BIDENS VOTING AND SUPPORT TRACK RECORD
He was in office and supported the Energy Policy Modernization Act of 2015 which amended the Energy Policy Act of 2005
This Act allowed for the US export ban on Natural gas and Oil to be lifted, allowing the US to compete on a global level and it also set plans to modernize and protect the Strategic Petroleum Reserve.
He was in office when the Obama administration became the first to approve the Arctic drilling in Federal waters (permit was awarded to Shell)
He voted Yes to a bill to amend the Internal Revenue Code of 1986 to provide tax incentives for energy production and conservation, to extend certain expiring provisions, and to provide individual income tax relief
(This motion failed in the Senate however)
He voted Yes on Bush Administration Energy Policy.
This bill overhauled the nation’s energy policies reorganized the electricity system, and made available approximately $15 billion in energy-related tax incentives
Biden has stated that he does not want to ban fracking outright, putting him at odds with many environmentalists and Democratic party activists.
The Federal Government can only ban fracking on federal lands, it is up to individual states to decide within their territories.
The only states that have banned fracking are Vermont, Washington, Maryland and New York
US Firms are already securing Federal leasing permits ahead of the election. Federal permitting in the largest U.S. oilfield in the Permian Basin, located in Texas and New Mexico, is up 80% in about the last three months.
Biden’s Invest in the Middle Class Plan includes:
$50 billion to repair existing Federal roads, highways, and bridges, as well as direct payments to cities and towns that own and run roads
Expanded public transit
High speed rail system
Investment in freight infrastructure, including inland waterways, freight corridors, freight rail, transfer facilities, and ports
Replace aging water pipes and invest in water infrastructure
Creating Cities Revitalizing Fund
Quadruple funding for small US manufacturers
Beneficiaries include: Steel, aluminum, copper, coal, oil, natural gas, timber, heavy equipment (i.e CAT)
Biden, although a Democrat at a time when the left has moved hard against energy sectors, would not spell doom for the sector and perhaps with the plans he’s proposed could see stocks in the sector work on the upside especially with low expectations.