Washington Update From the U.S. Oil & Gas Association - 5.23.2025

Can I Show You Our One Big Bill?

May 23, 2025

The House passed the One Big Beautiful Bill…

On Thursday morning, after an all-night debate, which followed a previous all-night debate in the House Rules Committee, the House of Representatives passed HR 1, the “One Big Beautiful Bill Act.” This bill does many things, including eviscerating President Biden’s Inflation Reduction Act, ending billions of dollars in energy subsidies, rejiggering the tax code, and implementing the President’s immigration agenda.

The second largest source of savings for the federal government in the bill was nearly $700 billion saved by rescinding money for energy subsidies. Here’s how the Washington Post describes that part of the bill:

“The proposal would gut elements of Biden’s signature 2022 climate law, the Inflation Reduction Act. It would eliminate a federal tax credit of up to $7,500 that consumers can receive for buying an electric vehicle. Republicans are also seeking to phase out incentives for the production of clean energy, such as wind and solar power.”