A new tax season is nearly upon us, and after a year of record inflation and astronomical energy costs, American consumers and businesses in the energy sector need a break. Congress can provide that relief by addressing issues within the tax code which — if left untouched — will soon harm American energy security and stall innovation.

The year 2023 is shaping up to be a challenging economic year. After record inflation hit families hard in 2022, market analysts are predicting that America will experience a slowdown in economic growth. Meanwhile, consumers and businesses alike can expect energy prices to surge in the near term as demand increases in the winter months and refinery capacity stays at current levels. 

To bolster domestic energy security and protect consumers from future price shocks, lawmakers should enact pro-growth tax policies to spur energy innovation. They should start by expanding the research and development (R&D) tax credit for businesses and organizations.