Energy Industry Letter Outlines Opposition to Inflation Reduction Act

IPAA joined with API and nearly 60 other trade groups representing America’s natural gas and oil industry in opposing the Inflation Reduction Act (IRA) as passed by the Senate. In a letter to House Speaker Nancy Pelosi and Minority Leader Kevin McCarthy, the organizations outline problematic provisions, including punitive new taxes and regulatory red tape that undermine the industry’s ability to promote energy security for the American consumer.

“We share the goal of addressing climate change, as evidenced in the policies we support and in the actions that we take every day,” the letter states. “However, the considerable tax increases and new government spending in the IRA amount to the wrong policies at the wrong time.”

The letter further cites the absence of comprehensive of permitting reform legislation, which is required to advance America’s infrastructure needs and meet growing demand for affordable and reliable energy.

“Finally, the IRA fails to address permitting reform, which is desperately needed and is essential to effectively deliver affordable, reliable energy to consumers in a growing economy,” the signatories wrote. “To date, neither the House nor the Senate have introduced comprehensive permitting reform legislation. We urge Congress to quickly consider and pass permitting reform without delay.”