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The Federal Trade Commission has banned Hess Corp. CEO John Hess from Chevron‘s board as a condition for the oil companies’ $53 billion merger to move forward.

The FTC on Monday alleged that Hess encouraged OPEC representatives to draw down inventories, which would result in higher oil prices.

“Mr. Hess’s communications with competitors about global oil output and other dimensions of crude oil market competition disqualify him from serving on Chevron’s Board of Directors,” Henry Liu, director of the FTC’s Bureau of Competition, said in a statement Monday.

Hess said the FTC concerns are without merit, describing the CEO’s communications with OPEC as consistent with statements he has made to the U.S. government.

Hess Corp. and Chevron, however, have agreed that they will not appoint Hess to the board in order to facilitate the completion of the merger, according to the companies. Hess will serve as an advisor to Chevron on government relations and “social investments” in Guyana.

The FTC’s decision to allow the deal leaves the companies’ dispute with Exxon Mobil as the final hurdle for the transaction to close. Exxon has filed claims with an arbitration panel claiming a right of first refusal over Hess’ lucrative oil assets in Guyana.

If the arbitration panel rules in Exxon’s favor, the Chevron-Hess deal will not close. Chevron and Hess have said they are confident that panel will rule in their favor.

This is a developing story. Please check back for updates.

A handful of states have rolled out rebates to consumers who make their homes more energy-efficient, just months after New York became the first state to do so, in May.

Meanwhile, South Dakota officials in August declined the federal funding, which is tied to two new programs created by the Inflation Reduction Act, a landmark climate law enacted in 2022.

The IRA earmarked $8.8 billion for consumers via two Home Energy Rebates programs.

Consumers can access up to $8,000 of Home Efficiency Rebates, and up to $14,000 of Home Electrification and Appliance Rebates.

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Together, the two rebate programs aim to defray — or in some cases fully offset — the cost of retrofitting homes and upgrading appliances to be more energy-efficient. Such tweaks can help consumers cut their utility bills while also reducing planet-warming carbon emissions, officials said.

The two programs have varying rules that determine which consumers are eligible and how much money they can access. In some cases, rebates will depend on household income and a home’s overall energy reduction.

Nearly every state has indicated it will launch a rebate program for residents, according to a U.S. Department of Energy spokesperson.

State officials had an August deadline to officially decline the federal funds. They have a Jan. 31, 2025 deadline to submit a program application to the DOE.

South Dakota is the only state so far to have signaled publicly that it won’t administer the rebates.

“With good faith, we did look into this,” Jim Terwilliger, commissioner of the South Dakota Bureau of Finance and Management, said during a July 30 appropriations hearing. “We just don’t believe that it’s the right thing for South Dakota.”

New York launched the first phase of its rebates May 30.

Five others — Arizona, Maine, New Mexico, Rhode Island and Wisconsin — have since launched rebate programs, too, according to U.S. Department of Energy data as of Sept. 24.

“I’m expecting more and more to roll out,” said Kara Saul-Rinaldi, president and CEO of AnnDyl Policy Group, a consulting firm focused on climate and energy policy.

Many more states, as well as Washington, D.C., have submitted applications or had them approved, according to DOE data: California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Michigan, Minnesota, New Jersey, New Hampshire, Massachusetts, North Carolina, Oregon, Tennessee, Vermont, Washington and West Virginia.

Together, these 26 states plus the District of Columbia have applied for $4 billion in total funding so far, the DOE said.

The rebates are a new program, and “complex government programs like these take time and coordination to set up,” according to a DOE spokesperson.

“The Inflation Reduction Act put states in charge of designing and implementing Home Energy Rebate programs that fit their local needs,” the spokesperson wrote in an e-mail. “As each state has different resources and capabilities, each state’s timeline will be different.”  

States had an Aug. 16, 2024 deadline to officially decline the funds.

“We don’t think the administrative burden and the expense of administering a program like that is the appropriate thing to do, and we generally disagree with the policy,” Terwilliger, of the South Dakota Bureau of Finance and Management, said in a July hearing.

The Inflation Reduction Act allows states to use up to 20% of its funding for administrative purposes.

Fifty-one states and territories have applied to DOE for early administrative funding, the agency said.

The $68.6 million of federal money that had been set aside for South Dakota rebates will be redistributed among participating states.

Fury also noted this isn’t the first time South Dakota has rejected federal spending. It was the only state to reject extended unemployment benefits in 2020 during the Covid-19 pandemic, Fury said.

The Green New Deal is a climate-change policy initiative supported by congressional Democrats starting around 2019. Bipartisan legislation to create an energy rebate program had existed almost a decade earlier, like the Home Star Energy Retrofit Act in 2010.

The concept of consumer rebates tied to energy efficiency “predates the Green New Deal by many years,” said Saul-Rinaldi.

Now, Florida is preparing for a soft launch of the rebate programs in late 2024 and a full launch in early 2025, according to information on a state website.

A spokesperson for the Department of Agriculture and Consumer Services didn’t return a request for comment on the change in position.

Many are rolling them out in phases. For example, New Mexico is starting by offering a $1,600 rebate for low-income consumers in single-family homes who buy insulation from a participating retailer.

Similar to other states, qualifying New Mexico residents will be able to later access additional rebates such as:

• $8,000 for an ENERGY STAR-certified electric heat pump for space heating and cooling;
• $4,000 for an electrical panel;
• $2,500 for electrical wiring;
• $1,750 for an ENERGY STAR-certified electric heat pump water heater;
• $1,600 for air sealing; and
• $840 for an ENERGY STAR-certified electric heat pump clothes dryer and/or an electric stove.

Consumers and contractors should consult their state energy department website to learn more about their specific programs and eligibility, Saul-Rinaldi said.

The U.S. Energy Department suggests households don’t wait to accomplish necessary home energy upgrades or projects if their state hasn’t formally rolled out rebates. They may be eligible for other federal programs, “including tax credits, the Weatherization Assistance Program, and other state, local, and utility programs,” the agency said.

U.S. crude oil prices are on pace for a third monthly loss in a row in September as rising supplies from OPEC+ and weak demand in China haunt the market.

The U.S. benchmark has declined more than 7% for the month, while global benchmark Brent has fallen about 9%.

“Oil markets are experiencing a panic attack,” Amarpreet Singh, energy analyst at Barclays, told clients in a Friday note. “Balances are set to loosen next year, but concerns are likely overdone.”

Barclays expects Brent to average $85 in 2025.

Here are Monday’s energy prices:

• West Texas Intermediate November contract: $68.23, up 5 cents, or 0.07%. Year to date, U.S. crude oil has fallen nearly 5%.
• Brent November contract: $71.69 per barrel, down 29 cents, or 0.4%. Year to date, the global benchmark has declined nearly 7%.
• RBOB Gasoline October contract: $1.954 per gallon, up 0.05%. Year to date, gasoline has pulled back about 7%.
• Natural Gas November contract: $2.896 per thousand cubic feet, down 0.21%. Year to date, gas has gained about 16%.

Oil prices remain under pressure in part because OPEC+ plans to begin increasing production in December, and as demand in China, the world’s largest crude importer, remains soft.

Prices are finding little support from red hot tensions in the Middle East even after Israel killed Hezbollah leader Hassan Nasrallah in an airstrike in Beirut on Friday. The Netanyahu government is pummeling the Iran-backed militia group, with concerns growing that Israel might launch a ground operation in Lebanon.

“We believe that this price action reflects that the geopolitical risk premium remains limited [amid] market expectations of potentially higher oil supply” from Libya and Saudi Arabia, Daan Struyven, head oil analyst at Goldman Sachs, told clients in a Sunday note.