How the Inflation Reduction Act’s Onerous New Methane Tax Works

After the shocking news that U.S. Senator Joe Manchin had sold out his state and the entire country by agreeing to support the misnamed Inflation Reduction Act (IRA) bill, the details began to come out about just how bad this bill really is for the oil and gas industry. First and foremost, it slaps a new tax on oil and gas activities (see Joe Manchin’s Green New Deal Cave Slaps O&G with Big Methane Tax). We've shared a couple of articles touching on how this onerous and harmful new tax will work (see Confusion Over How to Implement New Methane Tax in Inflation Bill and A Closer Look at New Manchin Methane Tax – Part of IRA). We have a much better, deeper, more comprehensive explanation of the new tax from RBN Energy.

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