Advocates for the behemoth $3.5 trillion reconciliation package under consideration in Congress argue that this bill is necessary to jump-start our economy, fund social programs to make us more like Europe, and usher in the low-carbon energy transition that will bring us to net-zero emissions.
We should all remain skeptical.
Buried deep in the original draft of this massive spending measure were policies that would increase energy costs for consumers and undermine our nation’s push for energy independence. This included eliminating long-standing tax policies affecting things such as intangible drilling costs and percentage depletion.
Some sanity prevailed earlier this week when the House Ways and Means Committee released a draft that removed these extreme rollbacks. But opponents of the energy industry have cried foul and have promised to up the pressure on the Senate to reimpose these punitive measures.
Doing so would put a bull’s-eye on independent energy producers. While Big Oil is the preferred term among