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President Donald Trump began dismantling his predecessors climate change and renewable-energy policies on his first day in office, declaring a national energy emergency to speed up fossil fuel development a policy he has summed up as drill, baby, drill. The declaration calls on the federal government to make it easier for companies to build oil and gas projects, in part by weakening environmental reviews, with the goal of lowering prices and selling to international markets. Democrats say that’s a sham. They point out that the U.S. is producing more oil and natural gas than any other country and the Biden administrations Inflation Reduction Act boosted renewable energy at a critical time, creating jobs and addressing the climate change threat 2024 was Earth’s hottest year on record amid the hottest 10-year stretch on record. Democrats were expected to offer a resolution in the Senate on Wednesday to terminate Trump’s declaration, a move likely to be only symbolic given their minority status. Meanwhile, the Trump administration has already made the U.S. an even friendlier environment for fossil fuels. Congress is helping, too, with the House set to vote on a measure to repeal a Biden administration-era methane fee on oil and gas producers. Here are some ways the Trump administration has done so: Lifting a pause on LNG exports The Biden administration last year paused evaluations of new liquefied natural gas (LNG) export terminals. That pleased environmentalists concerned that a big surge in exports would contribute to planet-warming emissions. The pause didn’t stop projects already under construction, but it delayed consideration of new projects. Trump reversed that pause. On Tuesday, oil and gas giant Shell said global LNG demand is forecast to rise by around 60% by 2040. The United States is expected to play a major role in meeting that demand, with its export capacity expected to double before 2030, according to the U.S. Energy Information Administration. I think investors have become much more comfortable that they can move towards final investment decisions without the concerns that they had over the last four years about potential roadblocks, said Christopher Treanor, an energy and environmental attorney at the law firm Akin. Drilling expansion Trump has opened more land for oil and gas lease sales, shifting away from Biden’s efforts to protect environmentally sensitive areas like Alaskas National Wildlife Refuge and to prevent large swaths of ocean from being available for offshore drilling, including major areas off coasts in the Pacific, Atlantic and parts of Alaska. Environmental groups are suing to stop Trump’s moves. Expanding the area available for companies to lease and drill doesnt necessarily mean that more oil and gas will be produced. When leases were made available in the Artic National Wildlife Refuge, for example, only smaller companies bid and there were no buyers for a second lease sale. Army Corps appears ready to help projects sidestep the Clean Water Act The Army Corps of Engineers marked hundreds of Clean Water Act permits for fast-tracking, citing Trumps order on energy, then removed that notation in its database. The agency said it needed to review active permit applications before publishing which ones will be fast-tracked. They dont seem to be backing off,” said Tom Pelton, spokesman with the Environmental Integrity Project. They are just going to refine the list. Many of the permit applications that had been listed for expediting are for fossil fuel projects, but some others have nothing to do with energy, including a housing subdivision proposed by Chevron in southern California, according to the Environmental Integrity Project. David Bookbinder, the organizations director of law and policy, said the Trump administration is using the pretext of a national energy emergency to ask a federal agency to circumvent environmental protections to justify building more fossil fuel power plants. Bookbinder said theres no shortage of energy. Slashing the federal workforce Pat Parenteau, professor emeritus at Vermont Law & Graduate School, said Trump’s policy changes aren’t nearly as important as the deep cuts to the federal government that eliminate vital expertise. I think they are going to accomplish what no other administration has been able to do in terms of crippling the institutional capacity of the federal government to protect public health, to conserve national resources to save endangered species, he said. That is where we are going to see long-term, permanent damage. Trump’s energy emergency calls, for example, for undermining Endangered Species Act protections to ensure fast energy development, even assembling a rarely used committee the so-called God Squad that could have authority to dismiss significant threats to species. That move was coupled with recent deep cuts to the Fish & Wildlife Service, which administers the law. Parenteau said some species are likely to go extinct. Executive orders take aim at renewables Trump also targeted wind energy with an order to temporarily halt offshore wind lease sales in federal waters and pause federal approvals, permits and loans for projects both onshore and offshore. In another order, he listed domestic energy resources that could help ensure a reliable, diversified and affordable supply of energy. Solar, wind and battery storage were omitted, though solar is the fastest-growing source of electricity generation in the United States. Trump has vowed to end tax credits for renewables as well, which would push up prices. Substantially slowing renewables could leave the U.S. wedded to coal and gas for far longer as coal plants are extended and new gas plants are built, said David Shepheard, partner and energy expert at the global consultant Baringa. Shepheard said the U.S. is facing unprecedented growth in electricity demand largely to meet needs from data centers and artificial intelligence, and increasingly the deck is stacked against renewables to meet it. A Baringa analysis found Trumps policies will drive up emissions and put the agreed-upon intrnational climate threshold further out of reach. Michael Phillis and Jennifer McDermott, Associated Press Associated Press writers Matthew Daly and Patrick Whittle contributed reporting.
Category:
E-Commerce
President Donald Trump said he is planning to sell a $5 million gold card to wealthy foreigner investors, giving them the ability to work and live in the U.S. with a path toward becoming a citizen, as part of a program that would replace the current EB-5 investor visas. EB-5s are essentially a green card for permanent legal residency, created some 35 years ago to drum up foreign investment. The visa requires foreigners to spend $1 million (give or take) on a company that employs at least 10 people, according to the Associated Press. Of the potential buyers of the proposed gold card, Trump said Tuesday: Theyll be wealthy and theyll be successful, and theyll be spending a lot of money and paying a lot of taxes and employing a lot of people, and we think its going to be extremely successful.” Here’s what to know about Trump’s gold card. How does the gold card differ from a green card or EB-5 visa? Newly appointed commerce secretary Howard Lutnick said the Trump gold card would increase the financial bar for investors from $1 million to $5 million, and do away with what he calls the nonsense or fraud that he said now characterizes the EB-5 program. He said the change will happen in two weeks. The biggest difference between the gold card and a green card is the gold card provides a much faster route to unlimited residency and the ability to work in the U.S. for these wealthy foreign investors.How many gold cards would be available versus EB-5 visas? How many gold cards would be available versus EB-5 visas? A total of 18,786 EB-5 visas are available for the 2025 financial year. Meanwhile, Trump has suggested millions of gold cards could be sold, which would raise revenue which he desperately needs to fund his enormous tax cuts and domestic agenda. In the past, Trump and his family business have made use of the EB-5 program for their own benefit. When asked if Russian oligarchs could make use of the gold card program, Trump responded, Yeah, possibly. I know some Russian oligarchs that are very nice people.” Can Trump replace the EB-5 visa? The EB-5 visa program was created by Congress in 1990 to create jobs and increase foreign investment in the economy, according to the U.S. Citizenship and Immigration Services. Congress has reauthorized the program through September 30, 2027 through the EB-5 Reform and Integrity Act. While Trump said his “gold card” would not need Congressional approval, “the president does not have authority to strike down an act of Congress, including the existing EB-5 program,” according to legal experts at the law firm Greenberg Traurigs Immigration & Compliance Practice.
Category:
E-Commerce
Millions of social security recipients are about to receive retroactive payments, as well as get a permanent hike in their monthly check.The increase in social security payments is due to the Social Security Fairness Act, signed into law by President Biden. According to the Social Security Administration (SSA), about 3.2 million recipients who previously only received partial payments will be impacted. The SSA made the announcement in a press release on Tuesday. The Social Security Fairness Act, which Biden signed in December shortly before leaving office, eliminated two major policies which reduced social security payments for millions: the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). Both policies barred employees with a public pension from collecting their full benefits under the federal retirement program and reduced survivor benefits for family members. The former administration previously said that it could take up to a year for the payments to go out. However, Tuesday’s announcement explained that the retroactive payments, which should include any funds due after January 2024, will now be expedited.Social Securitys aggressive schedule to start issuing retroactive payments in February and increase monthly benefit payments beginning in April supports President Trumps priority to implement the Social Security Fairness Act as quickly as possible, said Lee Dudek, Acting Commissioner of Social Security, in the press release. The agencys original estimate of taking a year or more now will only apply to complex cases that cannot be processed by automation. The American people deserve to get their due benefits as quickly as possible. The press release explained that recipients impacted will include “some teachers, firefighters, and police officers in many states; federal employees covered by the Civil Service Retirement System; and people whose work had been covered by a foreign social security system.”“Most people will receive their one-time retroactive payment by the end of March, which will be deposited into their bank account on record with Social Security,” the release explained, noting that monthly increases, which will vary from person to person, should begin in April.A recent study on how COVID impacted social security pointed to a $205 billion increase in the nation’s social security fund. An extra 1.7 million deaths related to the pandemic meant that costs to the program were greatly reduced when people who had paid into the program prematurely passed, and therefore stopped collecting benefits. The Trump Administration did not point to the surplus as an explanation for expediting payments.
Category:
E-Commerce
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