GOP Senator Wants Energy Tax Credit Paused to Fund Oil Reserves

A Republican senator wants to suspend a clean energy tax credit created by the Biden administration to bolster US emergency oil reserves as the war in Iran pushes up fuel prices.

Sen. Tom Cotton (R-Ark.) Friday introduced a bill that would suspend the clean electricity production credit under Section 45Y for fiscal years 2026 and 2027. The bill would require the Treasury Department to transfer the increased revenue from the tax credit suspension to help fund the US Strategic Petroleum Reserve.

The bill comes as President Donald Trump is trying to combat the rise of energy prices spurred by his ...