Few details were available, though news reports said the deal to avoid defaulting on the national debt also provides modest changes to the National Environmental Policy Act and protects tens of billions of dollars for clean energy.
Most of the EU introduced various measures to mitigate the impact of soaring energy prices last year.
The existing license was first granted in 2019 to Halliburton Co., Schlumberger NV, Baker Hughes Co., Weatherford International LLC and Chevron Corp.
President Biden said the waivers will support the domestic projects needed to achieve climate change goals.
The $11 billion in grants and loans for rural electric cooperatives, utilities and other energy providers will be funded by the money allotted in the Inflation Reduction Act.
Stock buybacks continue to be a robust part of energy companies’ capital-return-to-investors strategy which experts see as a sign of the industry’s maturity and move toward retiring large portions of its market share.
To have a successful energy transition and deliver succinct, clear and achievable regulations, policymakers must lend an ear to the industry experts.
Shares of Australian LNG producers rose on May 8 after the government adopted changes to petroleum tax to ensure growth projects were not impacted.
DNV report says electrification will dominate road transport, but fossil fuel use will continue in other areas.
Midstream companies are attempting to wrap new CCS business models around their existing organizations to take advantage of lucrative tax incentives created by the Inflation Reduction Act.