The bill was crafted by Alaska Senator Lisa Murkowski (Republican) and Washington Senator Maria Cantwell (Democrat), and they tried to create a bill that could pass with bipartisan support in an election year.
Murkowski said: "We found common ground in many areas, more, perhaps, than any of us expected," she also said.
The news follows a recent trend of energy policy collaboration between the two political sides. In December Congress voted to end a 40-year-old ban on exporting crude oil – a republican priority – while including a clause to extend tax breaks to boost renewable energy for five years, which was a democrat policy.