The massive climate proposals included in Democrats' reconciliation package have pros and cons for the oil and gas industry in Texas.
Final version reflects moderates’ push to blunt impact on industry that’s a key driver of the state’s economy.
Senate Minority Leader Mitch McConnell, R-Ky., repeatedly criticized the bill’s natural gas provisions on the floor this week, saying gas remains a primary source of U.S. power generation. Methane packs significantly more planet-warming punch than carbon dioxide while also dissipating from the atmosphere much more quickly, a combination that means reducing methane emissions is a relatively easy way to make rapid progress on climate change.When the bill was first introduced, Fletcher and several other House Democrats raised concerns about the energy-related provisionsThe new methane fee was one of the primary areas that drew additional protests from three of those Texans: Reps.
The methane fee also is based on individual operators instead of a relying on a basin-wide assessment. Fletcher said the previous approach would have penalized companies already addressing methane waste. Fletcher said carbon capture technology is promising but the market hasn’t yet developed to justify widespread adoption.
During that call, company CEO Darren Woods touted the potential benefits from federal support of low-carbon solutions such as clean hydrogen and carbon capture. Sen. Ted Cruz, R-Texas, criticized the bill in a statement, saying the energy-related taxes violate President Joe Biden’s pledge to avoid raising taxes on the middle class.
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