Number one, the bill mandates both increases in the numbers of onshore and offshore oil and gas leases and lowers royalty rates to encourage investment in new oil and gas projects. It increased enhanced oil recovery, captured carbon credits for all producers to $85 per metric ton for equipment placed in service beginning July 5th of this year. In addition, it does away with compulsory depreciation in many cases permitting us to make capital purchases and write them off immediately. (07:40–07:50)
CLAIM
Asserts that HR1 increased carbon credits to $85 per metric ton for certain equipment.
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