WHAT’S HAPPENING TODAY: Good morning and happy Tuesday, readers! House Natural Resources Committee chairman Bruce Westerman is one step closer to moving his permitting reform bill through the House 🏛️. We’ve got all the updates for you below.
Meanwhile, we take a look at Ford’s strategy shift – stepping back from electric vehicles and focusing on hybrids, gas cars, and trucks 🚗 🚚 🚙. The shift comes amid the Trump administration’s move to end policies that support electric vehicles, while instead prioritizing gasoline cars.
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SPEED ACT INCHES TOWARD FLOOR VOTE, ESCAPING CONSERVATIVE ROADBLOCK: House Natural Resources Committee chairman Bruce Westerman’s bill reforming the National Environmental Policy Act narrowly escaped some conservative members’ attempts to block the bipartisan bill from a floor vote today, bringing it one step closer to passing in the House.
Minutes ago, the House adopted H.Res 951 in a 215-209 vote, allowing several bills, including the Standardizing Permitting and Expediting Economic Development (SPEED) Act, to advance to a floor vote later in the week.
Back and forth: At one point during the vote, hardline conservatives appeared to have successfully secured enough Republican votes against the rule, as they claim the bill unfairly benefits the offshore wind industry and undermines the president’s crackdown on renewables. As the vote neared its end, six Republicans intended to vote against, including Anna Paulina Luna of Florida, Tim Burchett of Tennessee, Scott Perry of Pennsylvania, Andy Harris of Maryland, and Chris Smith and Jeff Van Drew of New Jersey
However, at the last minute, GOP leadership flipped all but two of these votes, leaving Smith and Luna as the only Republicans who voted with their Democratic colleagues against the rule.
What’s next: Before the bill can be brought to a final vote, members will consider several amendments brought forth by conservatives who have railed against the bill. Some have also argued that the legislation would give the Senate the opportunity to further “water down” the bill to benefit the wind and solar industries.
Among the amendments set to be introduced is one that would exempt offshore wind projects from key provisions focused on streamlining NEPA reviews. Another would strip a previous amendment that limits the president’s authority to revoke already approved permits. That measure is likely to fail, as Westerman has repeatedly vowed to keep this language in the bill.
Growing industry support: Not only does the bill have backing from Democratic members in the House, but there is growing support from dozens of fossil fuel trade associations, manufacturing groups, and even the U.S. Chamber of Commerce. The Chamber led a coalition letter sent to the House today from 81 industry groups, which called on members to support the bill.
“These reforms and others in the bill will not only improve permitting efficiency but also help businesses to plan and invest with confidence, creating jobs, strengthening supply chains, and advancing U.S. leadership in energy, manufacturing, technology, and beyond,” the letter read.
INSURED LOSSES EXCEED $100 BILLION THIS YEAR: Swiss Re Institute said insured losses from natural disasters in 2025 reached $107 billion, primarily due to the fires in Los Angeles and Hurricane Melissa.
Swiss Re Institute, the research arm of the reinsurance company, said in a report that this year marks the sixth year in a row that natural disasters have exceeded $100 billion in insured losses.
The Los Angeles fires in January drove insured losses, which were among the costliest, totaling $40 billion. Hurricane Melissa was one of the most expensive hurricanes of the year with insured losses of about $2.5 billion.
However, insured losses this year are 24% lower than in 2024, when they totaled $141 billion.
Jérôme Jean Haegeli, Swiss Re’s group chief economist, said, “Amid annual volatility, insured losses keep rising. That’s why strengthening prevention, protection and preparedness is essential to protect lives and property.”
“Reinsurers and the broader insurance sector have a dual role: acting as financial shock absorbers and supporting the development of resilient, risk-informed public policy and private investment that reduce future losses,” he added.
OIL HITS FOUR YEAR LOWS: Crude oil prices hit their lowest levels since early 2021 today, with domestic benchmark West Texas Intermediate falling below $55 per barrel.
Early this morning, CNBC reported that WTI hit a low of around $54.98 per barrel, the lowest it has been since February 2021. Just before 2 p.m., WTI had risen slightly to $55.52 per barrel, but was still down 2.29% overall.
Brent Crude was also down today, falling below the $60 line. This afternoon, the international benchmark was trading at roughly $59.16 per barrel, a 2.31% drop.
One factor in the falling prices could be the progress in peace talks between Russia and Ukraine. Another would be increasing global supply.
EUROPE PROPOSES WEAKENING BAN ON NEW GAS CARS: The European Union is continuing to backtrack some of its climate-related regulations, as officials have proposed doing away with its complete ban on new combustion-engine vehicles.
Quick reminder: Two years ago, the EU approved a ban on new diesel and gasoline vehicles, starting in 2035. At the time, the law was viewed as a major win for climate activists and has been thought to be crucial for the bloc to hit its legal obligation of being carbon-neutral by 2050.
What’s new: The legislation requires manufacturers to have 100% of vehicles in compliance with the law by 2035. Now, though, the European Commission is proposing dropping that to 90% – meaning 10% of new cars manufactured would still be permitted to be hybrid vehicles or those with combustion engines.
“This will allow for plug-in hybrids (PHEV), range extenders, mild hybrids, and internal combustion engine vehicles to still play a role beyond 2035, in addition to full electric (EVs) and hydrogen vehicles,” the commission said in a statement.
The proposal will require approval from EU governments and the European Parliament, though as the bloc faces increased pressure from the automotive industry and the Trump administration to soften its green policies, it is likely to be adopted.
While many environmentalists and climate activists view the move as a blow to Europe’s broader aim to accelerate electrification, European Commission president Ursula von der Leyen said the bloc “remains at the forefront of the global clean transition.”
GLOBAL SOLAR INSTALLATIONS SET TO DECLINE NEXT YEAR: For the first time in 20 years, solar installations are expected to decrease next year, due to policy changes and market saturation, according to BloombergNEF.
Solar installations next year will add 649 gigawatts of solar power capacity, which is slightly lower than in 2025. “The solar industry is entering a low-growth phase after years of rapid expansion,” BNEF said in its Global PV Market Outlook.
The report said that driving the decline are policy changes in China and the United States. Trump has set policies to support more fossil fuel production and push away renewable energy sources.
BNEF projects “modest” growth in solar installations in 2027, with a total of 688 gigawatts expected as China and the U.S. adjust to new supply and demand.
ICYMI – FORD SCALES BACK ELECTRIC VEHICLE PLANS: Ford announced yesterday that it would scale back on producing electric vehicles after overestimating demand, citing regulatory changes and high costs.
The auto company said it would shift its focus to hybrids, trucks, and gas engine vehicles. Notably, it said it will no longer make an all-electric F-150 Lightning, and the next model instead will be an extended-range EV hybrid. The company is also planning to launch a separate business focused on battery energy storage. The change in strategy will cost about $19.5 billion.
The company’s shift in strategy is the latest change in the EV landscape as the Trump administration has rolled back many policies that supported electric vehicle production, including terminating incentives. Most recently, the administration proposed a rule to weaken fuel economy standards.
Ford will repurpose its plants in Tennessee and Ohio to produce trucks and vans. The Tennessee facility will shift from electric to gasoline pickup trucks, while plans for an electric commercial van in Ohio have been canceled in favor of gasoline and hybrid models.
RUNDOWN
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