What happened in energy policy on Tuesday?

All eyes were on the presidential election Tuesday, but energy had a big night, too, with some good things coming at the national and local levels. Now that the dust has settled a bit, here are a few highlights:

• Oil prices dip, renewable stocks tank: Donald Trump’s anticipated rollback of burdensome oil and gas regulations affected oil prices yesterday, though foreign policy decisions may lead to price spikes. Mr. Trump may also repeal the subsidy-packed Inflation Reduction Act, which sent solar and wind stocks tumbling; one residential solar stock fell 51%. What does it say about an industry that it fears being unable to survive without billions, maybe trillions, of dollars in subsidies?
• What’s next? After it became clear that Mr. Trump would win reelection, it didn’t take long for speculation on his cabinet picks to begin. Frontrunners for Interior Secretary and/or Energy Secretary are Gov. Doug Burgum (R., ND) and Gov. Mike Dunleavy (R., Alaska). Either would be excellent choices from energy-producing states that understand the barriers the federal government erects to stymie domestic natural resources projects. Perhaps one can lead Energy, the other Interior? One can hope.
• South Dakota: Voters rejected SB 201, a bill regulating carbon dioxide pipelines, through a ballot question with 59.4% of the vote. The bill would make it easier for pipeline companies to build projects by superseding local permitting restrictions. Summit Carbon Solutions plans to reapply for a permit in South Dakota on November 19 regardless of this loss at the ballot box.
• Washington State: Voters in Washington rejected a ballot initiative that would’ve repealed the Climate Commitment Act, which requires “major polluters” to pay for carbon emissions by buying allowances. The number of allowances drops each year. The Washington Policy Center estimates that the program increases gasoline costs between 43 and 53 cents a gallon. Looks like Washingtonians are stuck with high gas prices for a while yet.
• Washington State: However, another initiative, to ensure “access to natural gas in homes and other buildings and repeal a state law requiring plans to transition from the use of natural gas to electricity” seems like it may pass — although it’s still too close to call.

There was surely more going on Tuesday for energy, but on my short list, the future looks pretty bright.