Page 7 - NorthAmOil Week 05 2022

NorthAmOil COMMENTARY NorthAmOil

[BBB] package up, get as much as we can now, emissions by 50% from 2005 levels by 2030, says
and come back and fight for the rest later.” analyst Rhodium Group.
More than 20 Democrats in the House of The bill contains some $325bn of tax breaks
Representatives on January 31 wrote to Biden for wind, solar and other clean energy, as well
insisting that the climate crisis requires aggres- as for advanced manufacturing – including of
sive action soon. The bill is stalled in the Sen- wind turbine components--and for electric
ate with one moderate Democrat from a small vehicles. Current tax breaks for clean energy are
coal-producing state, Joe Manchin of West Vir- expiring.
ginia, holding out. It would extend the wind and solar tax credit
He says inflation is too high, and especially to 10 years. The credits would also be altered so
points to the child tax credit as too pricey and they are available even to companies that do not
the methane fee as a job killer. His constituency have tax liability.
has a considerable natural gas industry. Manchin’s support is crucial, as the Demo-
“In the two months since the House passed crats only have a 51-50 majority in the Senate.
the Build Back Better Act, mid-December tor- Manchin who receives considerable private
nadoes killed at least 78 people in Kentucky and income from coal and who is canny about
late December wildfires destroyed 1,000 homes retaining support in his state.
in Colorado,” the lawmakers wrote. The day after the letter from House members Manchin’s
The letter continued: “The time for [Biden] was delivered to Biden, he said when asked
to work with the Senate to finalise and pass about a trimmed down BBB: “We’ll see what support is
the strongest and most comprehensive ver- people come with. I don’t know.” Of the entire crucial, as the
sion of the [BBB] that can get 50 Senate votes BBB package, he said: “What Build Back Bet-
is right now. We must seize this moment for ter bill? There is no, I mean, I don’t know what Democrats only
all Americans and enact these vitally impor- you all are talking about … it’s dead.” It was his
tant climate investments into law in the com- strongest language to date on the matter. have a 51-50
ing weeks.” Congressman Mike Levin of California,
Tiernan Sittenfeld, the senior vice president who leads the moderates who penned the let- majority in the
for government affairs at the League of Conser- ter on BBB, has said to Manchin: “The Amer- Senate.
vation Voters, told CNBC: “We remain optimis- ican people are broadly in support of [climate]
tic and are more determined than ever to ensure investments because it’s all about global com-
that a transformational package can pass. Fail- petitiveness and improving the long term eco-
ure is not an option. When it comes to the cli- nomic position of America.”
mate crisis, time is not on our side.” In late January, Biden met with 10 senior
executives including General Motors’ CEO
What next? Mary Barra, Ford’s CEO Jim Farley, Microsoft
The $555bn in climate and energy spending President Brad Smith, and Salesforce.com CEO
is the largest ever federal investment in clean Marc Benioff. Other executives participating
energy. It would get the US approximately half- were from: Corning, HP, TIAA, HP, Siemens
way to the Biden administration’s pledge to curb USA and Etsy, according to MarketWatch.™

Week 05 03•February•2022 www. NEWSBASE .com P7