After a partisan effort by Democrats that saw the Inflation Reduction Act of 2022 (IRA) narrowly squeeze through Congress, President Joe Biden signed it into law on August 16, 2022. The bill is aimed at addressing a wide array of issues, from inflation to healthcare, to emissions reductions.

Within the 700+ page bill, there are key provisions that will impact important aspects of oil and gas operations in the US Gulf of Mexico, including changes to royalty calculations, the reinstatement of lease sales, the expansion of 45-Q, and the introduction of a methane fee.

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