Last week, Energy Workforce & Technology Council SVP Government Affairs Tim Tarpley spoke at the General Meeting of the Society of Petroleum Engineers – Gulf Coast Section (SPE-GCS) and API Houston joint luncheon. This luncheon is one of a series of events hosted by the SPE-GCS throughout the year, with the purpose of providing a discussion and educational forum for members to increase their knowledge of energy related issues.
In his presentation, Tarpley discussed the impacts of the 2022 midterm elections on the energy industry. He delved into opportunities a closely divided House and Senate might bring for the industry in the next two years. He also discussed how a Congress led by Republicans could impact regulatory actions from the Biden Administration, and how an evenly divided Senate does not leave much room for any major overhauls in legislation.
Tarpley went on to discuss the recently passed Inflation Reduction Act (IRA) and the opportunities and implications for the industry stemming from this bill. He spoke to opportunities for direct funding and investment through grants and financing at the Department of Energy and Environmental Protection Agency. He also discussed opportunities for energy companies to qualify for tax credits for clean energy technologies. Tarpley highlighted some potential negative implications for the industry, such as the creation of a fee on methane emissions, that may impact a large portion of the industry. He also discussed the increases in royalty rates and fees associated with the Federal lands leasing program, and how the increase might impact an already limited program.
Tarpley took questions from the audience on specific technologies and programs that might qualify for funding opportunities, and how issues such as supply chain and labor shortages might impact how a business qualifies for IRA incentives. The robust discussion highlighted the importance of networking and information sharing between organizations in the industry. Energy Workforce looks forward to working with SPE-GCS at future events.
If you are interested in Energy Workforce’s advocacy efforts or would like to join the Government Affairs Committee, contact SVP Government Affairs & Counsel Tim Tarpley.
Deidre Almstead Kohlrus, Senior Director Government Affairs, writes about industry-specific policies for the Energy Workforce & Technology Council. Click here to subscribe to the Energy Workforce newsletter, which highlights sector-specific issues, best practices, activities and more.