Climate bill's unlikely beneficiary: oil and gas industry
The climate measure President Joe Biden signed bypasses the administration's concerns about emissions and guarantees new drilling opportunities.
Stay updated with breaking news from Brian Prest. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
The climate measure President Joe Biden signed bypasses the administration's concerns about emissions and guarantees new drilling opportunities.
The U.S. oil industry hit a roadblock in January when a judge struck down a $192 million lease sale in the Gulf of Mexico. The setback was short-lived.
The legislation mandates several oil and gas lease sales. It also locks renewables and fossil fuel together for 10 years. So if the Biden administration wants solar and wind, it must first offer new oil and gas leases.
The package would mandate continued oil and gas leasing on public lands and waters if the federal government wants to lease for wind and solar. That will
The fee is thought to be the first in the world and is likely to at least halve the oil and gas sector's methane leakage rate