** The climate and tax spending deal announced last week by Senate Majority Leader Chuck Schumer and Senator Joe Manchin could cost billions in new taxes. The legislation, which may get a Senate vote as soon as this week, would reinstate and increase a long-lapsed tax on crude and imported petroleum products to 16.4 cents per barrel, according to a summary of the plan released Sunday by the Senate’s tax-writing committee.
** Now that Senator Joe Manchin is on board with a $433 billion tax and climate bill, Democrats, Republicans and the private equity industry all are trying to suss out where Senator Kyrsten Sinema stands.
** Electric vehicle (EV) owners could reap the benefits from the stunning deal on climate change and healthcare reached last week between Senator Joe Manchin and Senate Majority Leader Chuck Schumer in order to fight inflation — the Inflation Reduction Act of 2022.
** Republican Sen. Pat Toomey of Pennsylvania says Democratic Sen. Joe Manchin “got taken to the cleaners” in negotiations over a new climate and tax bill.
** An Illinois congressman wants to know why the nation’s leading consumer protection agency has not established safety standards or provided warnings to consumers on the health risks that he and at least two major studies believe come with the air pollutants emitted from popular gas stoves.
World
** India’s largest gas distributor GAIL (India) Ltd has started gas rationing, cutting supplies to fertiliser and industrial clients after imports were hit under its deal with a former unit of Russian energy giant Gazprom, two sources familiar with the matter said.
** Germany’s presidential palace in Berlin is no longer lit at night, the city of Hanover is turning off warm water in the showers of its pools and gyms, and municipalities across the country are preparing heating havens to keep people safe from the cold. And that’s just the beginning of a crisis that will ripple across Europe.
** Europe’s natural gas crisis is moving from a “bad” to “ugly” scenario, according to Bank of America. A shortage of gas as Russia slashes flows could mean winter stockpiles could be insufficient.