President Joe Biden’s budget proposal mentions “climate” 31 more times than it mentions inflation or border security, according to the Republican Study Committee (RSC).

The RSC said in a messaging document that the Biden budget proposal includes $43 billion in tax hikes on the oil and natural gas industry, including:


  • $13 billion by repealing percentage depletion for oil and natural gas wells.
  • $10.7 billion by eliminating full expensing for intangible drilling costs
  • $10.2 billion by increasing geological and geophysical amortization period for independent producers
  • $1.56 billion by repealing the enhanced oil recovery credit
  • $1.922 billion by repealing the credit for oil and gas produced from marginal wells
  • $1 billion by repealing the exemption from the corporate income tax for fossil fuel publicly traded partnerships.

The conservative group also highlighted how the bill created a $2o0 million “Solar Manufacturing Accelerator” at the Department of Energy and spends $900 million on climate research.

Rep. Jim Banks (R-IN), the chair of the RSC, said on Tuesday, “Biden’s budget gives the EPA $1.5 billion to push gas prices even higher.”

“Gas prices are at a record high and the #BidenBudget would hit America’s energy industry with at least $43 billion in tax hikes. Unbelievable. This administration is dedicated to making life more expensive for ordinary Americans,” Banks added:

Other Republicans, such as House Budget Committee Ranking Member Jason Smith (R-MO), said:

The President’s budget surrenders America’s energy independence and attacks American energy companies so that we are more reliant on foreign nations for our energy needs. The President continues his same catch-and-release policies that have resulted in the worst border crisis in 20 years. And, in a blatant attempt to cover up the $5 trillion in spending, $3 trillion in debt, $1.5 trillion in taxes, and a myriad of destructive policies within his Build Back Better agenda, the President’s budget declares that entire agenda off-limits for accounting purposes.

“President Biden is fond of saying ‘show me your budget and I’ll tell you what you value.’ What this budget shows is that President Biden values more spending, more debt, more taxes, and more pain for the American people,” Smith added.

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