Policy should not impede industry regrowth from COVID-19

Oil and gas industry leaders from New Mexico and Texas, representing the Permian Basin, maligned efforts by the administration of President Joe Biden they said could stymie oil and gas operations throughout the U.S. 

Some representatives of energy companies also worried Congress could impose higher taxes on domestic fossil fuels as it considered a $1.2 trillion infrastructure package that could include such a measure.

Language for the bill was not available as of Tuesday, but groups representing energy companies already began making their case for policy that supported their bottom lines.

The two states’ major oil and gas trade associations collaborated with the American Petroleum Institute (API) to release an economic impact study Tuesday intended to display the importance of oil and gas revenue and argued the industry would play a key role in economic recovery both on state and national levels.