The Biden “Build Back Better” plan was introduced with a bevy of destructive policies that would cripple domestic oil and gas producers. Among these destructive policies, the plan featured a tax on natural gas, in the form of a tax on up to $1500 per ton of methane. It also would increase fees and royalties for both onshore and offshore oil and gas production, while implementing an $8 billion tax on companies that produce, process, transmit, or store oil and natural gas. The plan drives up costs for fossil fuel competition, expanding the EV Tax Credit from $7,500 to $12,500. The plan also includes a $13 billion tax increase on oil production, increasing the tax on each barrel of crude oil from 9.7 cents to 16.4 cents.
