The requests come as Democrats seek to pass a massive budget reconciliation bill, some of which fossil fuel interests oppose because they could add costs to drilling and mining.
The project propose an incentive scheme based on increased approvals for oil and gas exports, and boosting access to foreign exchange markets—now hindered by capital controls.
Here’s why even oil and gas producers that support cracking down on emissions are up in arms over a proposal to tax American methane pollution.
U.S. Rep. Kevin Brady (R-Texas, 8th) joins Jack Belcher on Energy Policy Watch for a discussion on the budget reconciliation bill, which could include “unprecedented” tax hikes on the oil and gas industry.
Democrats on the panel have proposed $31 billion of measures to be included in a $3.5 trillion budget “reconciliation” package, which contains several items hotly opposed by many Republicans such as repealing the oil leasing program in Alaska’s Arctic National Wildlife Refuge.
Norway is western Europe’s largest oil and gas producer and companies operating on the Norwegian continental shelf include Equinor, Shell, TotalEnergies, ConocoPhillips, as well as Aker BP and Lundin Energy.
The office of House Natural Resources Chairman Raul Grijalva released legislation that repeals the Arctic National Wildlife Refuge (ANWR) oil and gas program.
Schumer said in a letter to fellow lawmakers that climate measures in the $1 trillion bipartisan infrastructure bill and a $3.5 trillion bill 24 will achieve emissions reductions of about 45% by 2030.
The White House is concerned the Democrats’ proposal will raise prices on a host of consumer goods and conflict with Biden’s pledge not to tax any American earning less than $400,000 per year, sources say.