consequential provisions on low-tier, mid-tier, and top-tier energy and environmental
issues. For starters, the bill lifts the 1970s ban on crude oil exports while also extending
tax credits for solar and wind energy. By some estimates, expanding oil exports may
increase domestic oil production by over a million barrels per day and reduce gasoline
prices by about a dime per gallon. In addition, this legislation extends tax incentives for
electric vehicles, biofuels, certain residential and commercial energy efficiency projects,
electric utility transmission transactions, and real estate transfers for conservation
purposes. The bill also adds new comprehensive cybersecurity laws to protect against
cyber attacks impacting critical energy infrastructure. Concerning nuclear power,
the bill presses regulatory reforms at the NRC and supports DOE’s efforts on small
modular reactors, although it does not include any congressional direction regarding
spent nuclear fuel and high level waste (such as funding for the Yucca Mountain
repository license). To the disappointment of many in the regulated community, the
bill fails to block the most contentious environmental rules issued recently such as the
Clean Power Plan, the ozone standard, or the “Waters of the U.S.” rule. In that respect,
key parts of the Administration’s regulatory agenda for 2016 will, in essence, proceed
without major congressional hurdles, with a few fairly minor exceptions (such as riders
blocking efforts by the Administration to revise the Clean Water Act’s definition of
“fill material”). However, the bill does cut EPA’s overall budget to 2008 levels. While
the bill does not accommodate the President’s specific request for contributions to
the U.N. Green Climate Fund, it does not prohibit the Administration from allocating
funds towards it. The bill contains almost $400 million for international climate change
programs, including $50 million for the Strategic Climate Fund. The bill also creates a
new National Oceans and Coastal Security Fund to “better understand and utilize ocean
and coastal resources and coastal infrastructure…” Finally, by reauthorizing the Land
and Water Conservation Fund (LWCF) until 2018, the omnibus cleared the way for the
Senate to approve chemical safety legislation by unanimous consent in the final hours
of 2015, as that unrelated effort had been stymied by political maneuvers tied to LWCF.