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By Jad Malaeb, Benzinga

President Biden issued his first veto in office.

House Republicans are pressing a new energy bill, dubbed H.R.1, that would “expedite energy products, eliminate or reduce certain fees related to the development of federal energy sources and eliminate certain funds that provide incentives to decrease emissions of greenhouse gases.”

In short, the Lower Cost Energy Act (i.e. H.R.1) is a plea for looser restrictions on greenhouse-producing energy products and activities like oil drilling and exploration. Even though the bill was a long way from reaching the Presidential desk, the White House made its stance clear. In a statement issued on Mar. 27th, the White House said: “If presented to the President in its current form, he would veto it.” - which they did.

The White House noted that H.R. 1 would replace “pro-consumer policies with a thinly veiled license to pollute” and “raise costs for American families by repealing household energy rebates and rolling back historic investments to increase access to cost-lowering clean energy technologies.”

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