‘Strongest climate bill ever’ may increase oil and gas production in New Mexico
President Joe Biden’s $737 billion Inflation Reduction Act (IRA) aims to address a cornucopia of American ills. Arguably its most important aspect is how it jump-starts the country’s fight against climate change. Have you heard about the strongest climate bill that’s coming?
It attacks the country’s carbon emissions from both ends — consumption, and production — with one primary tool: money. A lot of money: $369 billion, to be exact, much of that devoted to helping people. Companies and government agencies buy more things that create less carbon pollution. That has many activists hailing the bill as a historic step forward in climate action. However, not everyone is sold on the strategy.
“All of these environmental organizations are singing its praise. ‘The strongest climate bill ever passed!.’” says Sharon Wilson, a senior field advocate at Earthworks in Texas. “It is also the sh****st climate bill ever passed. Because it is the only climate bill that’s ever passed.”
There is only one climate punishment in the IRA: a new Methane Emissions Reduction Program (MERP) that levies a methane tax on oil and gas producers who exceed strict limits on how much they can emit the potent greenhouse gas. But the program may have the ironic consequence of increasing oil and gas production — and methane emissions — in New Mexico.
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Source: Source NM
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