The Biden administration announced new rules for the oil and gas industry, requiring an almost 80% reduction in methane emissions by 2038.
The regulations were committed to during the Climate Change Conference in Dubai, with a $3 billion pledge to climate and “gender equity” funds.
The Environmental Protection Agency’s new rule will end routine flaring of natural gas and capture gas instead of burning it, but industry groups have expressed concerns about potential financial impact and barriers to innovation. (Trending: Olympic Gold Medalist Sentenced For Jan 6)
White House National Climate Adviser Ali Zaidi said, “From mobilizing billions in investment to plug orphaned wells, patch leaky pipes, and reclaim abandoned mines to setting strong standards that will cut pollution from the oil and gas sector, the Biden-Harris Administration is putting the full weight of the federal government into slashing harmful methane pollution.”
The American Petroleum Institute (API) said it supports regulations, but stated, “we are concerned the proposed rule as drafted could create barriers to innovation and hamper U.S. energy production, which could lead to higher energy costs.”
Industry expert Tom Shepstone said, “I think we make a big mistake when we don’t recognize that the EPA, the Biden administration, and environmental groups, generally speaking — not all of them but a lot of them — are really about trying to get rid of fossil fuels.”
Despite reported declines in methane emissions, the administration has continued to increase restrictions on the industry.
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