Manchin links Ukraine war to Inflation Reduction Law

On Thursday, Senator Joe Manchin III blamed Russia’s war on Ukraine for giving birth to the Inflation Reduction Act, a scaled-down version of President Biden’s climate and fiscal spending agenda that the West Virginia Democrat previously rejected. .

Speaking at an energy panel at the World Economic Forum in Davos, Switzerland, Mr Manchin cited the global energy crisis that was exacerbated by the invasion of Moscow as the main reason he accepted legislation to spend hundreds of thousands of billion dollars in clean energy. tax exemptions and incentives.

“I eat [Inflation Reduction Act] arose was because of the war in Ukraine. Let’s be honest. We knew that everyone has their wishes; they want everything to be clean and green. We all do. But real life is also set in, and the understanding is that you have to have 24/7 dispatchable power,” Mr. Manchin said. “It didn’t really hit a nerve until we saw what Putin did to Ukraine. That’s what he got me going.”

As oil and gasoline prices soared last year and the Biden administration turned to foreign adversaries like Iran and Venezuela for more oil production, “that’s when I went crazy” and helped draft the legislation, he continued. .

“Inflation was at 9%. Gasoline prices in the United States were $4, unheard of in the United States. And we were in a mess [as well as] the president’s poll numbers,” Mr. Manchin said. “Everyone was desperate to do something. This was the only thing that made sense.”

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