{"id":5378,"date":"2025-07-04T01:02:13","date_gmt":"2025-07-04T08:02:13","guid":{"rendered":"https:\/\/abovecloud.xyz\/?p=5378"},"modified":"2025-07-07T01:02:36","modified_gmt":"2025-07-07T08:02:36","slug":"trump-megabill-gives-the-oil-industry-everything-it-wants-and-ends-key-support-for-solar-and-wind","status":"publish","type":"post","link":"https:\/\/abovecloud.xyz\/?p=5378","title":{"rendered":"Trump megabill gives the oil industry everything it wants and ends key support for solar and wind"},"content":{"rendered":"\n

The president\u2019s embrace of fossil fuels and hostility to renewable energy are reflected in his signature domestic policy law.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n



President Donald Trump\u2019s\u00a0One Big Beautiful Bill Act<\/a>\u00a0ends long-standing federal support for solar and wind power, while creating a friendly environment for oil, gas and coal production.<\/p>\n\n\n\n

The House of Representatives passed Trump\u2019s megabill Thursday ahead of a White House-imposed deadline, after the Senate<\/a> narrowly approved the controversial legislation Tuesday.<\/p>\n\n\n\n

Trump has made his priorities on energy production clear. The U.S. will rely on oil, gas, coal and nuclear to meet its growing energy needs, the president said last weekend, bashing wind and solar power.

\u201cI don\u2019t want windmills destroying our place,\u201d Trump told Fox News in an interview that aired\u00a0June 29<\/a>. \u201cI don\u2019t want these solar things where they go for miles and they cover up a half a mountain that are ugly as hell.\u201d

The president\u2019s embrace of fossil fuels and hostility to renewable energy is reflected in his signature domestic policy law. It delivers most of the oil and gas sector\u2019s top priorities, according to the industry\u2019s lobby group, while ending tax credits that have played a crucial role in the growth of solar and wind power.

The law opens up federal lands and waters to oil and gas drilling after the Biden administration enacted curbs, mandating 30 lease sales in the Gulf of Mexico over 15 years, more than 30 every year on lands across nine states and giving the industry access to Alaska.<\/p>\n\n\n\n

The law also slashes the royalties that producers pay the government for pumping oil and gas on federal lands, encouraging higher output.<\/p>\n\n\n\n

\u201cThis bill will be the most transformational legislation that we\u2019ve seen in decades in terms of access to both federal lands and federal waters,\u201d Mike Sommers, president of the American Petroleum Institute, an industry lobbying group, told CNBC. \u201cIt includes almost all of our priorities.\u201d<\/p>\n\n\n\n

The law also spurs oil companies to use a carbon capture tax credit to produce more crude. The tax credit was designed to support nascent technology that captures carbon emissions and stores them underground. Under Trump\u2019s bill, producers would receive an increased tax benefit for injecting those emissions into wells to produce more oil.<\/p>\n\n\n\n

The law ends the hydrogen tax credit in 2028, later than previous versions of the bill. Chevron<\/a>, Exxon<\/a> and others are investing in projects to produce hydrogen fuel.<\/p>\n\n\n\n

\u201cI have a number of members who plan on investing significantly in hydrogen and so the extension to the end of 2028 was a welcome priority that was fulfilled,\u201d Sommers said.<\/p>\n\n\n\n

The coal industry is also a big winner from the law, which mandates at least 4 million additional acres of federal land be made available for mining. The law also cuts the royalties that coal companies pay the government for mining on federal land, and allows the use of an advanced manufacturing tax credit for mining metallurgical coal used to make steel.<\/p>\n\n\n\n

Solar and wind are losers<\/h2>\n\n\n\n

The law phases out clean electricity investment and production tax credits for wind and solar that have played a crucial role in the growth of the renewable energy industry. The investment credit has been in place since 2005 and the production credit since 1992. The Inflation Reduction Act extended the life of both until at least 2032.<\/p>\n\n\n\n

Solar and wind farms that enter service after 2027 would no longer be eligible for the credits. There is an exception, however, for projects that start construction within 12 months of the bill becoming law.<\/p>\n\n\n\n

The phaseout is more gradual than previous versions of the legislation, which had a hard deadline of December 31, 2027. That gave all solar and wind projects just 2.5 years to come online in order to take advantage of the credits.<\/p>\n\n\n\n

\u201cDespite limited improvements, this legislation undermines the very foundation of America\u2019s manufacturing comeback and global energy leadership,\u201d Abigail Ross Hopper, CEO of the Solar Energy Industries Association, said in a statement when the bill passed the Senate.<\/p>\n\n\n\n

A related tax credit for using U.S.-made components in solar and wind farms ends for projects that enter service after 2027.<\/strong> A carveout allows projects that start construction within one year of the law\u2019s enactment to claim the credit. The credit was designed to spur demand at U.S. factories in order to break the nation\u2019s dependence on equipment from China.<\/p>\n\n\n\n

\u201cIf nothing changes, factories start to close,\u201d Michael Carr, executive director of the Solar Energy Manufacturers Association, told CNBC. \u201cFactories that are on the drawing board that probably penciled [favorably] two weeks ago, maybe don\u2019t pencil now. We\u2019ll see investment slow down in the sector going forward.\u201d

Reprinted from NBC<\/p>\n","protected":false},"excerpt":{"rendered":"

The president\u2019s embrace of fossil fuels and hostility t […]<\/p>\n","protected":false},"author":3,"featured_media":5379,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[1943,1842,1891],"class_list":["post-5378","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-usa","tag-ends","tag-oil","tag-trump"],"yoast_head":"\nTrump megabill gives the oil industry everything it wants and ends key support for solar and wind - abovecloud<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/abovecloud.xyz\/?p=5378\" \/>\n<meta property=\"og:locale\" content=\"zh_CN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trump megabill gives the oil industry everything it wants and ends key support for solar and wind - 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