Bill Overview
Title: EUROPE Act
Description: This bill expedites approvals for natural gas exports to certain countries, imposes sanctions related to Russia, and addresses various energy-related issues. Under this bill, an application to export natural gas to a country with a mutual defense treaty with the United States must be (1) deemed consistent with the public interest, and (2) granted without modification or delay. Further, the Federal Energy Regulatory Commission must expedite the approval for liquefied natural gas terminals intended for exporting natural gas to one or more of such treaty countries. The Department of the Interior must immediately resume oil and gas leasing on public land and offshore waters without further review. The bill also requires the President to, subject to various exceptions and conditions, impose sanctions related to (1) Russia's central bank, and (2) foreign financial institutions that knowingly facilitate transactions with Russia's central bank or other sanctioned Russian financial institutions. The Export-Import Bank (Ex-Im Bank) must make assistance available to finance exports directly regarding clean energy technology, energy infrastructure, and the production of natural resources, with the goal of using at least 25% of its annual authorizations for such assistance. The Ex-Im Bank must set a goal to maximize the amount financed in certain situations, such as when an international strategic competitor is likely competing against a U.S. exporter for an energy-related contract.
Sponsors: Rep. Curtis, John R. [R-UT-3]
Target Audience
Population: Individuals in countries impacted by the EUROPE Act
Estimated Size: 30000000
- This bill affects countries that are members of mutual defense treaties with the US, such as NATO countries, which predominantly include European nations.
- US domestic policies regarding energy are also impacted, affecting American businesses and workers in the natural gas and oil industries.
- Sanctions imposed on Russia will impact Russian citizens and the Russian economy, which may retaliate, affecting European nations due to their proximity and trade relations.
- Shifts in energy export policies and infrastructure could impact global energy markets and prices, affecting countries dependent on energy imports.
- The bill's focus on clean energy financing through the Export-Import Bank can impact the potential growth of clean energy industries globally.
Reasoning
- This simulation includes a range of individuals from different areas of the US, covering those directly involved in the energy industry as well as consumers who might feel the indirect effects.
- By including people with various occupations and geographical locations, we aim to capture a broad spectrum of opinions and experiences related to the policy.
- The policy's direct impacts are focused on those in the energy sector and industries associated with energy exports, but secondary impacts could be felt by consumers and businesses facing changes in energy costs.
- Some individuals may not be directly affected by the policy but could express opinions based on broader economic or geopolitical considerations.
Simulated Interviews
Energy Sector Executive (Texas)
Age: 45 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 5/20
Statement of Opinion:
- The policy is a boon for our company.
- Expedited approvals will open new markets more quickly.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 9 | 7 |
| Year 5 | 9 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 7 | 6 |
Environmental Scientist (California)
Age: 32 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 3/20
Statement of Opinion:
- I'm concerned about the renewed focus on fossil fuels.
- However, the clean energy financing is a positive aspect.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 8 | 7 |
| Year 10 | 7 | 7 |
| Year 20 | 6 | 7 |
Financial Analyst (New York)
Age: 52 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 3.0 years
Commonness: 4/20
Statement of Opinion:
- This policy could stabilize energy markets in the short term.
- Russian sanctions might lead to volatility, though.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 6 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 7 | 6 |
| Year 20 | 6 | 6 |
Coal Miner (West Virginia)
Age: 60 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 2.0 years
Commonness: 2/20
Statement of Opinion:
- Any emphasis away from coal is worrying for us miners.
- This policy mostly seems to focus on gas, not coal.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 5 | 5 |
| Year 3 | 5 | 5 |
| Year 5 | 4 | 4 |
| Year 10 | 4 | 4 |
| Year 20 | 4 | 4 |
Tech Start-up Entrepreneur (Illinois)
Age: 27 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 4/20
Statement of Opinion:
- Ex-Im Bank's focus on clean energy is very encouraging.
- This might open up new funding avenues for us.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 8 | 6 |
| Year 3 | 8 | 7 |
| Year 5 | 9 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 7 | 6 |
Fisheries Manager (Alaska)
Age: 41 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 2/20
Statement of Opinion:
- I'm worried about the expedited drilling impacting our fisheries.
- We need to balance environmental concerns with energy demands.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 6 |
| Year 2 | 5 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 6 | 6 |
| Year 10 | 6 | 6 |
| Year 20 | 5 | 6 |
Gas Station Owner (Florida)
Age: 29 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 1.0 years
Commonness: 4/20
Statement of Opinion:
- Any changes in energy export policies matter for my business.
- I'm apprehensive about potential price changes.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 5 | 5 |
| Year 3 | 5 | 5 |
| Year 5 | 5 | 5 |
| Year 10 | 5 | 5 |
| Year 20 | 5 | 5 |
Retired (Ohio)
Age: 67 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 2.0 years
Commonness: 8/20
Statement of Opinion:
- Energy bills are a major concern.
- If this policy controls prices, it's a plus, but I'm not very hopeful.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 6 | 6 |
| Year 3 | 6 | 6 |
| Year 5 | 5 | 5 |
| Year 10 | 5 | 5 |
| Year 20 | 5 | 5 |
Government Policy Analyst (Washington)
Age: 38 | Gender: other
Wellbeing Before Policy: 7
Duration of Impact: 7.0 years
Commonness: 3/20
Statement of Opinion:
- The geopolitical implications of these actions are significant.
- We could see shifts in alliances due to energy dependencies.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 7 | 6 |
Oil Rig Worker (Oklahoma)
Age: 48 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 2/20
Statement of Opinion:
- I welcome more drilling opportunities.
- Job security feels stronger with this policy.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 5 |
| Year 10 | 7 | 5 |
| Year 20 | 6 | 5 |
Cost Estimates
Year 1: $200000000 (Low: $150000000, High: $250000000)
Year 2: $200000000 (Low: $150000000, High: $250000000)
Year 3: $200000000 (Low: $150000000, High: $250000000)
Year 5: $210000000 (Low: $160000000, High: $260000000)
Year 10: $220000000 (Low: $170000000, High: $270000000)
Year 100: $250000000 (Low: $200000000, High: $300000000)
Key Considerations
- The balance between increased domestic energy production and environmental concerns is critical for long-term sustainability.
- International relations and trade dynamics with Russia and other energy-producing nations will be essential considerations.
- Impacts of clean energy financing on economic growth and technological advancement require monitoring.
- Changes in energy prices as a result of policy shifts could have far-reaching effects on various economic sectors.