House republicans introduce signature legislative package H.R. 1 Lower Energy Costs Act

Published: Mar. 16, 2023 at 10:01 PM CDT
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ODESSA, Texas (KOSA) - This week House republicans introduced their signature legislative package H.R. 1, the Lower Energy Costs Act.

“It includes many different aspects of energy production permitting reform to ensure we can continue to export not only crude oil but lng,” said Congressman August Pfluger.

Pfluger’s bill the Natural Gas Repeal Act is included, which is aimed at striking President Biden’s Natural Gas Tax.

Pfluger says the Lower Energy Costs Act is a promise to unleash American energy.

“President Biden was not kidding when he said he was gonna try to end fossil fuels now we know that that’s impossible, but when he said it he made it very difficult for investors, he made it very difficult for the permitting, for the leasing and for the drilling and he made it very difficult to build the infrastructure that we need in this country,” said Pfluger.

Pfluger says with this act, they are pushing back.

“We’re saying that every American deserves to have low cost affordable reliable energy from a secure source like the Permian Basin. We know how to do it. It’s part of our national security and it helped us win World War 2. It has literally lifted one billion people out of poverty in the last decade,” said Pfluger.

The WTI crude oil price dropped to its lowest on Wednesday since 2021, volatility that the Permian Basin Petroleum Association’s Michael Lozano says is stemming from the financial sector and investment in the tech sector.

“We saw some price decline yesterday. We’ve seen a rebound today. Who knows what the short term effects will be but for the long haul we feel like the fundamentals for oil and gas and pricing for oil and gas are strong because of the demand that exists both in the United States but also internationally.”

Lozano says their goal is ensuring the Permian Basin is the leading producer of oil in the world and one of the leading for natural gas in the world so these products are available for markets across the globe.