Big Oil Urges Trump to Preserve IRA Benefits

Despite former President Donald Trump's criticism of President Biden's Inflation Reduction Act (IRA), major oil companies, including Exxon Mobil, Phillips 66, and Occidental Petroleum, are advocating for the preservation of parts of the law that benefit the industry. They argue that the IRA's provisions, which include $369 billion in tax breaks for clean energy, have spurred significant investments—over $128 billion—into renewable fuel and carbon capture technologies. Occidental's CEO has specifically highlighted how the IRA's tax credits have facilitated their carbon capture initiatives. Trump has expressed intentions to eliminate aspects of the IRA, particularly those favoring electric vehicles, but has not clarified which provisions he might retain. As the 2024 elections approach, the oil sector remains anxious about potential policy rollbacks that could disrupt their operations. The future of the oil industry hangs in the balance, with industry leaders pushing for the preservation of beneficial policies amid political uncertainty.