During this week’s Senate Finance Committee hearing on the President’s Fiscal Year 2025 Budget, U.S. Senator James Lankford questioned Treasury Secretary Janet Yellen on decisions to buy oil from Venezuela and allowing expanded access for Iran into the oil markets.
Lankford’s line of questioning concerning oil and gas policy, he pointed out that American oil and gas producers were not allowed to consider “intangible drilling costs” when calculating taxable income. Yellen said that was because the oil and gas industry receives subsidies over the years.
It was at that point Lankford noted that despite the restrictions on American oil producers, the Biden Administration was purchasing oil from Venezuela. He also brought up a New York Times story which indicates a loosening of sanctions against Iran under the Biden Administration.
You can view Lankford’s Q&A with Yellen below.
