cbsnews.com
Methane Fee for Oil and Gas Industry
The Biden administration's new rule imposes fees on oil and gas companies exceeding methane emission limits, aiming to reduce greenhouse gas emissions and mitigate climate change, but faces potential legal challenges.
English
United States
Us PoliticsClimate ChangeEnergy SecurityEnvironmental PolicyLegal ChallengesGovernment RegulationClimate ActionEnergy Regulation
Environmental Protection Agency (Epa)American Petroleum Institute (Api)United States Congress
Michael ReganLee ZeldinDonald TrumpJoe Biden
- What are some of the arguments against the new EPA rule?
- The rule, announced at an international climate conference, is expected to face legal challenges from industry groups who argue that the EPA overstepped its authority and imposed unattainable standards. The EPA maintains that the regulations are within its legal bounds and will protect public health.
- What are the estimated environmental and economic benefits of the rule?
- While many large oil and gas companies already meet or exceed the methane-performance levels, the EPA estimates that the rule will result in significant emissions reductions, equivalent to removing millions of gas-powered cars from the road. Cumulative climate benefits could reach \$2 billion.
- What is the main purpose of the new EPA rule regarding methane emissions?
- The Biden administration is finalizing a rule that will impose a federal fee on oil and natural gas companies if they exceed certain methane emission levels. This fee, starting at \$900 per ton in 2024 and increasing annually, aims to incentivize emission reduction practices.
- Why is reducing methane emissions considered crucial in addressing climate change?
- Methane, a potent greenhouse gas, is a significant contributor to climate change. The oil and gas sector is the largest industrial source of methane emissions in the U.S., making this new fee a crucial step in mitigating climate change.
- How might the incoming Trump administration affect the implementation of the new methane fee?
- President-elect Trump's incoming EPA head, Lee Zeldin, is likely to attempt to reverse or loosen the new methane fee regulation as part of a broader effort to deregulate the oil and gas industry, potentially leading to further legal battles.