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"Right now, the permitting process for clean energy infrastructure, including transmission, is plagued by delays and bottlenecks. The White House is backing a bill by Manchin of West Virginia, who has grown more critical in recent months of the administration's attacks on the fossil fuel industry. The White House released a detailed fact sheet outlining reform measures its seeking, including helping clean energy projects like wind and solar get on the grid faster. Manchin's legislation sets a two-year limit on environmental reviews of major federal energy projects, including ones on fossil fuels and directs the president to designate at least 25 high-level energy projects and prioritize their permitting. The White House said it is using existing authorities to speed permitting of energy projects.
The plan could involve directing revenue from future crude oil sales of the Strategic Petroleum Reserve to purchase heating oil for the northeast reserves, two of the sources said. White House officials have held at least two meetings with members of the oil industry to discuss ways to increase supplies of diesel. No option is off the table," White House spokesperson Abdullah Hasan said on Wednesday. Distillate stockpiles (USOILD=ECI), which include diesel and heating oil, rose by 1.7 million barrels last week, versus expectations for a 550,000-barrel drop. The Northeast Home Heating Oil Reserve currently holds roughly 1 million barrels, or enough for roughly 10 days of supply.
President Joe Biden's announcement is expected this week as part of the response to Russia's war on Ukraine, one of the sources said. The sale would market the remaining 14 million barrels from Biden's previously announced, and largest ever, release from the reserve of 180 million barrels that started in May. Biden said last week gasoline prices are too high and that he would have more to say about lowering costs this week. Gasoline prices hit a record average above $5.00 in June. It suggested then that deliveries would be linked to lower oil prices and lower demand, likely after fiscal year 2023, which ends Sept. 30 next year.
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