House Republicans plan to raise more than $15 billion in revenue through increasing US oil, gas and coal lease sales, as well as other measures, to help pay for President Donald Trump’s massive tax cut package, according to a document seen by Bloomberg News.  The document, prepared by the House Natural Resources Committee, details plans to mandate at least four sales in the coastal plain of Alaska’s Arctic Arctic National Wildlife Refuge within the next 10 years, and resume lease sales in the National Petroleum Reserve-Alaska. Republicans also plan to resume quarterly onshore oil and gas lease sales as well as mandate new off shore leases sales, according to the document.  In addition, Republicans are planning to raise revenue through required sales of coal leases and also requiring the Forest Service to conduct timber sales, while rescinding unspecified funds for agencies like the National Oceanic and Atmospheric Administration and National Park Service.  In addition, the legislation, which is slated to receive a vote in by the committee next week, includes a measure streamlining the federal permitting process for big projects, with a goal of major environmental reviews being completed in one year.  House Republicans are aiming for a total of $2 trillion in spending reductions paired with a $4.5 trillion in reduced revenue from tax cuts. WHAT DO YOU THINK? Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed. MORE FROM THIS AUTHOR Bloomberg

GRIFFIN, GA— U.S. Secretary of Energy Chris Wright today visited Rinnai America Corporation’s manufacturing facility for non-condensed tankless gas water heaters in Griffin, Georgia, to celebrate the first 100 days of the Trump Administration’s efforts to unleash American energy and innovation. The visit underscored the Department of Energy’s commitment to protecting consumer freedom, defending American manufacturing jobs, and restoring American energy dominance. “President Trump was elected to bring back common sense—to get the barriers out of the way and let Americans pursue their own dreams,” said Secretary Wright. “In these first 100 days, that’s exactly what we’ve started doing. Rinnai America is a perfect example of what’s at stake when Washington pushes reckless regulations, bureaucrats tried to end hundreds of jobs with a rule no one asked for, slipped in the day after Christmas—without a single consideration for the people it would hurt. But these workers stood strong. They didn’t back down and because of their courage and hard work, we won this battle together. What they build here changes lives—millions of people choose these products to make their lives better. That’s worth fighting for. Let’s stand together for our dreams, for the American Dream.” Rinnai is the only company manufacturing non-condensing tankless water heaters in the United States—an energy-efficient technology targeted by a Biden-era rule that would have effectively banned the product and forced this facility to shutter its doors. The Department’s swift action to halt the rule has saved more than 200 Georgia jobs and preserved an affordable, high-efficiency option for American families.  “We were honored to host Secretary Wright and are grateful for the Department’s decisive actions to support American manufacturing and consumer freedom,” said Frank Windsor, President of Rinnai America Corporation. “By preserving access to high-efficient, cost-effective tankless water heaters, the Department is helping companies like ours continue

Oil slumped as OPEC+ discussed making a second major production increase, inflaming concerns about swelling global supplies that have dragged down crude prices this year. West Texas Intermediate futures fell 1.6% to settle near $58 a barrel, down more than 7% for the week, with prices holding near the lowest since early 2021. Key OPEC+ nations are considering another production increase of about 400,000 barrels a day in June ahead of a meeting the group pushed forward two days to May 3. Another aggressive supply boost from the cartel threatens to batter a market already pressured by soft Chinese demand and plentiful output from outside the group. The increase would be in line with figures previously telegraphed by the group and roughly matches last month’s shock hike, which was seen as a bid to discipline over-producing members. “OPEC’s decision framework appears to be fueled by the persistent cheating, particularly from the likes of Iraq, Kazakhstan, Russia among others,” TD Cowen strategists including Dan Ghali and Bart Melek said in a note to clients. Inventories may increase by about 200 million barrels over the next three quarters, which could drop crude toward the low $50s, they wrote. Brent prompt spread — the difference between its two nearest contracts — has narrowed to 36 cents a barrel in backwardation, compared with a gap of $1.07 four days ago. The narrowing spread signals expectations that near-term supplies will be readily available. Crude has shed about 19% this year — and briefly touched a four-year low last month — as the Trump administration’s tariffs fan concerns that energy demand will fall. The drop in prices is already showing signs of squeezing a key industry that US President Donald Trump pledged to help. Some of the biggest US shale-oil producers plan to slash about 4%

WASHINGTON— The U.S. Department of Energy (DOE) today announced the withdrawal of the determination of miscellaneous gas products as a covered consumer product under the Energy Policy and Conservation Act (EPCA). This action is yet another step toward President Trump’s pledge to lower costs for the American people by expanding choice and cutting red tape. By withdrawing this rule, DOE will exempt miscellaneous gas products—a category that includes decorative hearths and outdoor heaters—from a range of unnecessary regulations on their manufacture and sale.  “Under President Trump’s leadership, the Department of Energy is returning to common sense – and that means giving the American people the ability to choose which heaters they use in their own backyards,” U.S. Secretary of Energy Chris Wright said. “To date, rescinding or delaying unnecessary consumer regulations such as this have saved the taxpayers nearly $24 billion – and we’re just getting started.”   “Previous DOE rulemaking on this subject lumped together several products that are dissimilar in form and function, subjecting manufacturers to an awkward and unnecessary regulatory framework,” Principal Deputy Assistant Secretary for Energy Efficiency and Renewable Energy Lou Hrkman said. “By withdrawing the previous determination and repealing these unclear definitions, the Trump Administration is sending a clear signal that these markets will be allowed to thrive without fear of undue government interference.” Prior to today’s action, miscellaneous gas products were classified as covered products under Part A of Title III of the EPCA, and therefore potentially subject to burdensome standards for energy conservation. The withdrawal of this classification, along with the repeal of the definitions for “miscellaneous gas products,” “decorative hearth product,” and “outdoor heater” from the Code of Federal Regulations, will allow the market for these products to freely develop without needing to account for new conservation standards from DOE. In addition to today’s action, DOE has officially withdrawn four

WASHINGTON—The Department of Energy (DOE) today announced new leadership to tackle the challenge of strengthening and securing the U.S. energy system and ensuring America can lead the global race for AI leadership. To unleash American Energy Dominance, the systems and infrastructure that produce and deliver energy to the American people must be reliable, resilient, and secure. As energy demand continues to grow, the U.S. needs to upgrade both existing energy infrastructure and build new infrastructure – all of which must be done with resilience and security as priorities.  To advance these goals, today DOE is announcing that the Office of Cybersecurity, Energy Security, and Emergency Response (CESER) will be led by DOE Chief of Staff Alex Fitzsimmons. Carl Coe, who currently leads the Department of Government Efficiency (DOGE) at DOE, will assume the role of DOE Chief of Staff. “The race for global leadership in AI is the new Manhattan Project, and winning this race depends on our ability to increase access to abundant supplies of reliable, affordable energy and build secure infrastructure,” said U.S. Secretary of Energy Chris Wright. “The Department of Energy is focused on the need to meet growing energy demand while strengthening the resilience and security of U.S. energy infrastructure against all threats and hazards.   “Alex has served as a critical leader across the Department in our first 100 days, and his expertise and ability to take on complex problems make him the right person to spearhead this important office. I am grateful for his ongoing leadership within the Department, and I look forward to continuing to work with Carl Coe in his new role as Chief of Staff.” As Chief of Staff to the Secretary, Alex Fitzsimmons led the DOE beach-head team on day one and through the first 100 days of the Administration.

Chevron Corp. will reduce share buybacks this quarter after oil prices tumbled, indicating that President Donald Trump’s trade war is hurting a key US industry he pledged to help. The Houston-based company said Friday it will repurchase about $2.75 billion of stock in the second quarter, about 30% less than it bought in the first three months of the year. It comes despite Chevron beating earnings estimates on more low-cost production from Kazakhstan and the Permian Basin.  Exxon Mobil Corp., which also reported earnings Friday, is sticking to its plan to buy back about $5 billion in shares per quarter. And Shell Plc said it has the financial wherewithal to keep repurchasing upwards of $3 billion of shares each quarter even if crude plunges as low as $50 a barrel. Big Oil is finding it increasingly difficult to maintain share buybacks as Brent crude slumped 17% this year to about $62 a barrel at the close Thursday. Trump’s tariffs are poised to slow demand growth for crude and increase the cost of steel and other materials needed to produce oil and gas. At the same time, OPEC and its allies surprised markets last month with a plan to increase oil supplies more than expected later this year.  “Oil prices have changed,” Chief Financial Officer Eimear Bonner said in an interview. “The market, from a supply and demand perspective, appears to be softening.” The downturn in oil prices is starting to show the relative strength and weakness between the world’s supermajors. BP plc and Chevron cut their buybacks while Exxon, Shell and TotalEnergies SE maintained their payouts. Still, with debt levels rising across the group, it remains to be seen which is the right approach — especially if crude prices continue to decline. Brent crude futures slipped about 0.3% Friday, to