New Debt Limit Deal Commits To Speeding Up Energy Projects | OilPrice.com

to raise the debt limit on Sunday night, days before the government hit its borrowing limit. If Congress approves the new deal, the federal government will have the liberty to borrow money until 2025.

Long advocated for by Democratic Senator Joe Manchin of West Virginia, the new rules will basically streamline the environmental review process, potentially getting projects off the ground faster. However, Republicans did score an important victory here in the form of a one-year limit on environmental assessments and two years on environmental impact statements, though it remains unclear how the deadline would be enforced. Further, there’s a provision to designate a sole lead agency to develop a single environmental review. Perhaps, more importantly, the deal will not make any changes to the Inflation Reduction Act’s climate and clean energy provisions.

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