National Security Law Today

Oil, Gas, and the Shifting Balance of Power with Elaine Levin

From OPEC cartels to U.S. shale revolutions, energy markets have long stood at the center of global power struggles. This week, Elisa is joined by Elaine Levin, energy markets expert and president of Powerhouse, to unpack today’s oil and gas landscape—examining U.S. refining bottlenecks, political pressures on production, and how rising demand from AI, China, and India is reshaping the global energy map.Elaine Levin is President of PowerhouseReferences:The One Big Beautiful Bill ActCalifornia SB-237 NSLT Ep. 196, "News Roundup – Energy Crisis, Switching to Renewables, and Chinese Hypersonic Missiles"NSLT Ep. 386, "Tariffs on Trial: IEEPA and the Limits of Executive Power"Simmons, Matthew R. Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy. Wiley, 2006Disclaimer: This material has been prepared by a sales or trading employee or agent of Powerhouse Brokers LLC, and is, or is in the nature of, a solicitation. This material is not a research report prepared by Powerhouse Brokers, LLC. By accepting this communication, you agree that you are an experienced user of the futures markets, capable of making independent trading decisions, and agree that you are not, and will not, rely solely on this communication in making trading decisions. DISTRIBUTION IN SOME JURISDICTIONS MAY BE PROHIBITED OR RESTRICTED BY LAW. PERSONS IN POSSESSION OF THIS COMMUNICATION INDIRECTLY SHOULD INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH PROHIBITION OR RESTRICTIONS. TO THE EXTENT THAT YOU HAVE RECEIVED THIS COMMUNICATION INDIRECTLY AND SOLICITATIONS ARE PROHIBITED IN YOUR JURISDICTION WITHOUT REGISTRATION, THE MARKET COMMENTARY IN THIS COMMUNICATION SHOULD NOT BE CONSIDERED A SOLICITATION. The risk of loss in trading futures and/or options is substantial and each investor and/or trader must consider whether this is a suitable investment. Past performance, whether actual or indicated by simulated historical tests of strategies, is not indicative of future results. Trading advice is based on information taken from trades and statistical services and other sources that Powerhouse Brokers, LLC, believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades.

Revisiting FISA Section 702 Debate with Josh Geltzer and Glenn Gerstell

With FISA Section 702 up for reauthorization in 6 months, we’re revisiting the basics of this contested surveillance authority. In this extended episode, Elisa first speaks with Josh Geltzer, former Deputy Assistant to President Biden and Deputy Homeland Security Advisor with the National Security Council, to break down what 702 is and why it’s so controversial. Afterwards, Elisa is joined by Glenn Gerstell, former General Counsel at the National Security Agency, to discuss 702’s value, past reform efforts, and what the future may hold. Note: these conversations were recorded in Fall 2023 and reflect the context of the prior administration.Joshua Geltzer is Partner at WilmerHale, and former Deputy Assistant to President Biden and Deputy Homeland Security Advisor with the National Security CouncilGlenn Gerstell is a Senior Advisor with The Center for Strategic and International Studies (CSIS), and former general counsel of the National Security Agency.References:FISA Section 702 Resource Page (ABA) FISA Section 702 Overview (DNI)Report on the Surveillance Program Pursuant to Section 702 of the Foreign Intelligence Surveillance Act, PCLOB 2023HPSCI FISA Section 702 Report, November 2023E.O. 12333S.3351, FISA Reform and Reauthorization Act of 2023S.1265, Fourth Amendment Is Not For Sale ActH.R. 6570, Protect Liberty and End Warrantless Surveillance Act of 2023

Tariffs on Trial: IEEPA and the Limits of Executive Power

The Supreme Court has agreed to hear the case challenging the use of emergency powers to impose sweeping tariffs—setting the stage for a ruling that could reshape U.S. trade policy. This week, Elisa is joined by David Ross and Kelly Dunbar of Wilmer Hale to break down the Federal Circuit’s recent decision in V.O.S. Selections, Inc. v. Trump. Together, they examine how the International Emergency Economic Powers Act (IEEPA) was invoked in defense of tariffs, the constitutional questions over Congress’s authority to tax and regulate commerce, and why the major questions doctrine may be pivotal as the case moves forward.David J. Ross is Partner and Chair of International Trade, Investment and Market Access Practice Group at Wilmer HaleKelly P. Dunbar is Partner in Government & Regulatory Litigation and Appellate & Supreme Court Litigation Practice Groups at Wilmer HaleReferences:IEEPA Tariff Litigation: What You Need to Know About the Federal Court Decisions Threatening the Trump Administration's Tariff Agenda. V.O.S. Selections, Inc. v. TrumpEO 14193 EO 14194 EO 14195 EO 13257 Tariff Act of 1930, 19 USC 1338(a)Trade Act of 1974,19 USC 2132

The Alaska Summit: Inside Russia’s War and Putin’s Next Chapter with Rob Dannenberg (Part 2)

The aftermath of President Trump’s meeting with Vladimir Putin continues to raise difficult questions. In Part 2 of this two-part episode, Elisa is joined again by Rob Dannenberg—former CIA officer and two-time Moscow Station Chief—to look beyond the summit table. Together, they explore Ukraine’s bold Operation Spiderweb, the controlled flow of information shaping what Russians know about the war, and how long Putin’s hold on power may endure. The conversation closes on a lighter note, as Rob draws from his new cocktail book, A Spy Walked into a Bar: A Practitioner’s Guide to Cocktail Tradecraft.Robert Dannenberg worked in the Central Intelligence Agency for 24 years, including as Chief of Operations for the Counter Terrorism Center, Chief of the Central Eurasia Division and Chief of the CIA’s Information Operations Center. He then served as the head of the Office of Global Security for Goldman Sachs.References: Dannenberg, Rob. “It’s Time to Show Putin that the U.S. Is Serious.” The Cipher Brief, 24 August 2025. The Cipher Brief.Dannenberg, Rob. A Spy Walked into a Bar: A Practitioner’s Guide to Cocktail Tradecraft. Ci4 Publishing, 21 June 2025 Sanctioning Russia Act of 2025

The Alaska Summit: Trump, Putin, and the Future of Ukraine (Part 1)

Days after President Trump’s meeting with Vladimir Putin, questions remain: what was gained, what was conceded, and what does it mean for Ukraine? In Part 1 of this two-part episode, Elisa is joined by Rob Dannenberg—former CIA officer and two-time Moscow Station Chief—to examine the dynamics of the Alaska summit. They discuss Putin’s shifting demands, Trump’s rejection of a ceasefire in favor of a permanent peace, and the risks of negotiating with one of the world’s most seasoned strongmen. Robert Dannenberg worked in the Central Intelligence Agency for 24 years, including as Chief of Operations for the Counter Terrorism Center, Chief of the Central Eurasia Division and Chief of the CIA’s Information Operations Center. He then served as the head of the Office of Global Security for Goldman Sachs.References: Dannenberg, Rob. “It’s Time to Show Putin that the U.S. Is Serious.” The Cipher Brief, 24 August 2025. The Cipher Brief.Dannenberg, Rob.A Spy Walked into a Bar: A Practitioner’s Guide to Cocktail Tradecraft.Ci4 Publishing, 21 June 2025Sanctioning Russia Act of 2025