WHAT’S HAPPENING TODAY: Good afternoon and happy Monday, readers! Rare earth companies’ stocks surged this morning amid the escalating trade dispute between the U.S. and China. Last week, China imposed stricter export controls on rare earths, leading President Donald Trump to threaten “massive” tariffs.
Meanwhile, coal miners plan to protest tomorrow against the Trump administration in Washington, D.C., accusing the president of failing to support them and protect their health.
Welcome to Daily on Energy, written by Washington Examiner energy and environment writers Callie Patteson (@CalliePatteson) and Maydeen Merino (@MaydeenMerino). Email cpatteson@washingtonexaminer dot com or mmerino@washingtonexaminer dot com for tips, suggestions, calendar items, and anything else. If a friend sent this to you and you’d like to sign up, click here. If signing up doesn’t work, shoot us an email, and we’ll add you to our list.
RARE EARTH STOCKS SOAR: Rare earth companies’ shares surged this morning as the trade conflict between the U.S. and China escalates.
Shares: MP Materials, a rare earth producer, was up more than 21% today. The Department of War entered into a multimillion-dollar deal with the company in July as a way to bolster the rare earth supply chain.
Energy Fuels Inc. shares were up 17.5%, USA Rare Earth Inc. was up 26%, and Critical Metals Corp rose 32%.
Some background: China last week imposed stricter export restrictions on rare earths and other technologies. China is the largest producer of rare earths in the world, accounting for nearly 80% of U.S. imports. Rare earths are used in applications across economic sectors like defense and technology.
In response to China’s export controls, President Donald Trump on Friday threatened a “massive” increase in tariffs against Beijing. The president added that he would consider other unspecified “countermeasures.” Treasury Secretary Scott Bessent also cited those countermeasures today.
The Trump administration has taken steps to increase its supply of critical minerals and rare earths. The Financial Times reported over the weekend that the Pentagon is seeking to stockpile $1 billion worth of critical minerals in an effort to counter China.
Read more by Washington Examiner’s Zach Halaschak and Maydeen here.
COAL MINERS PROTESTING TRUMP THIS WEEK: Dozens of coal miners and their families are descending upon Washington, D.C., tomorrow, protesting against the Trump administration.
The details: Just mere months after Trump promised to revive the coal mining industry, many miners have accused the president of failing to support them and protect their health, according to the New York Times. Specifically, several have accused the administration of failing to protect miners from black lung disease, which is caused by inhaling coal and silica dust.
These miners are calling on the government to enforce federal limits on silica dust, which have been held up in court for months. Several mining industry groups have filed lawsuits to block the regulations, and the administration has agreed to not enforce the limits while the court proceedings are ongoing.
The limits on silica dust stem from the Biden administration, which tried to limit exposure to the carcinogen and require mine operators to take immediate action if that limit is exceeded. The Biden administration reportedly estimated this would help prevent more than 1,000 deaths and over 3,700 cases of black lung, according to the New York Times.
The regulations were set to go into effect in April, the same month Trump vowed to reinvigorate the coal industry. The miners will be protesting the delay before the Department of Labor on Tuesday.
Key quotes: “Sure, they talk about how much they care about coal but come down here and look,” Judith Riffe, whose husband died in March from black lung disease after working in West Virginia coal mines for over 40 years, told the outlet.
“They’re mining a lot more now, the coal trucks and everything are running, but there’s no benefits for the coal miners coming in…The coal miners have supplied this country with electricity, and now they’re just cast aside to die,” she added.
OIL REMAINS BELOW $60 PER BARREL: Oil prices started to rebound today after domestic crude dipped to its lowest level in months on Friday, but they haven’t fully recovered.
At around 2:30 p.m. EST, West Texas Intermediate still sat below $60 per barrel, selling at $59.62. International benchmark Brent crude was also slightly up from Friday’s fall, increasing by 1.13% to sell at $63.44 per barrel.
Related: While prices started to recover, the oil and gas industry is still facing pressure upstream from the Trump administration’s tariffs. Oilfield service giant Baker Hughes revealed today that the company is bracing to see a hit on its annual profit of between $100 million and $200 million due to Trump’s tariffs on products like steel. This remains in line with the firm’s forecast made in April on the possible impact.
“It is an incremental pressure point, but it’s something we have to manage through,” CEO Lorenzo Simonelli said during the Energy Intelligence Forum in London.
NOR’EASTER STORM UPDATE: The nor’easter storm is continuing to make its way up the East Coast, as it is set to reach New England today.
The storm hit the Southeastern states over the weekend. The storm is expected to bring New York 1 to 2 inches of rain from today into tomorrow morning, as well as 2 to 3 inches in parts of Connecticut and Long Island.
The storm has triggered major coastal flooding and high winds. Yesterday, it caused flooding in coastal areas of New Jersey. Coastal flood advisories were issued for parts of the Chesapeake Bay for today.
A nor’easter travels along the East Coast, bringing coastal winds, beach erosion, and flooding. The storm is expected to move out toward the Atlantic Ocean on Tuesday.
EUROPEAN LAWMAKERS MOVE TO SOFTEN ESG RULES: The European Parliament has agreed to water down its corporate sustainability law set to go into effect in 2027, after months of pushback from many U.S. based companies that claimed it would be a “barrier” for trade.
The details: Earlier today, the legal committee with the European Parliament voted in favor of proposals that would narrow the scope of companies forced to comply with the environmental, social, and governance rules, according to Reuters. The rule in question is the EU’s Corporate Sustainability Due Diligence Directive, which requires companies to provide reports on ESG impacts and establish liability over ESG violations in 2027.
This rule is meant to limit harm to the environment and human rights in both EU and non-EU supply chains. Companies that fail to comply with the regulations will face a fine of 5% of the company’s global net turnover.
Several major U.S. corporations, including Exxon Mobil, have repeatedly criticized the rule, saying it would cause undue burdens on the companies, create bureaucratic red tape, and hurt trade with Europe. On Monday, Exxon CEO Darren Woods called the regulations, “the worst, most irresponsible legislation I’ve ever seen passed anywhere in the world.”
In an apparent effort to appease some of the concerns, the EU now appears poised to water down the rule. If passed, the proposals would only make the ESG rules mandatory for companies with 5,000 employees or more and with at least 1.5 billion euros in turnover. As written, the law currently requires companies to comply if they have 1,000 or more employees and more than 450 million euros in turnover.
GREENPEACE THREATENS TO SUE CROWN ESTATE OVER ELECTRICITY PRICES: The environmental group Greenpeace has threatened to sue the Crown Estate, alleging it has increased the cost of offshore wind power by designing an “aggressive” auction process for seabed rights, The Guardian reports.
The Crown Estate is a property management company with a collection of land and holdings that belongs to the British Monarchy, and manages offshore wind rights auctions in seabeds surrounding the U.K.
The green group accuses the Crown Estate of exploiting its monopoly ownership by driving up costs for wind developers to boost its own and the royals’ profits. It is the legal owner of the seabed around England, Wales, and Northern Ireland.
Will McCallum, co-executive director at Greenpeace UK, told The Guardian that the estate should be “managing the seabed in the interest of the nation and the common good, not as an asset to be milked for profit and outrageous bonuses.”
ICYMI – TRUMP LAYOFFS HITTING ENERGY AND ENVIRONMENT AGENCIES: The Department of Energy and Environmental Protection Agency won’t be spared from the Trump administration’s latest round of federal layoffs.
The details: Court documents filed with the U.S. District Court for the Northern District of California last week revealed nearly 200 Energy Department employees were sent layoff notices on Friday. Approximately 187 employees received the notice, making it one of the smallest groups affected by the government-wide reduction in force.
Around 20-30 employees within the EPA are also set to hit by the widespread layoffs, though not just yet. Court documents reveal these staffers were issued a general “intent to RIF” notice, which detailed that they may be affected by future layoffs. The agency is still deciding whether to lay off some or all of those employees.
The Interior Department was noticeably absent from the administration’s list of affected agencies late last week. However, the government did inform the court that the list was not exhaustive.
“Other Defendant agencies (in addition to some of those agencies identified above) are actively considering whether to conduct additional RIFs related to the ongoing lapse in appropriations…But those assessments remain under deliberation and are not final,” the court documents read.
The numbers: So far, the Department of Commerce has issued layoff notices to around 315 employees, while the Department of Education and Department of Housing and Urban Development issued notices to roughly 466 and 442 employees respectively. The largest RIF was seen at the Treasury, which issued notices to around 1,446 employees. Health and Human Services has moved to lay off between 1,100 and 1,200 employees. And the smallest RIF was at the Department of Homeland Security, which moved to lay off 176 employees.
A LOOK AHEAD:
Oct. 14 Columbia University’s Center for Political Economy is holding a public lecture on the future of climate related treaties, exploring why past approaches and negotiations have failed.
Oct. 14 The 2025 Maryland Clean Energy Summit will be held at the University of Maryland
Oct. 14 – 16 The Forth Roadmap Conference will be held in Detroit, Michigan, focusing on electric transportation.
Oct. 14 – 16 The Sustainable Aviation Fuel North American Congress will be held in Houston.
Oct. 14 – 17 The International Maritime Organization’s Marine Environment Protection Committee is holding its second session in London to discuss adopting net-zero focused regulations.
Oct. 14 – 17 Clean Currents 2025, a hydropower conference, is taking place in Pittsburgh, Pennsylvania.
Oct. 15 The U.S. Chamber of Commerce is hosting a forum on U.S.-African cooperation regarding critical minerals.
Oct. 15 The Center for American Progress is holding an Ocean Progress Symposium via Zoom, focusing on ocean conservation.
Oct. 15 – 17 The Renewable Thermal Collaborative Summit is set to be held in Washington D.C.
Oct. 16 The American Council for Capital Formation will host its 2025 Louisiana Energy Security Summit in New Orleans featuring remarks from Republican Sen. Bill Cassidy.
Oct. 17 The 4th Annual Conservative Climate Summit will be hosted at the University of Utah, featuring remarks from Republican Sen. John Curtis and Energy Secretary Chris Wright.
RUNDOWN
LA Times Why an affordable slice of L.A. paradise might never recover from the Palisades fire
NPR Natural gas prices are low, but your monthly gas bill is up. Here’s why
The Hill Some climate ‘tipping points’ already being crossed, researchers warn
