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AP National Business

Climate bill’s unlikely beneficiary: US oil and gas industry

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Published 8:04 am

By MATTHEW BROWN and MICHAEL PHILLIS
Associated Press

BILLINGS, Mont. (AP) — Renewable energy incentives in the climate bill signed by President Joe Biden are expected to drastically reduce overall U.S. emissions. But some analysts say the legislation will also boost oil and gas companies, offsetting at least some of the emissions reductions. The legislation mandates several oil and gas lease sales. It also locks renewables and fossil fuel together for 10 years. So if the Biden administration wants solar and wind, it must first offer new oil and gas leases. Economists project the measure could result in more planet-warming carbon dioxide from U.S.-produced oil and gas by 2030, even as more of that fuel gets exported.

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