US debt deal to have lasting consequences for oil and gas
Approval of Mountain Valley Pipeline could set a legal precedent, while permitting reform may make it easier for other projects to advance
The US averted an unprecedented federal debt default in early June, after President Biden signed the Fiscal Responsibility Act (FRA) into law with just two days to spare following months of acrimonious negotiations. A default would have had catastrophic economic and financial consequences for the US and other nations. Republicans refused to raise the borrowing limit unless Democrats agreed to reduce spending, leading to a standoff that was resolved only at the 11th hour after agreement was reached between Biden and House Speaker Kevin McCarthy. The FRA suspends the debt limit until 2025—after the next presidential election—and also introduces significant provisions affecting the energy secto
![](/images/white-fade.png)
Also in this section
26 July 2024
Oil majors play it safe amid unfavourable terms in latest oil and gas licensing bid rounds allowing Chinese low-ball moves
25 July 2024
Despite huge efforts by India’s government to accelerate crude production, India’s dependency shows no sign of easing
24 July 2024
Diesel and jet fuel supplies face a timebomb in just four years, and even gasoline may not be immune
23 July 2024
Rosneft’s Arctic megaproject is happening despite sanctions, a lack of foreign investment and OPEC+ restrictions. But it will take a long time for its colossal potential to be realised