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DAILY ENERGY NEWS | 08/08/2022
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** Nothing says "battling inflation" like creating billions of new dollars and raising taxes on virtually everything.
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Daily Caller ([link removed]) (8/7/22) reports: "The Senate passed the $740 billion Inflation Reduction Act on Sunday afternoon after an all-night session lasted more than 15 hours. The package, negotiated by Democratic Sens. Joe Manchin of West Virginia and Chuck Schumer of New York, passed along party lines, with Vice President Kamala Harris breaking the upper chamber’s 50-50 tie. The bill includes nearly $370 billion in green energy subsidies and tax credits, nearly $80 billion in funding for the Internal Revenue Service and a drug price setting mechanism for Medicare. It also establishes a 15% tax on corporations with market caps higher than $1 billion. Although Democrats have repeatedly argued that the bill will reduce inflation, the University of Pennsylvania’s Penn Wharton Budget Model has 'low confidence that the legislation will have any impact on inflation.' In
addition, the bill will likely raise taxes for Americans in every bracket, despite President Joe Biden’s pledge to not raise taxes on anyone making less than $400,000 a year. The Inflation Reduction Act will pay down the federal deficit by more than $300 billion, the non-partisan Committee for a Responsible Federal Budget found...The House of Representatives will take up the legislation when it gets back from recess on Aug. 12, Majority Leader Steny Hoyer announced. The bill is expected to pass the lower chamber along party lines."
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** "This bill also makes the largest investment ever in combatting the existential crisis of climate change. It addresses the climate crisis and strengthens our energy security, creating jobs manufacturing solar panels, wind turbines, and electric vehicles in America with American workers. It lowers families’ energy costs by hundreds of dollars each year."
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– President Joe Biden ([link removed])
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Energy Markets
WTI Crude Oil: ↑ $89.20
Natural Gas: ↓ $7.64
Gasoline: ↓ $4.05
Diesel: ↓ $5.14
Heating Oil: ↓ $319.99
Brent Crude Oil: ↑ $95.29
** US Rig Count ([link removed])
: ↓ 837
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