Oil majors come out ahead on Inflation Reduction Act; outlook for independents 'not as rosy'

Oil and natural gas industry groups were not pleased with the Inflation Reduction Act, signed into law Aug. 16, despite some positive elements for the sector, including provisions to ensure more oil and gas lease sales and expand carbon capture tax credits. Among their main objections are the new 15% corporate minimum tax; the expansion of Superfund excise taxes to crude oil and petroleum products; a methane fee; and increased fees tied to federal oil and gas leasing. So what do these provisions actually equate to in terms of costs to the industry and production impacts? S&P Global Commodity Insights' Rene Santos, manager of North America supply analytics, joined the podcast to discuss just that. Stick around after the interview for Starr Spencer with the Market Minute, a look at near-term oil market drivers.