this?" he said.
"I keep telling people the idea that nobody's going to want oil if you don't allow drilling in Alaska: it makes no sense."
For his part, Dunleavy has expressed an openness to pursuing alternative fuels, including the idea of harnessing tides in the Kenai Peninsula's Cook Inlet — the second-strongest in the world — to produce energy.
The governor said that just as the Biden administration cancelled leases in ANWR-1002, President-elect Trump could nix those moves.
"They defied the spirit of the law itself," he said. "So I look forward to January 20th."
Meanwhile, leaders in the Inupiat village of Kaktovik — the only community within ANWR-1002 — slammed the structure of the lease sale.
Green interests have long claimed local residents and Native communities oppose development on their lands, but in a statement to Fox News Digital, Inupiat leaders disagreed.
"The release of the Coastal Plain Oil and Gas Leasing Program Record of Decision by the U.S. Bureau of Land Management has left the community of Kaktovik, Alaska… frustrated and discontented," a community representative said.
"The lands under question are the traditional lands of the Kaktovikmiut. However, it is apparent once again that outside, well-funded environmental groups have had the preferential voice during the Supplemental Environmental Impact Statement (SEIS) process."
Local leaders accused the administration of siding with outside interests, rather than hearing from locals who may not see it their way.
"Kaktovik does not support this outcome nor condone the process by which it was reached," community leaders jointly said of the lease sale structure.
Edward Rexford, the Native village president, called it a "predetermined outcome," and that as a small tribal entity, they were not afforded adequate opportunity to participate in the impact statement process.
"The City of Kaktovik is outraged by this result," said Mayor Nathan Gordon, Jr.
Officials at the Alaska Industrial Development & Export Authority (AIDEA) concurred, adding their analysis found the Biden administration's record-of-decision blocked "nearly all development of even a small part" of ANWR-1002.
"Sadly, the Biden administration continues to take illegal actions to stop all natural resource development in Alaska," said AIDEA executive director Randy Ruaro.
"Jobs from developing ANWR would offer high wages to Alaskans at a level that can keep families in-state."
In a statement, Sen. Dan Sullivan, R-Alaska, said the sale is an "eleventh-hour" decision and "yet another charade aimed at subverting the will of Congress in the 2017 Tax Cuts & Jobs Act."
The Trump-era law was the policy that set the timeline and compelled the Biden administration to conduct the sale.
"It’s a fitting finale for an administration that has routinely allowed Iran, Venezuela and other adversaries to produce their resources, regardless of the consequences, while attempting to shut everything down in Alaska," added Sen. Lisa Murkowski, R-Alaska.
Fox News Digital reached out to the Department of the Interior and the White House for response to the collective criticism, but did not receive a response by press time.
A report from the Biden administration on the environmental impacts of increasing liquefied natural gas (LNG) exports could add delays to President-elect Trump's efforts to immediately authorize new licenses for the fuel, experts say.
Brad Crabtree, the Department of Energy (DOE)'s assistant secretary for the Office of Fossil Energy and Carbon Management, told lawmakers last week that the report, intended to measure the economic and environmental implications of increasing U.S. exports of the fuel, would be released by mid-December. Under the Natural Gas Act, the DOE must evaluate whether exports are in line with the public's interest before issuing any new permits.
While some experts dismissed the magnitude of the report, citing the fact that Trump can just undo any restrictions Biden puts on natural gas, others suggested it could provide fodder for environmentalists wanting to go after the Trump administration.
"Corporate sponsors don't put billions of dollars to work on fragile permits, period, full stop," said Kevin Book, managing director at ClearView Energy Partners, an independent research and analysis firm that covers the natural gas sector. "The industry is right to expect support [from the Trump administration] but the documentation has to be airtight."
Book noted that if the report is published and lays out reasons why new natural gas permits are not in the public's interest, it would require the incoming Trump administration to come up with a different study, or a different interpretation of the study, in order to get to a place where it can cleanly say "yes" to new natural gas permits. Book said that depending upon what is shared in the Biden administration's new study, that process could take anywhere from a few weeks to several months, if not multiple quarters.
"I’m a strong supporter of LNG exports. Unfortunately, the report could slow down movement on new LNG export licenses both because the Trump team will need to respond to comments and because the report could provide fodder – even if it is unfounded – for those who claim that LNG exports have detrimental consequences," said Jeff Kupfer, the president of nonprofit ConservAmerica and a former acting deputy secretary and chief operating officer at the DOE under the second George W. Bush administration.
While other energy sector experts agreed that the move could spell potential legal hurdles for the Trump administration and, thus, delay new natural gas licensing, they suggested there was not much to worry about.
"It's a last ditch effort," said Trisha Curtis, CEO of PetroNerds and an economist at the American Energy Institute. "Could there be legal setbacks? Yeah. Just like there were legal setbacks under the Biden administration, and then they fight those legal battles. But if you're trying to hurry up and issue a study before the end of the year, and then have a two-month comment period, I'm not sure anything's going to really stick. Especially if your comment period is during the Trump administration."
The Biden administration announced a "temporary pause" on issuing new natural gas export permits in January, which included a DOE review of the current environmental impact analysis that the department uses to meet requirements under the Natural Gas Act. Under that measure, which was passed nearly 75 years ago, the DOE must evaluate whether natural gas exports are in line with the public's interest before issuing any new permits.
The requirement excludes free trade agreement countries, but, according to Book, 80% of the liquefied natural gas market is countries that do not have free trade agreements with the U.S.
Trump has signaled that he wants to remove the natural gas pause immediately in order to boost domestic energy production. This is among several actions he plans to take to peel back the Biden administration's climate regulations. On his Truth Social platform on Tuesday, he wrote: "Any person or company investing ONE BILLION DOLLARS, OR MORE, in the United States of America, will receive fully expedited approvals and permits, including, but in no way limited to, all Environmental approvals. GET READY TO ROCK!!!"
"Families have suffered under the past four years' war on American energy, which prompted the worst inflation crisis in a generation," Trump-Vance Transition spokeswoman Karoline Leavitt said in a statement to Fox News Digital. "Voters re-elected President Trump by a resounding margin giving him a mandate to implement the promises he made on the campaign trail, including lowering energy costs for consumers. When he takes office, President Trump will make America energy dominant again, protect our energy jobs, and bring down the cost of living for working families."
Fox News Digital reached out to the DOE for comment but did not receive a response by press time.
Lawmakers will soon vote on legislation aimed at pushing back on the Biden administration's green energy standards for household appliances.
The Department of Energy (DOE) introduced a final rule in February imposing stricter energy standards for residential clothes washers (RCWs), such as washing machines. Under the regulations, certain less-efficient models of washers and dryers will be barred from being sold, according to DOE.
Just weeks after the new standards were announced, Rep. Andy Ogles, R-Tenn., introduced legislation, titled the "Liberty in Laundry Act," to circumvent the Biden administration's green energy push.
The House will vote on the legislation Tuesday. If passed, it could prevent the Energy Secretary and DOE from "implementing new or amended energy efficiency standards for clothes washers that are not technologically feasible and economically justified."
Ogles told Fox News Digital that "Americans should be able to do their laundry in peace without the input of Big Brother."
"I have spent much of my time in Congress fighting back the federal government’s vast overreach into the lives of hardworking Americans. In a slew of woke, ‘environmental’ nonsense rulemaking attempts by the Biden Administration, the Secretary of Energy issued new standards for clothing washers and dryers in March," Ogles said in a statement. "In response, I introduced the Liberty in Laundry Act."
"Let’s be clear: President Biden and Washington bureaucrats' war on everyday household appliances only hurts American families and small businesses," House Majority Leader Rep. Steve Scalise, R-La., wrote on his website detailing the measure. "You should be able to decide what washing machine is best for you and your family – not be forced to let the government decide for you."
When introducing the new standards on clothing washers, the DOE argued that they would reduce nearly 71 million metric tons of "dangerous carbon dioxide emissions" over the next three decades.
"For decades, DOE’s appliance standards actions for clothes washers and dryers have provided loads of savings for American families while also de-creasing harmful carbon emissions," Secretary of Energy Jennifer M. Granholm said in a February press release.
House Republicans have introduced a series of legislation this Congress to block efforts by the Biden administration to crack down on natural gas-powered household appliances.
Democratic lawmakers, however, have taken steps to incentivize people to switch to green appliances, such as in New York, where Gov. Kathy Hochul recently introduced plans to offer payments of up to $840 for residents who switch out their clothes dryers for greener alternatives.
The Biden administration is seeking to hand out a multi-billion dollar federal loan to fund a large scale electric vehicle manufacturing plant just months before the president's term ends.
The Department of Energy announced on Monday that they will be giving Rivian Automotive, an EV manufacturer, a $6.57 billion loan to finance construction of a 9 million-square-foot electric vehicle facility in Georgia, called Project Horizon.
The DOE said that the initiative "supports the Biden-Harris Administration’s goal that half of all new vehicles sold in 2030 be zero-emissions," an EV target likely to be tossed out by the incoming administration under President-elect Donald Trump.
The conditional commitment comes as President Joe Biden has been dishing out billions of dollars to fund climate-related initiatives around the country to cement his legacy on the issue during the final months of his presidency.
If the deal is finalized, the DOE anticipates the facility in Stanton Springs North, Georgia could produce up to 400,000 mass-market electric SUVs and crossover vehicles.
However, before it is finalized, the company must satisfy certain technical, legal, environmental and financial conditions before the financing documents can be signed, according to the DOE.
This means the White House only has two months to finalize the deal before the Trump administration steps in and could derail any plans that don't align with its agenda.
The funds will come from the Biden administration's Loan Programs Office (LPO) and include $5.975 billion of principal and $592 million of capitalized interest, according to a press release announcing the loan.
"Today’s announcement reinforces the Biden-Harris Administration’s commitment to strengthen the nation’s manufacturing competitiveness, helping ensure American businesses remain global leaders in the rapidly expanding EV industry," the DOE said in a press release announcing the project.
Gov. Gavin Newsom is already planning on pushing back against President-elect Donald Trump's policies derailing the current administration's green energy push.
President Joe Biden implemented a tax credit of up to $7,500 to incentivize the purchase of greener vehicles, but Trump is reportedly planning to ax the tax credit when he assumes office, sources with knowledge of the matter told Reuters.
Newsom, in a statement Monday, revealed that he will offer the same EV rebate for Californians in the case that Trump gets rid of the credit.
"Consumers continue to prove the skeptics wrong – zero-emission vehicles are here to stay," Newsom said in a statement.
"We will intervene if the Trump Administration eliminates the federal tax credit, doubling down on our commitment to clean air and green jobs in California. We’re not turning back on a clean transportation future — we’re going to make it more affordable for people to drive vehicles that don’t pollute," the governor added.
The Golden State EV credits would be funded by a relaunch of the Clean Vehicle Rebate Program, the state's electric car incentive program that closed in November 2023, according to a press release from the governor's office.
The announcement comes just one week ahead of Newsom's emergency special session that he called after the election to bolster the blue state's legal response to any future attacks from the incoming Trump administration.
However, Newsom has a long history of hitting back against Trump's policies, having launched more than 100 lawsuits against the president-elect during his first administration alone.
President-elect Donald Trump is reportedly planning to focus heavily on two policy changes to boost natural energy production during his first days in office, according to a new report.
As his second-term agenda takes shape, the president-elect is eyeing immediate changes to current policies on liquefied natural gas (LNG) permits and oil and gas drilling leases, sources familiar with the transition plans told Reuters.
President Biden initiated a pause on new LNG export permits in January, a move which has been widely criticized by the oil community and bipartisan lawmakers in the House. The National Association of Manufacturers conducted a study on the ban that found nearly 1 million jobs would be threatened by the LNG pause over the next two decades if the restriction remains in place, Fox News Digital previously reported.
However, Trump reportedly "plans to go strong on the issue" of LNG exports when he assumes office, sources told Reuters.
The Republican president-elect plans to lift Biden's pause and allow permits for new LNG exports next year, fulfilling a promise he made frequently while on the campaign trail.
Trump will also seek to increase lease sales for drilling along the coast, expedite permit approval, and expand drilling on federal land, the outlet learned.
The latest report comes as several of Biden's climate-focused initiatives appear to be in jeopardy under the incoming Trump administration.
Trump has talked for months about his plans to roll back Biden's green policies, such as the tax credit for electric vehicle purchases. He also plans to withdraw from the Paris climate accord for the second time, expand fracking, and revive the Keystone XL pipeline, which was canceled on Biden's first day in office.
"It's a breath of fresh air. We're running on cloud nine," former Keystone Pipeline worker Bugsy Allen said on "Fox & Friends Weekend," on Sunday – amid news of Trump's potentially reviving the pipeline that transported crude oil from Canada to the U.S.
"It will make a big difference as far as your energy cost, your food cost, your gas that you put in your cars. It is actually going to be the primary start of bringing everything … down for the American people that we have suffered so much in the last administration."
New York is rolling out a new incentive for residents who switch to green alternatives for their household appliances.
In an announcement Thursday, Gov. Kathy Hochul revealed that her state will be the first to offer a rebate under a new Appliance Upgrade Program.
The rebate, funded by the Inflation Reduction Act (IRA), offers low- and moderate-income households up to $840 if they switch out their fossil fuel-powered clothes dryers with heat pump-powered alternatives.
"New York is demonstrating its continued commitment to ensuring an equitable energy transition by leveraging all federal funds available to incentivize consumers to make energy-efficient appliance purchases a priority," Hochul said in a statement.
"As a result of these new rebates, low- and moderate-income New Yorkers will save energy and money while doing their laundry with modern technology that will reduce emissions," she added.
The New York State Energy Research and Development Authority (NYSERDA) also praised the new initiative.
"NYSERDA is pleased to start distributing this IRA funding for home appliance rebates through a customer-centric approach that ensures low-and moderate-income New Yorkers can easily upgrade inefficient clothes drying equipment or purchase a dryer for the first time," NYSERDA said.
The handout comes as New York ranks as having the second-highest debt burden in the nation in 2021, according to the New York State Comptroller.
The comptroller's office released a report on the state's financing plan, which projected New York would issue over 3.4 times more debt than it will retire over the next five years.
New York has been pushing to phase out fossil fuels in the state but has been previously criticized for its initiatives.
Officials announced in May 2023 that beginning in 2026, New York will prohibit gas stoves and heating systems for new construction of buildings seven stories or fewer, according to reports.
"I think it's ridiculous, and I think the danger is that it almost seems comedic and so people can take it, you know, maybe not as seriously as they should," New York Senate Minority Leader Rob Ortt told Fox News Digital in an interview before the ban. "It is going to increase people's utility rates in the state of New York, it is going to decrease energy reliability in the state of New York, and it will do nothing to fight climate change."
President-elect Trump is reportedly considering rolling back the Biden administration's credit for electric vehicles – a move that experts say would have varying effects across the automotive industry.
President Biden implemented a tax credit of up to $7,500 to incentivize the purchase of greener vehicles. However, sources with knowledge of the matter told Reuters that Trump plans to ax the tax credit as part of his sweep of Biden's climate agenda.
While the decision remains in debate among oil and energy advocates, one group promoting public policy on behalf of the natural gas industry suggested that behind the scenes, automotive groups and consumers could feel relieved if the EV credit is eliminated.
"Losing $70,000 on an EV is not a winning business model and U.S. automakers know that," said Tim Stewart, president of the U.S. Oil & Gas Association. Stewart said axing the EV tax credit gives members of the auto industry the opportunity to shift back to traditional production lines.
"If I was a CEO, I would quietly be relieved to have a reason to shift production lines back to traditional models and invest in new hybrid technologies," Stewart told Fox News Digital. "The EV tax credit was the only way to entice consumers to ‘maybe’ purchase something they really didn’t want, but told by the Biden folks they had to buy."
"With the tax credit gone and the onerous Biden regulatory mandates lifted, the new administration is providing the exit ramp the U.S. producers were really hoping for, and U.S. consumers really want."
However, proponents of the tax credit, such as Energy Secretary Jennifer Granholm – and those advocating for the switch to EVs – say its elimination would result in the U.S. being less competitive in the industry.
"The auto industry is investing billions of dollars in EV battery and EV manufacturing in the United States. Eliminating the tax credit will hurt the U.S. auto industry and make American manufacturers less globally competitive," said Ingrid Malmgren, senior policy director of Plug In America, a Los-Angeles based nonprofit advocating for the transition to EVs.
The elimination of the tax credit could have differing effects across the auto industry, experts say.
One of Trump's strongest allies, Tesla CEO Elon Musk, revealed in July that he supports getting rid of the credit. "Take away the subsidies," Musk posted to X, saying "it will only help Tesla."
Companies that are financially sound, such as Tesla, could benefit if the playing field for electric vehicles is narrowed, while the smaller companies that rely on the tax credit for consumer affordability could face setbacks, analysts suggest.
"Tesla has such a big cost advantage in EVs," said David Whiston, an analyst at financial services firm Morningstar Inc, according to a report from CPA Practicing Advisor. "Getting rid of that tax credit wouldn’t necessarily hurt them."
Dan Ives, a senior equity research analyst covering the technology sector at Wedbush Securities with a focus on EVs, conducted a review of the market impact on Tesla if the EV credit is removed.
"While this is a clear negative for the EV industry at first look and would particularly hurt GM, Ford, Stellantis, and Rivian... on the flip side, we view this as a net bullish move for Tesla and Musk over time," Ives said in a report on Tesla. "We expect Musk to have a big seat at the table as these EV discussions happen within the Trump transition team."
"In line with our thoughts over the past few weeks, Tesla has a scale and scope that is unmatched and while losing the EV tax credit could also hurt some demand on the margins in the U.S., this will enable Tesla to further fend off competition from Detroit as pricing/scale/scope is apples to oranges when compared to the rest of the auto industry once the EV tax credit disappears," Ives added.
Ives also said that removing the credit could slow down the shift toward EVs in Detroit, specifically.
During his campaign, Trump highlighted his intent to target Biden's clean energy-driven initiatives, such as vowing to "cancel the electric vehicle mandate."
A bipartisan group of lawmakers passed legislation in the House to bolster geothermal energy production by increasing the frequency of lease sales.
The Committing Leases for Energy Access Now Act (CLEAN) passed in the House Tuesday and will amend the Geothermal Steam Act of 1970 to require the Department of Interior (DOI) to hold lease sales every year, rather than every two years.
Additionally, the bill seeks to speed up the permit process for lease sales by setting a 30-day deadline for the DOI to notify an applicant if a permit has been approved.
The bill also requires the DOI hold a replacement sale if a lease sale is canceled or missed.
Democrats arguing against the bill claimed a 30-day deadline to approve leases did not give the Department of Interior enough time to conduct thorough analysis of the projects.
The bill was approved by a bipartisan vote, securing the support of 213 Republicans and 31 Democrats.
"Geothermal energy has tremendous potential to provide reliable, clean energy for millions of Americans," Rep. Russ Fulcher, R-Idaho, who introduced the bill, said in a statement.
"As nearly 90% of our nation's geothermal resources are located on federally managed lands, I introduced the CLEAN Act to unleash these critical resources by cutting red tape and increasing lease opportunities on federal lands. This legislation will hold the Department of Interior accountable and is key to bolstering domestic energy production, reducing our reliance on foreign adversaries and meeting America’s growing energy demands."
"Geothermal is an important component of our all of the above energy strategy," said Western Caucus Chairman Rep. Dan Newhouse, R-Wash. "I was very pleased to see the passage of the CLEAN Act out of the U.S. House earlier today to help unlock the full potential of geothermal and boost energy production on federal lands across the west. I applaud Congressman Fulcher’s leadership and work on this important issue."
