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Republicans Make U.S. Energy Production Top Priority With New Legislation

Republicans are set to catapult its energy security agenda in the most critical issue, aiming to unveil legislation on Tuesday designed to boost energy production at home.

The Lower Energy Costs Act will be filed as H.R. 1, thereby assigning it the highest priority for this congress.

The House expects to pass the package later in March, which focuses on increasing domestic oil and gas production, as well as the production of clean energy.

For the people, the message sent by the package is this: we are making lower energy prices a priority by increasing energy security. For the oil and gas industry, the takeaway is that their livelihood can expect to be a priority, and worthy of further investments.

In contrast, the Biden Administration has gone toe to toe with the oil industry, calling for more investment on the one hand while calling their days numbered on the other. The Biden Administration has chastised the oil and gas industry for spending money on buybacks and dividend payments to shareholders while forgoing substantial investments in increasing production.

In its own defense, the oil and gas industry has argued that it has received mixed signals from the Biden Administration with regard to regulation, permitting, and the Administration's perception of the longevity of any energy source that isn't considered green.

The Republican's package seeks to address the approval process for mining and energy projects, including preventing the Administration from blocking oil and gas infrastructure such as pipelines. It would also amend the National Environmental Policy Act.

For regulations, it looks to lift LNG import and export restrictions and prohibit a ban on fracking. It would also call for the approval of more oil and gas drilling on federal lands and limit judicial review periods for lawsuits.


By Julianne Geiger for Oilprice.com

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