The oil and gas sector secured some room to breathe in the longawaited, $1 trillion bipartisan infrastructure package that was opened for debate on the Senate floor Aug. 2. The 2,702-page bill unveiled late Aug. 1 by a bipartisan group of senators who for weeks had worked with the White House to broker a deal falls far short of the Biden administration’s climate ambitions. But plans to advance a budget reconciliation package with more robust climate measures are being spearheaded by Democrats that could have a more adverse impact on fossil fuel demand. For now, the infrastructure bill dampens a potential blow to the oil and gas sector from a major shift to electric vehicles. While it includes unprecedented funding for electric vehicle infrastructure and electrification of school buses — $7.5 billion and $2.5 billion, respectively, it is well below levels EV supporters, public health advocates, and even President Joe Biden originally backed.
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