The US’ $433bn Inflation Reduction Act (IRA) introduced last week by Democrat senators Joe Manchin and majority leader Chuck Schumer includes major concessions to the oil and gas industry that would directly tie offshore renewable energy approvals to holding conventional fossil fuel lease auctions.
The bill would require the Department of Interior (DoI) to offer a minimum two million acres of federal land and 60 million of acreage on the outer continental shelf (OCS) to oil and gas companies annually for the next decade.
