We have received text from H.R. 313: Natural Gas Tax Repeal Act. This bill was received on 2025-01-09, and currently has 4 cosponsors.
Here is a short summary of the bill:
This bill, titled the Natural Gas Tax Repeal Act, aims to eliminate a specific tax related to natural gas. It proposes the following key provisions:
Short Title
The bill may be referred to simply as the "Natural Gas Tax Repeal Act."
Repeal of Certain Regulations
The legislation seeks to repeal Section 136 of the Clean Air Act, which pertains to a program designed to address methane emissions and promote waste reduction in the petroleum and natural gas sectors. By removing this section, the bill effectively eliminates the tax incentives that encourage companies in the natural gas industry to mitigate methane emissions.
Rescission of Unobligated Funds
In addition to the repeal, this bill rescinds any unspent or unobligated funds that were allocated under Section 136 of the Clean Air Act at the time before the bill's enactment. This means that if any money was set aside for related programs but had not yet been used, that funding would no longer be available.
Impact Overview
The overall intent of the bill is to remove regulatory burdens on the natural gas industry by terminating the tax that incentivizes reductions in methane emissions. This could have a variety of outcomes for natural gas producers and associated companies, potentially altering their financial obligations related to emissions and waste management.
Relevant Companies
- XOM - ExxonMobil: As a major player in oil and gas, ExxonMobil may experience reduced regulatory pressures and lower costs associated with methane tax compliance.
- CVX - Chevron: Similar to ExxonMobil, Chevron could benefit from the removal of tax-related obligations tied to methane emissions.
- OGZPY - Gazprom: This natural gas giant may face reduced constraints related to U.S. regulatory standards concerning methane emissions.
This article is not financial advice. See Quiver Quantitative's disclaimers for more information.
