Climate bill’s unlikely beneficiary: U.S. oil and gas industry

  • 📰 denverpost
  • ⏱ Reading Time:
  • 70 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 31%
  • Publisher: 72%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

While the Inflation Reduction Act concentrates on clean energy incentives that could drastically reduce overall U.S. emissions, it also buoys oil and gas interests by mandating leasing of vast areas of public lands and off the nation’s coasts.

The measure’s critics say that’s holding renewables hostage unless the fossil fuel industry gets its way. Some accuse Biden and Democrats of abandoning pledges to confront the industry.

In Louisiana’s St. James Parish, where petrochemical plants dominate the landscape, environmental justice activist Sharon Lavigne said the legislation will allow pollution from fossil fuels to keep harming her community. U.S. District Judge Terry Doughty in Lake Charles, Louisiana blocked Biden’s order nationwide last year. A federal appeals court Wednesday struck down Doughty’s ruling, then Thursday he issued a new injunction saying lease sales can’t be stopped in the 13 states that opposed Biden’s policy.

A United Nations report before Biden took office warned that the U.S. and other nations need to sharply decrease investments in oil, gas and coal to keep temperatures from rising more than 1.5 degrees Celsius since pre-industrial times. Other experts had lower projections: The San Francisco-based climate research group Energy Innovation predicted up to 55 million tons of additional carbon dioxide annually from new leasing. Researchers from Princeton and Dartmouth said the impact could be negligible or as much as 22 million tons in the U.S., plus much more abroad.

Yet there’s uncertainty about how quickly other pieces of the bill could bring emission cuts. Wind and solar construction could run into the supply chain problems hindering many economic sectors. And technology to capture and store carbon dioxide is still being refined and is in limited use.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 13. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Not too smart.

Has zero to do with reducing inflation tho

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Climate bill's unlikely beneficiary: US oil and gas industryThe law mandates oil and gas lease sales and locks renewables and fossil fuel together for 10 years. So, before solar and wind, first comes new oil and gas leases.
Source: wrtv - 🏆 598. / 51 Read more »

US oil and gas industry an unlikely beneficiary of new climate billThe climate measure President Biden signed this week bypasses the administration’s concerns about emissions and guarantees new drilling opportunities in the Gulf of Mexico and Alaska.
Source: adndotcom - 🏆 293. / 63 Read more »

Climate bill's unlikely beneficiary: US oil and gas industryThe climate measure President Joe Biden signed Tuesday bypasses the administration's concerns about emissions and guarantees new drilling opportunities in the Gulf of Mexico and Alaska.
Source: wjxt4 - 🏆 246. / 63 Read more »

Climate change? The Inflation Reduction Act's surprise winner, the US oil and gas industry.The climate measure President Joe Biden signed Tuesday bypasses the administration's concerns about emissions and guarantees new drilling opportunities in the Gulf of Mexico and Alaska.
Source: USATODAY - 🏆 100. / 63 Read more »