The natural gas industry should receive tax incentives similar to those provided for renewable energy projects, according to one of Texas’s top oil and gas regulators.
Texas Railroad Commissioner Jim Wright, who sits on the powerful agency that oversees drilling in the biggest oil-producing states, advocated tax credits for gas pipelines, storage projects and power plants. Such provisions would better protect the state’s infrastructure from weather disasters like the deadly February freeze while also reducing flaring, the practice of burning off excess gas supplies.
“Equalizing these incentives could assist with necessary infrastructure investments that guarantee ample supplies of this important Texas resource are available whenever they are needed,” Wright said in an op-ed released Thursday.
© 2021 Bloomberg L.P.