Unlikely allies come forward in support of Biden’s Inflation Reduction Act

The Support for President Biden’s Inflation Reduction Act

Conservatives initially resisted President Joe Biden’s Inflation Reduction Act, but now, two right-leaning industry groups expressed their support for certain provisions of the IRA, should former president Donald Trump return to the White House in November.

The Industry Groups Backing the Law

The American Petroleum Institute and the U.S. Chamber of Commerce have indicated their intent to defend parts of the law, as reported by Kelsey Bruggers, a Politico and E&E News journalist covering energy and climate politics.

The Key Players

Texas Standard: Who are the key players supporting the Inflation Reduction Act? Tell us more about the American Petroleum Institute and the U.S. Chamber of Commerce.

Kelsey Brugger: The American Petroleum Institute is a major oil lobby in Washington, while the U.S. Chamber of Commerce represents various industries, including energy, clean energy, fossil fuels, and developers.

The Change in Stance

Why did these groups change their stance on the Inflation Reduction Act?

Initially opposed due to tax hikes and methane emissions fees, the industry groups are now inclined towards the law due to the substantial tax credits for clean energy. Oil companies are investing in clean energy technologies, leading to a partial change of heart.

Focus on clean energy Investments

Are the specific provisions related to clean energy investments favored by the American Petroleum Institute and the U.S. Chamber of Commerce?

While exact strategies remain unclear, the tax breaks for clean energy projects are crucial for the viability of businesses. Traditional fossil fuel industries are entering the clean energy market, creating unlikely alliances.

Defending the Act Under a New Administration

How would the industry groups defend the Inflation Reduction Act if Trump is elected?

A lobbying campaign on Capitol Hill is expected, with potential divisions within the Republican Party over the act. Trade groups like the Chamber of Commerce and API will engage in discussions with members of Congress to emphasize the value of subsidies for their constituents.

Read More of this Story at www.texasstandard.org – 2024-05-29 17:45:45

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