Oil companies are delivering an unexpected message to the GOP and its presidential candidate: Climate legislation signed by President Biden. At least the parts that benefit the oil industry.
In interviews with former President Trump’s campaign and his supporters in Congress, oil giants including Exxon Mobil, Phillips 66, and Occidental Petroleum have touted the benefits of the Recession Act. Many in the fossil fuel industry opposed the law when it was passed in 2022 but have come to like provisions that put billions of dollars into low-carbon energy projects they are betting on.
Some executives in the pro-Trump oil industry in particular are concerned that the former president, if re-elected, will side with hard-line lawmakers who want to include the IRA. They fear losing important tax credits for their investments in renewable fuel, carbon capture and hydrogen, expensive technologies that need US support to survive in their early years.
Here’s another from the WSJ.
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