With the House and Senate coming out of state and district work periods, both chambers will return to their respective floors this week. With new government funding passed Feb.18, federal agencies are currently operating under the latest continuing resolution (CR) which expires March 11. As we move into the Spring, focus has largely turned to primary season and foreign policy developments in Ukraine. As the Russian invasion has developed, energy and crude marketshare responded with concern and increased prices, and the situation has triggered a chorus of criticism over neoliberal energy policies espoused by the Biden Admin and many of its EU counterparts. Congressional Republicans along with the oil and gas industry in the U.S. have long asserted that supply crunches and vexing national security dilemma’s could arise from dependency on Russian oil and the over-constraint of the North America E&P market, a situation that unfortunately has now arisen, with countries like Germany having to make critical decisions regarding taking tough steps against Russian aggression while balancing their heavy reliance on Russian hydrocarbons. Both major U.S. parties have begun to heavily message on the issue, with many Democrats citing the situation as further evidence of the need to reduce world reliance on oil and gas. With Sen. Manchin coming out this week calling for more U.S. production, it remains to be seen how much the situation changes the Administration’s policy on new oil and gas development.
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For more information or to get involved with IADC’s Advocacy efforts or PAC, please don’t hesitate to contact @ Matt Giacona (Matt.Giacona@iadc.org) in our Washington, D.C. office.