A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Environmental Protection Agency relating to "Air Plan Disapproval; Colorado; Regional Haze Plan for the Second Implementation Period".

S.J.Res.139 is a joint resolution of disapproval under the Congressional Review Act targeting an EPA rule published January 26, 2026 (91 Fed. Reg. 3048) that disapproved Colorado's regional haze plan for the Second Implementation Period. The bill was introduced March 19, 2026 by Sen. Bennet (D-CO) with cosponsors Sens. Whitehouse (D-RI) and Hickenlooper (D-CO). It was discharged from the Senate Environment and Public Works Committee by petition on the same day and placed on the Senate Legislative Calendar (Calendar No. 364). The bill is currently at early floor stage, requiring a simple majority vote in the Senate and House passage before presidential approval. The money trail: This is a regulatory relief bill, not a spending authorization. The mechanism is elimination of compliance capital costs that would have been imposed under the disapproved EPA rule. The primary obligated parties are energy producers and industrial manufacturers in Colorado that would have needed to install emission control equipment (e.g., selective catalytic reduction systems, baghouses, continuous monitoring) and limit operations to meet haze reduction targets. By nullifying the rule, these companies avoid millions in retroactive compliance costs. Structural winners: Midstream operators with significant Colorado infrastructure (KMI, EPD) benefit from avoided throughput constraints and retrofitting costs. Upstream operators in the DJ Basin (XOM via XTO, CVX) avoid production limitations and emission control capex. Refiners with Rockies market exposure (PSX, VLO) avoid supply chain disruptions and compliance overhead. The recent Apr 20 Presidential Memoranda under DPA Section 303 accelerating natural gas transmission, petroleum production, and coal supply chains add a powerful tailwind — these executive actions directly amplify the bill's deregulatory impact by stimulating investment in the same sectors. Real market data context: Energy stocks have been under pressure over the trailing 30 days (XOM -11.95%, CVX -10.79%, PSX -12.3%, VLO -5.52%) amid broader market volatility, but the recent 7-day period shows stabilization and modest gains (XOM +0.71%, CVX +1.09%, PSX +2.79%, VLO +2.52%). Midstream names have held better (EPD 30-day -2.06%, KMI -6.58%). The bill's impact is incremental — it removes a specific regulatory headwind for Colorado operators but does not transform sector economics. Timeline: The bill must pass the Senate (simple majority), then the House (simple majority), then be signed or vetoed by the President. Sen. Bennet is a Democrat from a state that would benefit directly; bipartisan support exists. However, the Democratic Senate majority and White House may oppose broad CRA rollbacks of environmental rules. Passage probability is moderate — the bill's status on the calendar gives it a path to floor action, but competing priorities may delay a vote.