Presented by:
Subscribe to receive notifications about new Energy Policy Watch episodes.
This year is proving especially critical for the U.S. oil and gas industry with the budget reconciliation bill moving through the House, which could be harmful to oil and gas companies and the economy more broadly.
U.S. Rep. Kevin Brady (R-Texas, 8th) recently joined Jack Belcher on Energy Policy Watch for a discussion on the budget reconciliation bill, including a repeal of oil and gas tax incentives plus unprecedented tax hikes.
The White House is proposing $145 billion of tax hikes, which according to Brady, land on everyone within the industry, from the smallest producers to all the way up the chain.
“If we are not able to stop those tax hikes, at the end of the day, what we’ll see obviously up to a million jobs lost in the oil and gas industry sector,” he said. “Secondly, you’re going to see higher fuel prices and, no doubt, more reliance on foreign sources from Russia and the Middle East.”
On a more positive note, Brady also spoke about carbon capture incentives adding that he is hopeful on finding common ground that allows the U.S. to make affordable energy cleaner rather than the current thinking in Washington, which is to “drive up the prices of energy on everyone and then kill off the oil and gas jobs.”
“That seems to be the prevailing wisdom but there’s a smarter way to address greenhouse-gas emissions while keeping jobs and affordable energy,” he said.
Topics:
- Reconciliation bill moving quickly (1:50)
- Tax proposals that affect oil and gas (2:45)
- Repeal of oil and gas tax incentives (3:55)
- Carbon and/or methane tax? (5:40)
- Unprecedented tax hikes (7:40)
- “Pre-conference” bill (9:25)
- How about the Senate (10:55)
- Advice to the industry (12:50)
- Any positive developments? (14:10)
Energy Policy Watch is a partnership between Hart Energy and Cornerstone to bring regular video updates on legislative and regulatory actions affecting the energy industry. Guests range from key representatives or congressional staff to relevant cabinet-level officials and executive branch personnel. View More Energy Policy Watch Episodes Here.
Recommended Reading
Bezos Slams Biden’s Call for Gasoline Stations to Cut Prices
2022-07-05 - Amazon.com Inc. founder Jeff Bezos has locked horns with Biden’s administration in the past. In May, he accused Biden of misleading the public and blamed his administration for a spike in inflation.
Dicey Long-term Natural Gas Outlook Stifles LNG Investment
2022-04-25 - Uncertainty hovers over long-term natural gas demand forecasts, particularly in Europe, says Bechtel executive.
OTC 2022: Diversity Failures are Hurting the Bottom Line
2022-05-03 - Attracting and retaining women in the oil and gas workforce is key to ensuring different perspectives in the executive ranks, which results in higher profitability, say diversity leaders.
Outstanding in Her Oil Field: The Networking Challenge of an Isolated Engineer
2022-06-27 - How does an asset development and completion operation expert connect with others like her when there are so few like her?
Climate Activist Sees More Shareholders Pressing ConocoPhillips on Emissions
2022-04-13 - A new measure calling for emission cuts on the ballot at ConocoPhillips’ annual meeting on May 10 will test just what type of climate detail investors expect the company to divulge, a thorny question also facing other top energy firms.