Reliance on overseas solar production has wreaked havoc on the U.S. solar industry at a time when U.S. President Joe Biden has set an ambitious goal to wean the nation’s power sector off of fossil fuels by 2035.
The U.K.'s Energy Profits Levy was met with criticism from oil and gas companies, claiming the bill would reduce production and investment opportunities.
The move comes as President Joe Biden has sought to balance his goals of fighting climate change with calls to increase fuel supplies in the face of soaring prices.
Oil and gas companies said the tax would lead to shrinking investment and, ultimately, less domestic production to underpin Britain’s energy security.
NOIA President Erik Milito discusses the need for policies that enable the development of domestic oil and gas supplies, promote the energy transition and strengthen national security, including a timely leasing program.
The new rules will add gas and nuclear power plants to the EU "taxonomy" rulebook from 2023, enabling investors to label and market investments in them as green.
The release of the proposal by the Biden administration is only the second part of a three-step process to finalize “whether or how many” lease sales will be held in the five-year plan.
Organization’s leader, Paul Ulrich of Jonah Energy, describes for DUG attendees the benefits of advocating for the oil and gas industry and devising solutions, rather than grousing about sage grouse regulations.
"Baker Hughes has been committed to supporting Iraq’s energy needs for decades and we are keen to continue doing so in accordance with local laws and regulations," a Baker Hughes spokesperson said.