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With the Build Back Better Act dead in the Senate, what is the likelihood that certain provisions in the bill, such as the 45Q tax credit for carbon capture use and storage (CCUS), will be able to move forward? 

“It is the million-dollar question—It’s what everybody is talking about here in Washington,” said Erik Milito, president of the National Ocean Industries Association (NOIA).

Milito recently joined Cornerstone’s Jack Belcher on the latest installment of Energy Policy Watch to discuss a number of recent legislative and regulatory developments, including the signing into law of the bipartisan infrastructure package late last year. Language in the new law provides the Department of the Interior with the authority to permit CCUS projects in federal waters.

“There’s been a lot of excitement about the promise that the Gulf of Mexico holds—the Gulf is home to companies that have the engineering expertise to be able to develop and establish an emerging CCUS hub here in the U.S. in Houston along the Gulf Coast,” he said.

NOIA, which represents the offshore oil, gas, wind and ocean minerals industries, recently released a policy paper, Carbon Capture, Use, & Storage: An Economic, Employment, & Climate Opportunity for the U.S Offshore Region, that details advantages that the deployment of CCUS in the U.S. Gulf of Mexico could provide in reducing emissions and addressing climate change.

During the interview, which took place prior to the recent vacatur and remand by a federal court of the November lease sale, Milito also spoke about the importance of the federal oil and gas leasing program. His wide-ranging discussion also included insight on direct air capture, the potential CCUS hub plus how the stars have aligned for offshore wind in the U.S.

Jump to a topic:

  • Build back better act (1:30)
  • Bipartisan energy policies (4:20)
  • Infrastructure package (5:35)
  • CCUS tipping point (9:20)
  • Geopolitics and energy (11:45)
  • America’s energy independence (15:40)
  • Offshore oil and gas policies (19:05)
  • November lease sale (23:35)
  • Offshore wind (25:10)
  • Balanced approach to climate change (28:10)
  • Addressing high commodity prices (33:35)

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.