The bill unveiled by Republicans is highly unlikely to make to make it through the Democratic-controlled Senate or be signed by President Biden, but it lays out the party’s energy vision.
Here’s some of what the package seeks to do:
Oil and gas:
Reduce royalty rate companies that drill offshore need to pay to the government from at least 16.67 percent down to 12.5 percent.
Limit the president’s authority to block cross-border energy projects like the Keystone XL pipeline.
Make it easier to sell U.S. liquified natural gas abroad by getting rid of the need for Energy Department approval for export applications for countries where the U.S. doesn’t have a free trade agreement.
Permitting:
Set two-year time limits for conducting a more-stringent type of environmental review known as an environmental impact statement for major projects.
These reviews would also be limited to 150 pages, except for extraordinarily complex projects, where the reviews would have a 300-page maximum.
Repealing Inflation Reduction Act programs:
Get rid of a program that aims to reduce planet-warming methane emissions from the oil and gas sector by both providing grants and loans to help companies cut emissions and also issuing fines on excess emissions.
Read more on what’s in the legislation at TheHill.com.
Welcome to The Hill’s Energy & Environment newsletter, we’re Rachel Frazin and Zack Budryk — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains.
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