A Republican sponsored energy bill passed the House on Thursday that seeks to promote oil and gas production in the United States, as well as repeal parts of Biden's Inflation Reduction Act.
H.R. 1 passed the House by a 225-204, according to Bloomberg, although it must now face a seemingly insurmountable hurdle in the Senate and President Biden's desk.
The elements of the Republican-backed bill include:
Senate Majority Leader Chuck Schumer referred to the H.R. 1 as dead on arrival.
The Bill could also get vetoed by the President.
The legislation, however, could gain traction in exchange for Republicans giving way to their resistance to the Democrats' plan to raise the federal debt limit.
Domestic energy policy became a popular subject of political debate in the days following the coronavirus pandemic as oil and gasoline prices shot up with the increase in demand. President Biden has tried to balance his aggressive climate policies amid rising energy prices, alienating both the oil and gas industry and climate groups.
By Julianne Geiger for Oilprice.com
More Top Reads From Oilprice.com:
Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group. More