Biden signed the Inflation Reduction Act in mid-August
IRA gives US upstream tax and buyback headaches
The landmark legislation with the unfortunate acronym has garnered a largely negative oil and gas industry reaction, barring a few exceptions
The US oil and gas industry is still assessing how it will be affected by the Inflation Reduction Act (IRA) of 2022, which President Joe Biden signed into law in mid-August. The bill includes $370bn worth of spending on fighting climate change, cutting greenhouse gas emissions and accelerating the adoption of renewables—hardly likely to curry favour with US drillers. It also has far-reaching implications for the oil and gas industry. And while the sector has welcomed some measures, concerns are also being raised about certain provisions within the bill. One major area of industry concern is taxation. The IRA will raise the minimum corporate tax rate to 15pc for those companies that have book
Also in this section
28 January 2026
The alliance looks to bolster market management credibility by bringing greater clarity and unity to output cuts and producer capacity later in 2026
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
