Talos Energy President and CEO Tim Duncan said offshore lease sales, which could be restored by the Inflation Reduction Act, are a key component of the company’s Gulf of Mexico strategy.
Private companies produce some 60% of U.S. supply, making Sinema’s private equity amendment to the Inflation Reduction Act more important to fossil fuel finance than the “green bill” description might suggest.
Even window shopping for acreage, or submitting an official expression of interest in an area for potential auction by federal land authorities, would carry a $5 per acre cost if the bill is passed.
"Since this administration wants to advance only wind and solar, the bill would force them not to neglect oil and natural gas," the Western Energy Alliance's Kathleen Sgamma said in regards to the U.S. Senate's proposed spending bill.
Under a deal announced by Senator Chuck Schumer, the 200,000-vehicle per manufacturer cap on the $7,500 electric vehicle (EV) tax credit would be lifted and a new $4,000 used EV tax credit adopted.
The areas in the Gulf of Mexico are located off the coast of Galveston, Texas, and off the coast Lake Charles, La., the Bureau of Ocean Energy Management says.