The oil industry took a massive nosedive on Monday amid the coronavirus pandemic and although it means American workers will likely lose their jobs, Rep. Alexandria Ocasio-Cortez, D-NY, celebrated the move saying “you absolutely love to see it” on Twitter. Within minutes, however, she deleted the tweet and replaced it with a different message.
“You absolutely love to see it.” she wrote in her original tweet, “This along with record low interest rates means it’s the right time for a worker-led, mass investment in green infrastructure to save our planet *cough*”
Now is the time to create millions of good jobs building out the infrastructure and clean energy necessary to save our planet for future generations.
For our economy, our planet, and our future, we need a #GreenNewDeal.
— Alexandria Ocasio-Cortez (@AOC) April 20, 2020
The revised tweet said, “Now is the time to create millions of good jobs building out the infrastructure and clean energy necessary to save out planet for future generations.”
Oil prices fell to the lowest they’ve ever been Monday all the way to -$40 a barrel and the expectation is that many workers in the industry will lose their jobs as a result. “There is such a massive supply surplus and very little places to store it, and that’s what’s driving this,” Jim Burkhard, vice president and head of oil markets at IHS Markit, told The Hill.
White House Strangles Hydrogen Industry Growth with Overreaching Tax Credit Restrictions
In a move that could stifle innovation and economic growth, the White House, Treasury Department, and Department of Energy jointly released guidance on Friday morning, imposing stringent restrictions on hydrogen power development eligible for federal tax credits. The proposed guidance, tied to the 2022 Inflation Reduction Act’s highest production credit of $3 per kilogram of hydrogen, is seen by critics as an attempt to align with green energy standards at the expense of economic considerations.
According to reports from Fox News, opposition to the restrictions comes from business and clean power industry groups, arguing that the measures could deter investment, increase hydrogen costs, and unfairly discriminate against existing low-carbon power sources. Critics view the move as a departure from the market-driven approach that encourages growth and innovation.
Moreover, despite the administration’s claims that the hydrogen tax credit will foster a cleaner industry, skeptics point to potential economic ramifications. John Podesta, President Biden’s clean energy czar, and Energy Secretary Jennifer Granholm have lauded the move as a step towards global clean energy leadership, but critics argue that such measures risk stifling job creation and economic opportunity.
The proposed regulations, with a 10-year availability for tax credits ranging from $0.60 to $3 per kilogram, raise concerns about government overreach in dictating industry standards. Critics argue that the administration’s insistence on strict regulations could hinder the hydrogen industry’s ability to provide meaningful alternatives for hard-to-decarbonize sectors and reach competitive market prices.
As opposition mounts from industry groups and Senate Democrats, who advocate for a more gradual approach, the clash over hydrogen tax credits underscores the ongoing struggle to balance environmental objectives with economic considerations in the clean energy sector.
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