A U.S. Senate panel proposed making the tax credit for capturing carbon emissions for recovering oil equal to the $85/metric ton tax credit for permanently burying those emissions underground, a boon for oil and gas producers.

Shares of US solar companies fell sharply after Senate Republicans released a bill that would end clean energy tax credits earlier than expected, dashing hopes that major cuts passed by the House wouldn’t stick.

(Reuters) -U.S. solar stocks dropped in premarket trading on Tuesday after a Senate panel proposed a full phase-out of solar and wind energy tax credits by 2028, as part of changes suggested to President Donald Trump's sweeping tax-cut and spending bill.