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The United States Environmental Protection Agency (EPA) has announced a groundbreaking rule to cut methane emissions from the oil and gas sector by nearly 80% within the next decade. The rule, which is considered the most comprehensive and aggressive methane regulation ever proposed in the US, will limit the amount of methane gas produced by the oil and gas sector. Methane is a powerful planet-warming gas, with 84 times the heat trapping potential of carbon dioxide over a 20-year period.
The rule would require companies operating on public and tribal lands to monitor and reduce methane emissions from new and existing operations. It also requires companies to capture any leaking gas that is not sold or flared off. The EPA estimates that the rule will reduce methane emissions from the oil and gas sector by 35% over the next decade, which is equivalent to the emissions from 5.3 million cars.
The rule is expected to have a positive economic impact on the country by generating an estimated $100 million in royalty revenue each year, as well as an additional $170 million in net benefits over the next decade. This will come from sales of captured gas, reduced health costs, and improved air quality.
The rule will help the US meet its climate goals and is part of the Biden administration’s larger climate agenda. By reducing methane emissions, the US will be able to reduce its overall emissions, helping to reduce the impacts of climate change.