Good to see some of this stuff is actually getting codified into law.
It appears that the US is back on track, assuming the Senate concurs, to strive for energy independence. The regulations for drilling & refining for oil in this nation make our energy production the cleanest energy production in the world. Passed in the House on Sunday is legislation that will open up more drilling for both natural gas and oil. The bill also sets aside money for refilling the Strategic Petroleum Reserve, which was drained prior to the 2 most recent elections to deflate gasoline prices.
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It appears that the US is back on track, assuming the Senate concurs, to strive for energy independence. The regulations for drilling & refining for oil in this nation make our energy production the cleanest energy production in the world. Passed in the House on Sunday is legislation that will open up more drilling for both natural gas and oil. The bill also sets aside money for refilling the Strategic Petroleum Reserve, which was drained prior to the 2 most recent elections to deflate gasoline prices.
House budget package expands pro-energy initiatives, reversing Biden policies
(The Center Square) – Energy policies included in the U.S. House budget reconciliation package represent a “significant shift in U.S. energy policy,” those in the Texas energy sector argue.
The policies include expanding federal fossil fuel leasing, reducing royalty rates, streamlining the permitting process, repealing so-called clean energy incentives, refilling the Strategic Petroleum Reserve and delaying the Methane Emissions Reduction Program (MERP).
The proposals were included in the energy sections of the House Ways and Means Committee and House Natural Resources Committee packages, including prioritizing expanding fossil fuel production, TIPRO notes. The sections were included in the package before the House Budget Committee, which failed to advance it on Friday.
TIPRO and others have called for prioritizing domestic energy production, expanding critical infrastructure, including LNG ports and pipelines, protecting key tax provisions essential to the industry, among other priorities.
Included in the House package is a requirement for at least 30 oil and natural gas lease sales to be made on federal land and in the Gulf of America over the next 15 years. In Alaska, it requires six lease sales for Cook Inlet and authorizes leasing to begin in the National Petroleum Reserve and Arctic National Wildlife Refuge. It also reinstates quarterly onshore oil and gas lease sales, generating an estimated $12 billion in revenue, TIPRO notes.
House energy proposals also reduce royalty rates to 12.5% for onshore and offshore drilling, down from 16.67% and 18.75%, respectively, and put processes in place to increase permitting approvals for energy projects.
House Republicans also repealed provisions of the Inflation Reduction Act, including clean energy incentives that provided tax credits for electric vehicles and renewable energy projects. They also curtailed the hydrogen production credit and expired “technology neutral” clean energy credits by 2031, TIPRO notes.
The House proposal also allocated $1.5 billion to replenish the SPR and delayed MERP by 10 years. . . .