President Joe Biden is marking Earth Day by announcing $7 billion in federal grants to provide residential solar projects serving 900,000-plus households in low- and middle-income communities.
That’s part of the Inflation Reduction Act. In the Treasury Department’s Green Book, under the heading “eliminate fossil fuel tax preferences,” 13 current-law provisions will be repealed or replaced, raising $31 billion over 10 years. Additionally, the document details $66 billion of tax increases on the foreign income of U.S. oil and gas companies, costing the industry $97 billion.
I agree that Willow was a disappointment at first. They had existing leases, so they would’ve gotten the license with a subsequent lawsuit regardless. As part of the license agreement, the lease was reduced by a third, and they were required to forgo 68,000 acres of existing leases, which Biden recently included in the new 13 million acre reserve. Overall it was a big step back, and a bigger step forward.
In regards to climate change, the amount of oil extracted is not as impactful as the amount of land reclaimed. Each drilling site leased creates more CO2, and endangers more wildlife.
That’s part of the Inflation Reduction Act. In the Treasury Department’s Green Book, under the heading “eliminate fossil fuel tax preferences,” 13 current-law provisions will be repealed or replaced, raising $31 billion over 10 years. Additionally, the document details $66 billion of tax increases on the foreign income of U.S. oil and gas companies, costing the industry $97 billion.
https://www.vox.com/climate/24098983/biden-oil-production-climate-fossil-fuel-renewables
Massively increased drilling. You’ll blame Trump, but this is all Biden.
I agree that Willow was a disappointment at first. They had existing leases, so they would’ve gotten the license with a subsequent lawsuit regardless. As part of the license agreement, the lease was reduced by a third, and they were required to forgo 68,000 acres of existing leases, which Biden recently included in the new 13 million acre reserve. Overall it was a big step back, and a bigger step forward.
https://www.npr.org/2024/04/20/1246085825/biden-restricts-alaska-oil-gas-leasing-reserve
It was a big step back. I disagree that the step forward mitigates it with anywhere near the significance you’re ascribing to it.
In regards to climate change, the amount of oil extracted is not as impactful as the amount of land reclaimed. Each drilling site leased creates more CO2, and endangers more wildlife.
We can agree to disagree.
Let’s.