Weekly Highlights:
“Drill, Baby, Drill”? Not Happening
Although President Trump was elected at least partially due to his proposal that “drill, baby, drill” is a way to resolve the energy crisis, and he also promised oil executives that if Kamala Harris were to win, the oil industry would find itself in hot water, “drill, baby, drill” may not be happening after all. The Federal Reserve Bank of Dallas just released its latest quarterly survey of oil executives, including those overseeing drilling in the oil-rich Permian Basin, and more than one has opined that President Trump’s trade policies are precluding further drilling. “Drill, baby, drill will not happen with this level of volatility,” said one.
Green Energy Versus the “Big, Beautiful Bill”
While the fiscal dimensions of the “big, beautiful bill” that passed the Senate this week as a result of a tie-breaking vote by Vice President Vance are discussed elsewhere, the energy dimensions of the bill have yet to take center stage. The good news is that the excise tax on wind and solar projects that used components from China and other countries designated “areas of concern” was removed at the last minute. However, the requirement that solar and wind projects must start going into service by the end of 2027 in order to tap tax credits is still in play, as is the ban on individuals with ties to certain foreign entities being able to tap into those credits. Similarly, a tax credit for purchasing an electric vehicle is also due to expire at the end of September.
Running Pro-Coal Interference
The Trump administration has drawn on emergency wartime powers to force a coal plant in Michigan to stay open, even if the utility company operating it, the state it’s in and the grid operators all argue that it would be wiser to close. Although the J.H. Campbell plant was preparing to close for good at the end of May, the Department of Energy issued an order for it to keep operating through the end of August. While the ostensible justification for this was Secretary of Energy Chris Wright’s statement that “an emergency exists in portions of the Midwest region of the United States due to a shortage of electric energy,” critics argue that this is a “manufactured emergency” and reflects President Trump’s plan to bring back king coal.
A New Nuclear Power Plant in New York
In an age when bipartisanship seems to be a dead letter, one thing Democrats and Republicans can agree on is that nuclear energy is the way to go, at least for the time being. New York Governor Kathy Hochul has recently issued an order for the construction of a new nuclear energy power plant and to scout for an appropriate location. Not surprisingly, given nuclear energy’s controversies, the order has garnered mixed reactions. While some are honored that their county made the cut and hope that building the plant close by will bring jobs and investments to their area, others disagree, citing safety reasons, and wish that the plant will be built somewhere else.
Wind Power Weakens in Sweden
While the Scandinavian countries are making headway into the world of renewable energy, headwinds might be approaching. Green Power Sweden recently reported that no new turbine orders were placed in the second half of 2025, continuing a trajectory that began a year ago. For example, while many wind power farms applied for a permit in 2024, only two were granted in the face of military and municipal opposition. While the cause of the slowdown has been attributed to everything from political problems to high costs to volatility in electricity prices, what everyone can agree on is that the decision to cut back on turbine production imperils Sweden’s green energy dreams.
About the Author: Toni Mikec
Toni Mikec is the Managing Editor for Energy World, a publication of the Center for the National Interest. Before that, he worked as a political consultant for Your Voter Guide in Sacramento and as a Senior Editor at Eagle Financial Publications in Washington DC. He holds a B.A. in International Relations (summa cum laude) from the University of California, Davis and a M.A. in International Relations and International Economics from the Johns Hopkins School of Advanced International Studies.
Image: Shutterstock/ultramansk
