A thunderstorm passes between Midland and Odessa, Texas, just behind an array of pump jacks on Thursday, May 14, 2020. While the Inflation Reduction Act concentrates on clean energy incentives that could drastically reduce overall U.S. emissions, it also buoys oil and gas interests by mandating leasing of vast areas of public lands and off the nation’s coasts. (Eli Hartman/Odessa American via AP)
August 18, 2022
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Climate bill's unlikely beneficiary: US oil and gas industry
BILLINGS, Mont. (AP) — The U.S. oil industry hit a legal roadblock in January when a judge struck down a $192 million oil and natural gas lease sale in the Gulf of Mexico over future global warming emissions from burning the fuels. It came at a pivotal time for Chevron, Exxon and other industry players: the Biden administration had curtailed opportunities for new offshore drilling, while raising climate change concerns.