You can read our story at Heatmap. The upshot is that the bill’s most significant provisions are likely neutral for climate change in a worst-case scenario — and could, in more optimistic scenarios, help reduce emissions. (Those scenarios aren’t about how the bill will be interpreted, to be clear, but about what might happen in the broader energy economy — with economic growth, for instance, or oil prices — that will feed back into the emissions math.) I won’t give away much more about our story, but there is one irony I want to note about the Rhodium study and the broader morass of American electricity policy. One of the Rhodium study’s big findings is that BAAJA will help expand the transmission system. Power lines are essential for decarbonization because they move electricity from the country’s sunniest and windiest places to its cities, towns, and suburbs. BAAJA will help transmission both because the law affirmatively expands the power grid and because the bill’s changes to environmental review law could help power lines. Today, for instance, it takes twice as long on average to conduct a federal environmental impact study for transmission lines as it does for pipelines, according to Rhodium...

SHEBOYGAN COUNTY, Wis — The ongoing war with Iran, rising fuel prices and the Trump administration’s immigration policies are emerging as key issues in Wisconsin’s 6th Congressional District race, where Republican incumbent Glenn Grothman is seeking to extend his 12-year tenure in Congress. Grothman faces Democratic challenger Brad Smith, an Army veteran and small-business owner who says the administration’s policies are hurting working families and Wisconsin businesses. The district includes Sheboygan, Port Washington, Fond du Lac and Oshkosh. Republicans have represented the district since 1967. Candidates clash over war with Iran Candidates had different viewpoints on the United States's continued military involvement in Iran, which has raised questions about national security, the cost of the conflict, and its economic consequences. Grothman defended President Donald Trump’s efforts to negotiate an end to the war, arguing that the U.S. must ensure Iran cannot develop a nuclear weapon before ending its military involvement. “President Trump is desperately trying to get it to end, negotiate for it to end,” Grothman said. When asked when he would support ending U.S. military involvement, Grothman said the decision should depend on the nuclear threat, and the war should only come to an end when the U.S. has...

On November 3, voters in the United States head to the polls to cast their ballots in the midterm elections. They will vote to elect 435 members of the House of Representatives, a third of the Senate, and numerous state and local offices. The outcome will decide whether Republicans maintain control of Congress for the final two years of Donald Trump’s second presidency. What is notable this year is how four foreign policy issues have affected those economic issues. CFR experts break down how the Iran war, U.S. trade policy, artificial intelligence (AI), and immigration could be shaping voters’ perceptions of the economy and the United States’ role in the world. When Trump announced the start of military operations against Iran in February 2026, he said the goal of the joint U.S.-Israeli attack was “to defend the American people by eliminating imminent threats from the Iranian regime” and pointed to “menacing activities [that] directly endanger the United States, our troops, our bases overseas, and our allies throughout the world.” This included, for example, Iran’s military buildup and support of terrorist acts through proxy groups throughout the Middle East. Trump has further justified the war by maintaining that the conflict will...

On November 3, voters in the United States head to the polls to cast their ballots in the midterm elections. They will vote to elect 435 members of the House of Representatives, a third of the Senate, and numerous state and local offices. The outcome will decide whether Republicans maintain control of Congress for the final two years of Donald Trump’s second presidency. What is notable this year is how four foreign policy issues have affected those economic issues. CFR experts break down how the Iran war, U.S. trade policy, artificial intelligence (AI), and immigration could be shaping voters’ perceptions of the economy and the United States’ role in the world. When Trump announced the start of military operations against Iran in February 2026, he said the goal of the joint U.S.-Israeli attack was “to defend the American people by eliminating imminent threats from the Iranian regime” and pointed to “menacing activities [that] directly endanger the United States, our troops, our bases overseas, and our allies throughout the world.” This included, for example, Iran’s military buildup and support of terrorist acts through proxy groups throughout the Middle East. Trump has further justified the war by maintaining that the conflict will...

On the campaign trail in 2024, Donald Trump promised to make gas dirt-cheap again and blamed record-high gas on the Biden-Harris “war on energy.”

Equinor tripled its adjusted net income for the third quarter from a year earlier, on the back of strong refining margins, high oil and natural gas prices, and increased hydrocarbon production. The Norwegian energy major on Wednesday reported an adjusted net income of $2.86 billion for the third quarter, tripled from the $932 million income for the same period last year. Equinor’s oil and gas production rose by 2% year-over-year to 2.166 million barrels of oil equivalent per day (boepd). Furthermore, the company realized a European gas price of $20.0 per million British thermal units (MMBtu) in the third quarter, up from $15.79 per MMBtu in the second quarter. The realized gas price also surged by 75% compared to the third quarter of 2025, as European gas prices spiked this summer amid a lack of LNG supply from Qatar due to the Iran war and the disruption at the Strait of Hormuz. Equinor’s averaged realized liquids price soared by 42% from a year earlier to $92.3 per barrel in the third quarter, as the Middle East conflict keeps oil prices elevated and above $100 per barrel since early September. The results of the Marketing, Midstream and Processing (MMP) division were...

Equinor tripled its adjusted net income for the third quarter from a year earlier, on the back of strong refining margins, high oil and natural gas prices, and increased hydrocarbon production. The Norwegian energy major on Wednesday reported an adjusted net income of $2.86 billion for the third quarter, tripled from the $932 million income for the same period last year. Equinor’s oil and gas production rose by 2% year-over-year to 2.166 million barrels of oil equivalent per day (boepd). Furthermore, the company realized a European gas price of $20.0 per million British thermal units (MMBtu) in the third quarter, up from $15.79 per MMBtu in the second quarter. The realized gas price also surged by 75% compared to the third quarter of 2025, as European gas prices spiked this summer amid a lack of LNG supply from Qatar due to the Iran war and the disruption at the Strait of Hormuz. Equinor’s averaged realized liquids price soared by 42% from a year earlier to $92.3 per barrel in the third quarter, as the Middle East conflict keeps oil prices elevated and above $100 per barrel since early September. The results of the Marketing, Midstream and Processing (MMP) division were...

Rising gas prices are prompting energy buyers to secure clean power more quickly, making operational projects increasingly important in the European Power Purchase Agreement (PPA) market. Operational projects now account for almost 40% of all standalone European PPA offers on the LevelTen Energy Platform, the world’s largest two-sided PPA marketplace. For wind offers, the share is close to 60%. According to LevelTen Energy’s latest quarterly PPA Price Index, the company has reported operational project data for the first time. The development comes as rising gas prices prompt more large energy consumers to seek financial hedges ahead of winter. Operational assets can begin delivering electricity and Guarantees of Origin (GOs) immediately, without the construction, permitting, or grid-connection risks associated with new projects. “Operational assets naturally lower risk and bring fewer development hurdles and permitting delays compared to new-build projects,” said Plácido Ostos, Director of European Analytics at LevelTen Energy. “For these reasons, they generally represent a faster, and often more cost-effective, route to power compared to new green energy infrastructure. For buyers focused primarily on speed and price over green additionality claims, deals tied to operational projects can be more attractive.” Hybrid Structures Gains Traction The report reveals little movement for...

Since launching the war with Iran nearly eight months ago, U.S. President Donald Trump has struggled to quell soaring energy costs, undermining Republicans' attempt to keep control of Congress in the midterm elections next week. Low gas prices were a key campaign pledge during Trump’s second presidential run. But the energy crisis spawned by the war has left him grasping for solutions and promising that things will get better. The cost of crude oil — the main ingredient in gasoline as well as diesel — has been volatile as markets and consumers feel whiplash about uncertainty of the war's future. All the while, households are feeling more strain, with cost of living concerns at the top of many voters' minds going into Election Day on Nov. 3. As of Monday, the national average for a gallon of regular gasoline was $4.29, up from $2.98 before the war. Diesel surpassed $6 last month — a record — and now sits at an average of $6.35 a gallon, up from $3.76 in February. Trump has repeatedly claimed that more expensive fuel is small price to pay for the war, which he describes as necessary to prevent Iran from obtaining a nuclear weapon...

Though regular Americans are paying more at the pump, US oil companies are striking it rich, President Donald Trump said on Saturday. Speaking at a rally in Georgia, Trump said that oil prices are "temporarily high," but added that the throttling of the Strait of Hormuz has pushed oil buyers to American companies with operations in Texas, Oklahoma, and Louisiana. "The United States oil and gas business is making hundreds of billions of dollars," Trump said. "I don't give a damn, I'm going to say it — we're making a freaking fortune." Indeed, a Q2 report this year from the Oil & Gas Journal, a trade publication, noted that "surging crude prices tied to ongoing Strait of Hormuz disruptions" fueled massive windfalls for North American oil companies. Year over year, a sample of 38 US producers and refiners collectively grew revenues by about $140 billion, the Oil & Gas Journal reported. Those profits, however, are not exactly shared by the American public. AAA reported that the average price of regular gas in the United States is now at $4.29 a gallon. In February, one day before the US and Israel launched surprise attacks on Iran, gas prices were at $2.98...

Economists have long dismissed the public perception that presidents influence gas prices as economic illiteracy, but new research calls that assumption into question. The research finds significant differences in average gas prices across administrations. The study is timely, arriving amid widespread public discontent over rising fuel prices, with voter frustrations reflected in a series of national polls blaming the Trump administration. Although the researchers do not determine how much of the price differences across administrations, if any, are caused by presidents themselves, they argue economists may have been too confident in dismissing the possibility without much direct evidence. “Even though it’s a topic of immense public interest, we found almost no literature on the question and it seems like it’s been unduly ignored,” says Matthew Oliver, a professor in Georgia Tech’s School of Economics in the Ivan Allen College of Liberal Arts. He points to the gap in perception between energy experts and non-experts as a potential culprit. In fact, this work was inspired by “I did that” stickers he saw on gas pumps in 2022, with an image of then-President Joe Biden pointing at the 20-year-high gas prices. “I scoffed at the idea that the president can influence the...

The benchmark European natural gas price jumped by 3% at opening in Amsterdam on Friday as the Middle East escalation continues to restrict Qatari LNG flows and some EU countries started tapping gas in storage as temperatures drop. The front-month price at the Dutch Title Transfer Facility (TTF), the benchmark for Europe’s gas trading, jumped by 3% at 7 a.m. Amsterdam time on Friday, as oil prices also rose, and Brent hit a five-month high of $114 per barrel as concerns grow that Houthi attacks could hit Saudi Arabian energy facilities. At $103.40 (92.30 euros) per megawatt-hour (MWh), the European gas price is now at its highest levels since December 2022, when Europe faced the first winter without most of the Russian pipeline gas supply. The current price is also equivalent to over $30 per million British thermal units (MMBtu). “European gas prices also remain extremely sensitive to developments in the Persian Gulf, with LNG flows increasingly likely to be largely absent from the market for at least much of the Northern Hemisphere winter,” ING’s commodities strategists Warren Patterson and Ewa Manthey wrote in a note early on Friday. TTF rallied 3% on Thursday, settling above 90 euros per MWh,...

There is no risk of power or gas outages during this winter in the UK, as there will be sufficient generation and gas supply, the National Energy System Operator has said in its early winter outlook. In fact, NESO said it expected surplus electricity output at 5.5 GW for the period between October 31 and March 31 next year, “with an 8.8% buffer over expected peak demand.” Things may yet change, however, the grid operator also said, noting factors to watch such as electricity generation in continental Europe, gas market developments, and the weather. NESO said the supply and demand situation is most vulnerable to unforeseen events in January. Electricity security may be ensured for the winter, but it will not be cheap. Per Reuters, UK front-month gas and electricity prices are up by 180% and 120%, respectively, from February this year, before the war in the Middle East began. The UK has become a lot more dependent on gas imports over the past decade or so, as it shrank its own production as part of decarbonization efforts. The island nation is also increasingly dependent on electricity imports from its continental neighbors, including France, Belgium, Denmark, the Netherlands, and Norway...

Europe’s benchmark natural gas prices rose on Thursday to nearly 90 euros per megawatt-hour, or the equivalent of $29.50 per million British thermal units (MMBtu), as the escalation in the Middle East raised concerns about European winter gas supply amid historically low inventories at the start of the heating season. The front-month price at the Dutch Title Transfer Facility (TTF), the benchmark for Europe’s gas trading, had jumped by 2.7% at 9 a.m. Amsterdam time on Thursday, tracking a 3% surge in oil prices as the Saudi-Houthi conflict escalates and Iran said it had struck several oil tankers doing transfers in the Persian Gulf. At $100.84 (89.76 euros) per megawatt-hour (MWh), the European gas price is now at its highest levels since December 2022, when Europe faced the first winter without most of the Russian pipeline gas supply. The current price is also equivalent to about $29.50 per MMBtu. EU storage sites were only 74% full as of October 21, per data from Gas Infrastructure Europe. That’s well below the five-year average of about 86% for this time of the year so close to the start of the heating season. Prices are vulnerable to further spikes in case of colder...

LAS VEGAS (FOX5) — Congressional candidate Carrie Buck discussed gas prices, the war in Iran, the economy, tourism, immigration, water rights and land use ahead of the general election. Gas prices Buck said rising fuel costs are affecting families, saying it now costs her $90 to fill her minivan. She said Nevada should look at increasing fuel supply through a larger pipeline from Utah rather than relying on California, citing refinery closures in California. She said the war in Iran has also affected fuel costs. War in Iran Buck said she would support efforts to end the war in Iran as quickly as possible and said Congress should have oversight regarding its duration. Asked what she would have done differently, Buck said she would have taken stronger initial action, saying the country underestimated the threat. “I think the death to America crowd, we cannot underestimate. We have to hit them hard,” Buck said. Economy Buck criticized Rep. Dina Titus for voting against a no-tax-on-tips policy. Buck said she supports no tax on tips, no tax on overtime, and no tax on Social Security. She said she supports extending the child tax credit, saying it benefits her family as a mother...

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LAS VEGAS (FOX5) — Congresswoman Dina Titus said inflation remains the most common concern she hears from constituents as she campaigns for re-election, citing gas, grocery and health insurance costs. “Everywhere I go, regardless of which neighborhood it is in the district, that’s the issue that people talk about,” Titus said. “They just can’t afford groceries, health insurance, gas.” Gas prices and the war in Iran Titus said gas prices have risen in part because of the war involving Iran, saying diesel costs a dollar more and affects people who drive trucks in the valley. She said Nevada has some of the highest gas prices in the country because the state has no refineries and depends on California for its supply. Titus said she supports a proposed pipeline across the northern part of the state through Idaho and Wyoming to reduce that dependence. She said building an in-state refinery would take too long and that a pipeline would be more efficient, citing environmental impact and cost. Titus said the war has closed the Strait of Hormuz, calling it a conflict that was expected to last two weeks but has continued for seven months. Titus said the war has also cost...