"With the potential that we are in a recession now, we think that it is a bad idea to be raising taxes on American companies, including American energy producers." Energy industry groups say taxes in the bill are likely to be among the most harmful factors to their bottom lines. "But I do think there's also other provisions of it that will contribute to the contraction of some elements of the domestic fossil fuel industry." Manchin touts other parts of the deal he made with Schumer as key for the fossil fuel industry. Some Republicans are threatening to tank that legislation as retaliation against Manchin for agreeing to the party-line social spending and tax bill.

Source: Fox News August 12, 2022 18:15 UTC