An agreement between President Joe Biden and House Speaker Kevin McCarthy to avoid a defaulting on the U.S. debt includes provisions aimed at streamlining permitting, although details remain hazy, multiple sources reported.
The New York Times reported that major energy projects would be granted a streamlined review process with a single lead agency charged with developing a single review document according to a public timeline.
The agreement would enact the changes without curtailing the overall scope of the current review process, cutting down the statute of limitations, imposing barriers to standing or taking away injunctive relief or other judicial remedies, according to the report.
The deal, which was still being negotiated in the early hours of May 28, also provides modest changes to the National Environmental Policy Act, a 1970 law that allows the federal government to analyze the environmental impacts of proposed projects, Yahoo Finance reported.
The White House on May 10 had called on Congress to pass permitting legislation that would help speed up clean energy and fossil fuel projects as the bipartisan effort gets pulled into a standoff on the debt ceiling.
Clean-energy incentives were apparently preserved. Citing a source familiar with the talks, NPR reported that the deal protects tens of billions of dollars for clean energy, rebates and clean-up efforts for harmful pollutants from oil and gas.
In remarks to the press on May 27, McCarthy said that, “after weeks of negotiations we have come to an agreement in principle. We still have a lot of work to do.”
McCarthy said the agreement would not include new taxes.
In a May 27 statement, Biden said the agreement “represents a compromise, which means not everyone gets what they want. That’s the responsibility of governing.”
“Over the next day, our negotiating teams will finalize legislative text and the agreement will go to the United States House and Senate. I strongly urge both chambers to pass the agreement right away,” Biden said.
Recommended Reading
Dividends Declared the Week of Oct. 28
2024-11-01 - Here is a compilation of dividends declared this week for select upstream, midstream and downstream companies.
Post Oak Backs Third E&P: Tiburon Captures Liquids-rich Utica Deal
2024-10-15 - Since September, Post Oak Energy Capital has backed new portfolio companies in the Permian Basin and Haynesville Shale and made an equity commitment to Utica Shale E&P Tiburon Oil & Gas Partners.
Devon CEO Muncrief to Retire, COO Gaspar to Take Top Job in March
2024-12-09 - Devon Energy President and CEO Rick Muncrief, who has led Devon during past four years, will retire March 1. The board named COO Clay Gaspar as his successor.
Amber CEO Goff Resigns from Exxon Mobil Board
2024-10-22 - The CEO of Amber Energy Inc., the winning bidder of Citgo Petroleum for an auction price of $7.3 billion, resigned from Exxon Mobil Corp.’s board of directors last week.
Dividends Declared the Week of Oct. 21
2024-10-25 - With third-quarter 2024 earnings underway, here is a compilation of dividends declared from select midstream and service and supply companies in the week of Oct. 21.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.