API issues statement on Inflation Reduction Act

Aug. 8, 2022
API says the bill ‘falls short in addressing America’s energy needs.’

Offshore staff

WASHINGTON, DC – American Petroleum Institute (API) President and CEO Mike Sommers issued the following statement on the Inflation Reduction Act:

“This package falls short in addressing America’s energy needs. While we’re encouraged that the bill will likely open the door to more federal onshore and offshore lease sales and will expand and extend tax credits for carbon capture, we remain opposed to policies that raise taxes and discourage investment in US oil and natural gas.”

Sommers continued: “Glaringly absent in the bill is permitting reform, which is required for America’s infrastructure needs and to bolster critical oil, natural gas and renewable supplies to meet our current and future energy demand. We urge Congress to take up and pass permitting reform without delay.”