Analysis: The Reason Big Oil Is Backing Dems’ Climate Bill

Large oil and gas producers are lauding the Senate Democrats’ climate bill due to its green incentives and regulations on fossil fuels; however, smaller producers argue that the new taxes and fees included in the bill will kill their operations.

Big oil is hailing the $369 billion climate bill for its steps to regulate the fossil fuel industry and promote green energy, according to Bloomberg. However, smaller, independent oil and gas companies are arguing that the bill’s numerous, costly regulations will threaten their industry’s development, according to an industry letter that was sent Tuesday night to the House Ways & Means Committee.

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Analysis: 10 Actions to Reduce Energy Prices That Won’t Cost Taxpayers $740 Billion

Rather than impose higher taxes and more restrictions on domestic production of oil and natural gas, as Senate Democrats voted to do by passing the Inflation Reduction Act, those in the industry proposed 10 actions policy makers can take right now to reduce costs. The industry says its solutions won’t cost taxpayers $740 billion, as the Inflation Reduction Act does, or increase the national debt or inflation, as 230 economists have warned the act will do.

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Harvard University Denied Tax Cut After Lobbying to Senate Democrats

Harvard University’s request for an endowment tax cut was denied despite frequent lobbying to Senate Democrats for its inclusion in the Inflation Reduction Act.

The Senate passed the Inflation Reduction Act of 2022 with tax increases on corporations and energy firms but did not include plans to lower the endowment tax, which is tax paid on income from individual donors to colleges, according to the bill.  Senior Executive Director of Federal Relations at Harvard University Suzanne Day sent an email in July urging Democratic Senators to eliminate the tax in the upcoming bill.

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Senate Fails to Advance Democrat Bill That Would Have Forced Doctors to Perform Abortions Against Their Faith Beliefs

A bill Democrats pushed to shut down state pro-life laws and force doctors throughout the country to perform abortions, even if doing so violates their faith beliefs, failed to advance in the Senate Wednesday.

Desperate to appeal to his party’s radical leftist supporters in the wake of the leaked Supreme Court draft opinion in a case that could overturn Roe v. Wade, Senate Majority Leader Chuck Schumer (D-NY) said the vote was “urgent” to prevent states from restricting abortions within their borders.

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