其中，西方石油公司首席执行官维姬·霍卢布(Vicki Hollub)在5月份的一次筹款活动中告诉特朗普，IRA的税收抵免帮助该公司投资碳捕获技术。Exxon Mobil, Phillips 66, and Occidental Petroleum, among other oil giants, all appreciate some benefits in the IRA, especially the incentives provided for low-carbon energy projects.
According to informed sources, oil giants Exxon Mobil (XOM.US), Phillips 66 (PSX.US), and Occidental Petroleum (OXY.US) do not want Donald Trump and his allies to cut beneficial provisions for the oil industry in President Biden's inflation reduction law (IRA). These companies appreciate some benefits in the IRA, particularly the incentives provided for low-carbon energy projects, which often require substantial investments.
Exxon Mobil, Phillips 66, and Occidental Petroleum, among other oil giants, all appreciate some benefits in the IRA, especially the incentives provided for low-carbon energy projects. These projects often require substantial investments, and the tax deductions in the IRA help these companies to invest in technologies such as carbon capture and hydrogen.
Vicki Hollub, the CEO of Occidental Petroleum, told Trump at a fundraising event in May that the tax deductions in the IRA are assisting the company in investing in carbon capture technology.
Exxon Mobil has committed to investing $15 billion in new investments to reduce carbon emissions and has informed the Trump team that it wants to retain some assets in the IRA.
Executives at Phillips 66 also told Trump's allies in Congress that the tax deductions in this law are very important for their business.
It is understood that oil lobbying groups may welcome the cancellation of certain aspects of the IRA, especially tax incentives for wind power and electric autos.
However, Trump did not specify which funds he would cut or save in the bill. Despite his constant criticism of electric car charging infrastructure and electric car tax credits, promising to revoke any unused appropriations before possibly returning to the White House, and "immediately suspend" new expenditures and allocations.
Meanwhile, the costs of carbon capture and sustainable aviation fuel production are very high, and the production scale of these technologies is simply not sufficient to reduce costs. The scale of transitional investments is large and the risks are high, so even oil giants would rather share risks with governments pushing for the transition. However, once completed, these investments cannot be simply withdrawn to prevent a new president opposed to the transition from entering the White House.
In conclusion, despite Trump's promise to revoke any unused appropriations before possibly returning to the White House, and "immediately suspend" new expenditures and allocations, oil giants still support at least some aspects of the IRA and have ample reason to do so. Their challenge is how to ensure that their investments in low-carbon technologies and sustainability are protected and supported in case government policies may change.
