US energy industry outlines opposition to Inflation Reduction Act
Offshore staff
WASHINGTON, DC – The American Petroleum Institute (API) today joined with nearly 60 other trade groups representing America’s natural gas and oil industry in opposing the Inflation Reduction Act (IRA) as passed by the Senate.
In a letter to House Speaker Nancy Pelosi and Minority Leader Kevin McCarthy, the organizations outlined problematic provisions, including punitive new taxes and regulatory red tape that undermine the industry’s ability to promote energy security for the American consumer. “We share the goal of addressing climate change, as evidenced in the policies we support and in the actions that we take every day,” the letter states. “However, the considerable tax increases and new government spending in the IRA amount to the wrong policies at the wrong time.”
The letter further cited the absence of comprehensive of permitting reform legislation, which is required to advance America’s infrastructure needs and meet growing demand for affordable and reliable energy.
“Finally, the IRA fails to address permitting reform, which is desperately needed and is essential to effectively deliver affordable, reliable energy to consumers in a growing economy,” the signatories wrote.
“To date, neither the House nor the Senate have introduced comprehensive permitting reform legislation. We urge Congress to quickly consider and pass permitting reform without delay.”
Signatories of the letter include:
- American Exploration and Production Council (AXPC)
- American Fuel & Petrochemical Manufacturers (AFPM)
- American Petroleum Institute (API)
- Arkansas Independent Producers and Royalty Owners
- Arkansas Oil Marketers Association
- Associated Builders & Contractors West Virginia
- Associated Industries of Florida
- Associated Industries of Missouri
- California Independent Petroleum Association (CIPA)
- Chemistry Industry Council of Illinois
- Colorado Oil and Gas Association
- Colorado Wyoming Petroleum Marketers Association
- Energy Workforce & Technology Council
- Florida Independent Petroleum Producers Association
- Florida Natural Gas Association
- Florida Petroleum Marketers Association
- Florida Propane Gas Association
- Florida State Hispanic Chamber of Commerce
- Florida Transportation Builders Association
- Floridians for Better Transportation
- Fuel Iowa
- Georgia Association of Convenience Stores
- Georgia Mining Association
- Illinois Fuel Retails Association
- Illinois Manufacturers Association
- Illinois Retail Merchants Association
- Independent Petroleum Association of America
- Kansas Independent Oil & Gas Association (KIOGA)
- Louisiana Association of Business and Industry
- Louisiana Oil and Gas Association
- Manufacture Alabama
- Michigan Association of Convenience Stores
- Michigan Oil and Gas Association
- Michigan Petroleum Association
- Minnesota Service Station & Convenience Store Association
- New Mexico Business Coalition
- New Mexico Oil and Gas Association
- North Carolina Chamber
- North Carolina Petroleum & Convenience Marketers Association
- North Dakota Petroleum Council
- Ohio Energy and Convenience Association
- Ohio Manufacturers Association
- Ohio Oil and Gas Association
- Pennsylvania Chamber of Business & Industry
- Pennsylvania Grade Crude Oil Coalition
- Pennsylvania Independent Oil & Gas Association (PIOGA)
- Pennsylvania Independent Petroleum Producers
- Pennsylvania Manufacturers Association
- Permian Basin Petroleum Association
- Petroleum Association of Wyoming (PAW)
- Plumbing-Heating-Cooling Contractors—National Association
- South Dakota Petroleum and Propane Marketers Association
- Texas Alliance of Energy Producers
- Texas Independent Producers & Royalty Owners Association (TIPRO)
- The Coalbed Methane Association of Alabama
- The James Madison Institute
- The Petroleum Alliance of Oklahoma
- West Slope Colorado Oil & Gas Association
Click here to view the letter.
08.11.2022
