The Inflation Reduction Act’s Energy Winners and Losers

President Biden thanked him Joe Manchin on Tuesday at the signing of the misnamed Inflation Reduction Act. He should too. The West Virginia Senator provided the crucial Senate vote and touted that it was an “all of the above” energy bill. The truth is that it is primarily a renewable energy bill that will drive up energy prices in the US and make energy and electricity supplies more insecure.

“With this law, the American people won and the special interests lost,” Biden said on Tuesday. Just the opposite. The bill’s $370 billion climate spending provides a range of tax credits for wind, solar, carbon capture, hydrogen, biofuels, critical minerals, sustainable aviation fuel, green energy manufacturing and battery storage, among others.