Why energy will have a starring role if Democrats take Congress
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President Trump's energy policies and investment deals could become major targets of Democratic investigations if the party wins control of either chamber of Congress.
Why it matters: Congressional probes could expose new details about the administration's dealings with major companies and foreign governments.
What they're saying: House Democrats are likely to take a "shotgun" approach of "throwing everything out there and then seeing what sticks in the realm of popular opinion," TD Cowen analyst John Miller said via email.
- Democrats will be looking for agencies that exceeded their authority, deals involving administration officials' families, or both, Miller said.
The big picture: Scratch the surface of Democrats' biggest potential oversight targets, and energy is everywhere.
Russia. Trump's dealings with Moscow will again be front and center — and so will the energy dimension.
- Democrats in both chambers are likely to investigate Trump's diesel deal with Moscow, which they claim violates a 2022 law barring imports of Russian fuels.
- The inquiries could also extend to U.S. banks and ports, which lawmakers have already warned could face congressional investigation.
Venezuela. "We expect Venezuela to be the subject of a number of inquiries," RBC Capital Markets analysts said in a note.
- Democrats have already raised questions about whether any oil companies knew about plans to depose Nicolás Maduro.
- Investigations could also examine the legality of the Pentagon's 35% stake in the corporate parent North American Blue Energy Partners and the terms of the deal, the note states.
The Iran war. High gasoline and diesel prices give Democrats another reason to scrutinize the decision to attack Iran, especially if pain at the pump persists.
- Sens. Sheldon Whitehouse (D-R.I.) and Elizabeth Warren (D-Mass.) have already pressed major oil and gas companies about their profits during the conflict.
AI and data centers. Wider and intense oversight of AI will touch on data centers' energy use and power costs — a topic various Democrats have already been probing.
- The House Energy and Commerce Committee, with its expansive jurisdiction, will be the "center of gravity" on data centers, according to Alyssa DaCunha, who co-chairs the congressional investigations practice at the law firm WilmerHale.
- Oversight could also extend to Trump administration efforts to spur data center development on federal lands amid the public backlash.
Investments and family ties. "We ... expect congressional reviews of the government's equity stakes in several critical mineral firms," RBC analysts write.
- Democrats in both chambers are very interested in how the deals may benefit the families of President Trump and Commerce Secretary Howard Lutnick.
Offshore wind deals. Several panels are poised to investigate Interior Department agreements to pay energy companies to relinquish offshore leases and redirect investment into fossil fuels.
- Rep. Jared Huffman (D-Calif.), who would head the Natural Resources Committee, has signaled plans. So has Rep. Chellie Pingree (D-Maine), the top Democrat on the Appropriations panel that oversees Interior.
- Rep. Jamie Raskin (D-Md.), who's likely to get the powerful Judiciary Committee gavel, has called it illegal, while Whitehouse, who's in line for Senate Judiciary if Dems retake, has also raised legal concerns.
What they're saying: "The Democrats are already telegraphing that, once again, they have no agenda to improve the lives of Americans and will instead continue their decade-long obsession with investigating President Trump," White House spokesperson Taylor Rogers said in a statement.
What we're watching: Political space for legislation beyond messaging bills will be limited but not completely absent.
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