· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on The Wall Street Journal or enjoy below:
🗞️ Driving the news: Major oil companies, including Exxon Mobil, Occidental Petroleum, and Phillips 66, are urging GOP leaders, including former President Trump, to preserve key elements of President Biden’s Inflation Reduction Act (IRA) that support their investments in low-carbon energy projects
• While oil giants initially opposed the IRA, they now benefit from its tax credits for carbon capture, renewable fuels, and hydrogen technologies
🔭 The context: The IRA provides billions in tax credits for clean energy technologies, crucial for oil companies’ efforts to invest in low-carbon solutions
• However, Trump has criticized Biden’s climate policies and hinted at scaling back unspent IRA funds
• The oil industry supports parts of the IRA but opposes incentives for electric vehicles and renewable energy, which they argue undermine gas-powered competition
🌍 Why it matters for the planet: The IRA is central to the U.S. clean energy transition, supporting projects that reduce carbon emissions and encourage sustainable technologies
• However, political uncertainty about the future of the IRA could disrupt these efforts, especially if tax credits are slashed
⏭️ What's next: Trump’s campaign may need to navigate between his traditional oil industry supporters and those backing low-carbon technologies
• Republican lawmakers could face pressure to maintain certain IRA provisions that boost jobs and investments in key states
💬 One quote: "If we win, we need to take a scalpel, not an ax, to the IRA," said Senator Kevin Cramer (R., N.D.)
📈 One stat: Exxon and Chevron have pledged over $30 billion combined for carbon capture, hydrogen, and biofuels, reliant on IRA tax credits
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