LMOGA Responds to the Inflation Reduction Act

08 16, 2022 by LMOGA

The Louisiana Mid-Continent Oil & Gas Association (LMOGA) issued the following statement in response to President Biden signing the Inflation Reduction Act of 2022 today. “We appreciate the positive progress in the Inflation Reduction Act on Gulf of Mexico lease sales and the inclusion of provisions that address the energy transition, creating more operational certainty for our industry offshore and encouraging continued investment in low carbon solutions, such as carbon capture and sequestration,” said LMOGA President Tommy Faucheux.

“While we welcome steps towards protecting American energy security and investments in climate solutions, the legislation falls short of fully addressing long-term energy needs and includes challenging tax policies that discourage needed investments in oil and natural gas,” said Faucheux. “Louisiana and the Gulf of Mexico are uniquely positioned to provide affordable, reliable, secure energy to meet American needs, while simultaneously reducing our carbon footprint. Our industry stands ready to work together with all parties towards common sense policies that support our climate goals and increase domestic energy production.”