HILL ENERGY BRIEFING: Biden Nods to Oil, Gas Reliance in Speech

President Joe Biden touted the historic spending in the Inflation Reduction Act to tackle the climate crisis and invest in clean energy in his State of the Union address, Kellie Lunney reports.

But in a notable ad-lib, Biden also acknowledged that “we’re going to need oil and gas for a while.” That line did not appear in the text of the president’s prepared speech.

Biden later said “we’re going to need oil for at least another decade” when he criticized the fossil fuel industry’s record profits in 2022. The president also proposed quadrupling the tax on corporate stock buybacks to ...