Oil And Gas Production Set To Escalate Under Landmark US Climate Law
A new report warns that oil and gas production in the United States is expected to rise under Biden’s signature climate law, the Inflation Reduction Act (IRA), even as the legislation helps to moderately lower fossil fuel demand through billions of dollars in clean energy investments.
The report, “Biden’s Fossil Fuel Fail: How U.S. Oil and Gas Supply Rises under the Inflation Reduction Act, Exacerbating Environmental Injustice,” details how, despite the IRA’s significant spending on renewable energy, electric vehicles, and batteries, the policy will not be enough for the U.S. to meet its 2030 climate target of reducing greenhouse gas (GHG) emissions by 50 to 52 percent below 2005 levels.