Index Investing News
Saturday, February 4, 2023
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

Joe Manchin’s Permitting Bust – WSJ

by Index Investing News
September 23, 2022
in Opinion
Reading Time: 4 mins read
A A
0
Home Opinion
Share on FacebookShare on Twitter


Sen. Joe Manchin holds a news conference on energy permitting reform in the Capitol on Sept. 20.



Photo:

Bill Clark/Zuma Press

Sen.

Joe Manchin

finally released the legislative text of his proposed permitting reforms this week, and what a disappointment. His take-it-or-leave-it proposal includes some marginal improvements that will benefit renewables but it creates new regulatory risks for fossil fuels, which is the opposite of what he promised.

We say this with regret because we had hoped the West Virginia Democrat had won more in return for his vote to pass his party’s tax increase and climate spending bill. The U.S. economy needs reform to break up regulatory and legal bottlenecks that delay projects for years, if they are ever built. Mr. Manchin had political leverage, but the bill shows he traded his vote on the cheap.

The clearest winner, you won’t be surprised to learn, is Mr. Manchin. The bill would give a crucial boost to the Mountain Valley Pipeline by requiring agencies to issue permits and blocking judicial review. The pipeline, which seeks to deliver gas from West Virginia to the Southeast, is 95% complete but is tied up in court. Mr. Manchin has made a political cause of the pipeline, and it is sorely needed.

Alas, there is little else to cheer about. The bill takes a stab at speeding up timelines for project approvals but not in a way that would require real action.

The President would have to designate 25 energy projects of strategic national importance, but only five must be for fossil fuels or biofuels such as ethanol. Federal agencies would be directed to try to complete environmental reviews on these projects within two years, but nothing compels agencies to meet these deadlines. Projects the President doesn’t favor could languish in regulatory purgatory.

The bill sets a 150-day statute of limitations on legal challenges to environmental reviews and permits, which is intended to prevent activists from suing to stop projects under construction. Yet nothing limits the scope of legal challenges and who can bring them. The bill makes no substantive changes to the National Environmental Policy Act, Clean Water Act, Clean Air Act, and Endangered Species Act that let opponents delay projects for years.

Mr. Manchin also comes up short in addressing the problem of states abusing their authority under the Clean Water Act. The bill would give states one year to take action on water permits. But nothing stops Governors from rejecting permits on false environmental pretenses as some habitually do.

Worse, the bill would expand state discretion to block oil and gas pipelines based on an assessment of a project’s indirect impact on water quality instead of merely discharges into waterways as under current law. States would have a bigger veto on energy projects and federal environmental reviews.

The bill’s worst provision would give new power to the Federal Energy Regulatory Commission to override state objections to expanding electric transmission lines. States can now deny permits for interstate transmission lines that won’t benefit their citizens. This can sometimes hurt states that need the energy to balance their grids.

The bill lets FERC override states and approve transmission lines in the “national interest” if they “enhance the ability of facilities that generate or transmit firm or intermittent energy to connect to the electric grid.” This explicitly ties the national interest to “intermittent” renewable power sources. The provision would let progressive states essentially bill the cost of their renewable-energy mandates to states without those mandates. Residents in West Virginia, Ohio and Indiana could be forced to pay for wind energy that’s needed to meet renewable mandates in Illinois, Maryland and New Jersey.

A Princeton University study in 2020 estimated the grid could need $2.4 trillion in transmission upgrades to reach the left’s net-zero emissions goal by 2050. Last year’s infrastructure bill provided tens of billions of dollars for the grid. The Manchin bill socializes the rest of the cost.

***

All of this makes us wonder what Mr. Manchin was thinking. Perhaps he figured Republicans would go along with his bill no matter the reform details, but he never consulted them. Now he is blaming Republicans who oppose his bill of playing “revenge politics” and “not looking at the good of the country.”

The truth is the bill isn’t good enough, and if it passes the pressure will be off Democrats to pass anything else for years. We want the Mountain Valley Pipeline to proceed as much as Mr. Manchin does, but it isn’t enough to justify a vote to pass this weak reform.

Wonder Land: Florida Governor Ron DeSantis has noted a historic shift that no political outrage will change. Images: AP/Zuma Press/AFP via Getty Images Composite: Mark Kelly

Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appeared in the September 24, 2022, print edition as ‘Manchin’s Permitting Bust.’



Source link

Tags: BustJoeManchinsPermittingWSJ
ShareTweetShareShare
Previous Post

GM earmarks $760M to convert Toledo factory for making EV parts (NYSE:GM)

Next Post

California to ban parking minimums near transit

Related Posts

Death sentencing law in India needs a rethink

by Index Investing News
February 4, 2023
0

The year 2022 exemplified the confusion roiling death penalty sentencing in India. Consider the following developments — trial courts handed...

India misreads China’s LAC intentions at its own peril

by Index Investing News
February 4, 2023
0

Last Friday, Gen. MM Naravane, the former Indian Army chief, said the Indian Army has an advantage over the Chinese...

Jan 6 Participant Claims He Doesn’t Feel He Did What He Was Indicted And Charged For; After He Admitted It

by Index Investing News
February 4, 2023
0

Jan 6 Participant Claims He Doesn’t Feel He Did What He Was Indicted And Charged For; After He Admitted ItFebruary...

Tips to retire professionally

by Index Investing News
February 3, 2023
0

By James Fraser After a rewarding career, the ideal scenario would be to maintain a comfortable lifestyle for you and...

The Tyre Nichols video and the overdue promise of police reform

by Index Investing News
February 3, 2023
0

By Helen Ubiñas Friday, Feb. 3, 2023 | 2 a.m. I guess they expected us to be grateful for the...

Next Post

California to ban parking minimums near transit

Roger Federer hold back tears as he bids farewell to professional tennis

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Keller Williams Welcomes Howdy Neighbor! Mega Group in Gilbert, Arizona

August 5, 2022

Deflation to coincide with the rise of the stock market?! : stocks

October 7, 2022

Two rural cities are giving distant employees free housing for a month, within the hopes they’ll keep longer

May 31, 2022

Welcome to Elon Musk’s Twitter Free Speech Zone

October 28, 2022

Why Sri Lanka’s new PM isn’t the change the nation wants

May 15, 2022

How to Tackle the Tax Man by Buying More Real Estate

October 23, 2022

Give me an FOMC, BOE, BOJ and SNB By Reuters

June 13, 2022

Trump Doubles Down On Undermining Defense Against Defamation Case

October 21, 2022
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In