1) White House officials meet with oil industry executives amid Iran standoff
White House officials recently huddled with oil industry executives to discuss steps to tamp down the surge in energy prices in the event the US keeps its blockade of Iranian ships in place for months. The meeting came about as US crude oil prices climbed back above the $100 per barrel mark and gasoline prices extended their rally to the highest level in four years, because of the disruption of shipments from the Persian Gulf.
The US blockade is designed to restrict Iran’s revenues from crude oil exports and pressure Iran to strike a deal with the US. But Iran has responded by threatening to disrupt the movement of oil and natural gas through the Strait of Hormuz, causing an energy crisis that has sent fuel costs soaring and forced many countries to scramble to secure supplies.
US Treasury Secretary Scott Bessent hosted the meeting; Vice President JD Vance and President Trump’s Chief of Staff, Susie Wiles, also attended, as did executives from Chevron and commodity trading firms Trafigura, Vitol, and Mercuria. They discussed many topics including domestic production, progress in Venezuela, oil futures, natural gas, and shipping, as well as steps the US could take to continue the current blockade for months if needed and minimize the impact on American consumers.
Oil prices recently rose to just shy of $114 a barrel, about $45 higher than on the day the attacks on Iran started. Record petroleum exports and flat domestic oil production are starting to shrink US fuel inventories, according to the latest status update from the Energy Information Administration (EIA), the independent data-gathering arm of the Energy Department
2) Trump administration removes heat inspection goals for worker safety program
The Occupational Safety and Health Administration (OSHA) recently issued a revised National Emphasis Program for heat. The revisions included the Trump administration’s removal of specific goals for workplace inspections from this Department of Labor program.
The program was initially launched by the Biden administration in 2022 to increase on-site inspections of industries where workers are at “high risk” for heat exposure. The 2022 document set a goal of each OSHA regional office increasing on-site inspections 100 percent over the baseline from 2017 to 2022.
The revised Trump program lays out a “continued need for heat-related outreach and compliance assistance activities, as well as on-site consultation visits and programmed enforcement to lower reported fatalities, hospitalizations and complaints or referrals to OSHA.” Heat is the top weather-related killer in the US and can be particularly dangerous for laborers because their exertion makes it more difficult for their bodies to stay cool. Workers are protected broadly by OSHA’s general duty clause, which requires employers to ensure workplaces are safe from “recognized hazards.” The new emphasis program prioritizes OSHA consulting with employers and advising them on how to comply with the agency’s heat guidance.
3) Former IADC Lobbyist Matt Giacona expected to lead new agency overseeing offshore oil, gas, and deep-sea mining
The Trump administration recently announced plans to combine the two agencies that manage offshore oil drilling and deep-sea mining in federal waters, a major shake-up that would unify two bureaus that were separated following the 2010 Deepwater Horizon accident in the Gulf of Mexico. The mandate of the two agencies, the Bureau of Ocean Energy Management (BOEM) and the Bureau of Safety and Environmental Enforcement (BSEE), includes overseeing offshore energy leasing and regulation of oil and gas, as well as renewable energy and mining on the outer continental shelf.
Combining the two bureaus was also included in the Trump administration’s budget proposal for fiscal 2027. The proposed budget eliminates funding for BSEE, saying it would instead undergo a “strategic reunification” with BOEM. The sister agencies currently split oversight of offshore development, with BOEM overseeing leasing of oil and gas resources and BSEE serving as an enforcement arm for safety and environmental regulations. The merger would unite the two agencies to better align with the Department’s mission and streamline governance of offshore energy and mineral resources; the new entity will be named the Marine Minerals Administration. Matt Giacona, a former IADC Government & Industry Affairs lobbyist who has been the acting director of BOEM since last June, is expected to lead the new agency.
The new Marine Minerals Administration, according to the budget, would be funded with both net discretionary appropriations and offsetting collections, including Outer Continental Shelf (OCS) rental receipts and cost recovery and inspection fees. It would oversee energy operations, marine minerals, environmental programs, enforcement, and offshore decommissioning.
4) First-ever US offshore mineral lease sales expected this summer
The newly formed Marine Minerals Administration (MMA) anticipates holding three offshore lease sales during fiscal years 2026 and 2027, including in waters off American Samoa in August, the Northern Mariana Islands in November, and Alaska in December. Additional leasing in the areas around the state of Virginia is expected for 2027. The administration is pushing to start deep-sea exploration and mining for mineral-rich nodules in both domestic and international waters. Nodules are a vital source of critical minerals essential for modern technology and national security. These seabed mineral concentrations are rich in metals such as cobalt, manganese, nickel, and copper, along with rare earth elements. While no seafloor mining has yet taken place, federal officials have revamped their permitting process to more quickly approve permits for mining in response to an executive order President Donald Trump signed last year.
In a statement, the MMA outlined plans to continue evaluating commercial interest in exploration and leasing on the Outer Continental Shelf and, as warranted, to solicit requests for mineral information and interest and pursue additional leasing steps in highly prospective areas. The agency added that environmental assessment and stakeholder engagement will be integral to the process. The final schedule is subject to change and hinges on the environmental review and consultation process, which begins after the area identification phase.
5) US House approves geothermal permitting legislation
The House recently approved legislation that would exempt certain geothermal projects on state and private land from federal drilling permit requirements. Legislation to encourage geothermal energy production generally enjoys broad bipartisan support, but H.R. 5587, the “Harnessing Energy at Thermal Sources (HEATS) Act,” generated significant Democratic opposition, with critics calling the bill a sweeping free pass from federal environmental review. Led by Representatives Young Kim (R-CA) and Adam Gray (D-CA), the bill passed 231–186, with all Republicans and 22 Democrats voting “yes.”
Geothermal operators will still go through a rigorous state-level permitting process, but will no longer be subjected to duplicative federal requirements that slow production and raise costs. The legislation will exempt geothermal drilling projects from federal review if the federal government owns less than half of the subsurface resources. The bill has been referred to the US Senate for further consideration.
