Breaking Down Energy and Climate Provisions in the Reconciliation Bill – uschamber.com

by | Aug 4, 2022 | Energy

The U.S. Chamber has been consistent in our view that durable climate policy requires Congressional action, and we’ve thrown our support behind efforts that gained strong bipartisan support, including the Energy Act of 2020, the AIM Act that phases out HFC production and use, and the significant clean energy provisions of the Bipartisan Infrastructure Law. We also believe that a bipartisan “grand bargain” is within reach to both accelerate the clean energy transition and to strengthen our energy security.  Unfortunately, the latest version of the Reconciliation Bill contains tax increases and price controls that stifle American investment and innovation and prevent us from supporting the bill.  While we work to remove these harmful provisions, it is worth noting that there are parts of the bill that will advance progress on climate and energy security, so let’s take a closer look at those. 

Climate progress and energy security are not mutually exclusive, even though they are sometimes treated as such. We can increase American energy production while still lowering emissions. In fact, boosting domestic oil and gas production will help reduce global reliance on foreign sources that have a more significant environmental footprint. While certainly not complete in its scope, the Reconciliation Bill at least acknowledges these benefits by directing the resumption of legally required offshore oil and natural gas leasing and by attempting to ensure continued leasing for both oil and natural gas and for offshore wind. Hopefully, the Biden Administration will be more inclined …

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