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Refiners Suffer From Record High Natural Gas Prices

Refiners Suffer From Record High Natural Gas Prices

Despite strong product demand, oil…

Senate Democrats Aim For $3.5-Trillion Clean Energy, Social Bill

Resources to accelerate the energy transition and boost U.S. clean energy manufacturing and transportation are part of a $3.5-trillion budget resolution Senate Democrats announced on Monday, with a view of discussing the legislation in the Senate this fall.

Environmental programs, incentives for more clean energy, tax breaks for families, and more resources for education and healthcare are part of the budget resolution.

“At its core, this legislation is about restoring the middle class in the 21st Century and giving more Americans the opportunity to get there,” Senate Majority Leader Chuck Schumer (D-N.Y.), said in a letter to his colleagues that unveiled the plan.

The proposal is dubbed the “human infrastructure” bill, and Democrats want to start discussions on it in September.

Meanwhile, the Senate on Monday moved closer to passing the infrastructure deal, voting 68-29 to limit further debate to a maximum of 30 hours. The bipartisan infrastructure deal proposes funding for roads, bridges, public transit, electric vehicle (EV) infrastructure, electric buses, power infrastructure, and environmental remediation.

The Bipartisan Infrastructure Deal will invest $110 billion of new funds for roads, bridges, and major projects, $11 billion in transportation safety programs, $39 billion of new investment to modernize transit, $66 billion in rail, $7.5 billion to build out a national network of EV chargers, $2.5 billion in zero-emission buses and $2.5 billion in low emission buses, $17 billion in port infrastructure, and $25 billion in airports, among other funding.

The investment in EV chargers is “the first-ever national investment in EV charging infrastructure in the United States and is a critical element in the Biden-Harris Administration’s plan to accelerate the adoption of EVs to address the climate crisis and support domestic manufacturing jobs,” the White House said.

While Democrats put up budget proposals to increase resources to clean energy, President Joe Biden signed last week an executive order, setting a target to make 50 percent of all new vehicles sold in the United States in 2030 zero-emission vehicles.

By Charles Kennedy for Oilprice.com

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